I was approached by this company employees posing as employees of HDFC CORPORATE Offering loan of 5 lakhs at 8.5% reducing rate of interest for 10 years(EMI 6090Rs).
I kept on asking about something in writing but they seemed to have put good plan in front of me but I saved myself from this by confirming through email if they would offer this to me in writing just before giving the money to them and on email they refused I have taken this complaint to the Insurance Ombudsman now.
I have also filed a complaint to the MD of the HDFC BANK, their service@hdfclife.com email ID which handles complaint because they had planned wonderfully almost leading me to buy that policy.
I cannot say that entire HDFC LIFE could be wrong but those who lay the trap are employees of HDFC LIFE and I am bringing this out to teach these employees a lesson because they might be doing this to several not so educated customers putting them in even more financial trouble and damaging their CIBIL rating etc. thereby causing even future loan capability.
You should move to raise the complaint to the ombudsman if such an episode is repeated with you so in principle they are afraid to do so.
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Dear Sirs,
Insurance Ombudsman,
Office of the Insurance Ombudsman,
S.V. Road, Santacruz( W),
MUMBAI-400 054.
Tel: 022-26106928
Fax: 022-26106052
Email ombudsmanmumbai@gmail.com
OFFICE OF THE GOVERNING BODY OF INSURANCE COUNCIL
Shri M.V.V. Chalam,
Secretary General,
3rd Floor, Jeevan Seva Annexe, ,
S.V. Road, Santacruz( W),
MUMBAI – 400 021.
Tel: 022-26106245 Tel: 022-26106980 Fax: 022-26106949
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DISCUSSION OF THEIR PROPOSAL ON TELECON ALONG WITH THEIR TELEPHONE NOS.
Nandini Sharma(who posed as marketing person of the HDFC CORPORATE LOAN - MOBILE USED 7350278288),
Anu(who posed as verification officer - Mobile used 9268828958) and the collection was made by some
agent Nagarjuna Raju( Mobile Used 9689413399) .
These numbers had 50-60 conversations with me in two days where I left my meetings several times but in the end I found that it was a trap.
NANDINI: Dear sir this is a call from HDFC Corporate Office and we have selected you for a corporate loan with interest rate of 8.5%(reducing) under its loyalty program so would you be interested to go for it.
AMIT: Yes if the rates are reducing and not fixed.
NANDINI: Rates are fixed that is they will not change over year but yes it is reducing in nature.
AMIT: I am confused can you tell me the term it will be available if plan to take a loan of 5L.
NANDINI: Yes If you can confirm the tenure.
AMIT: Anything 5 years or more
NANDINI: We give loan for 2 years 5 years or 10 years under this plan.
AMIT: OK then consider it 5L for 10 years and tell me EMI.
NANDINI: You will have an EMI of 1218 rs per lac for 10 Years so EMI will be 6090 Rs for amount.(This sounded perfect 8.5% to me)
AMIT: OK then let me know if I can get it. I have a gross package of 840, 000 and Take home of 56-58K per month.
Nandini: Tell us if any other loans are there and EMI. Also tell if your wife earns.
AMIT: ICICI Loan 9800 EMI till next OCT. Wife earns through tutions 8K per month.
NANDINI: Ok sir then you will be eligible for the LOAN of FIVE LAKHS. But first tell me the reason for such a loan.
AMIT: I have just shifted to PUNE, looking to buy TV fridge, Car, Furniture and entire new home setup so facing CASH CRUNCH.
NANDINI: Fine Sir, Half hour later our VERIFICATION TEAM will call you and you have to give same reasons and tell that you want 5L loan. They will ask what is the ROI told, you have to tell 8.5% reducing (which will be constant throughout 10 years) and the EMI you have to tell is 6090 per month. The call will be there within half hour. However before I place your call please note that for this you will have to buy our Insurance Plan with a premium of 10% of the loan amount i.e you will have to buy first by paying 50, 000 then you will get the policy and after 15days of this policy the sum will be credited to your salary account.
AMIT: When I am selected by your corporate as a loyal customer then why this condition.
NANDINI: Sir in case anything happens to you then this is for security, but three years later if you want, you can ask to cancel the policy and these 3 years premiums to be adjusted as your next EMIs of your loan.
AMIT:(It sounded logical to me) OK but give me an EMAIL for this and I will approve it because how will I know if the two products are linked.
NANDINI: Sir when the verification officer calls you, they will give you a unique loan ID which you have to write in the application form.
AMIT:(I was fully convinced that this will be recorded officially in the form so could not be fraud)
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20 minutes later ANU called me.
ANU: This is a verification call have you applied for loan.
AMIT: Yes go ahead(so she goes ahead and asks the same set of question and gave me a unique LOAN CODE= HDL670001292IN).
ANU: Sir please write this number on the back of the PAN CARD photocopy without telling the person who comes to collect this. But you have to hurry on this as this scheme is done without telling the branch where you have account so the code will expire in 6-8 Hours so you have to fulfill all the documents today in 6 hours
(Although I became doubtful here that why on the back of the PAN and not on FORM. I decided to read the full form later - I left all my meetings and started gathering for documents- now tell me how much quantum of punishment I expect to give to HDFC for this now - This person is on official mail ID of the company and now seeing the danger he has refused on email but he killed my trust of 8 years in HDFC which till date I believe is a good company since I always preferred this company on my salary account if my employers are OK with that but this has largely harassed me)
AMIT: But are you sure this will give me the loan.
ANU: Sir we read at the back of PAN CARD if code matches then we allow loan as per the rate offered on that code else you will get it normal rate of 14% .
Then that person came and ask me to sign blankly which I read fully by insisting. He was quite in hurry but I said I want to read it. I found no mention of LOAN ANYWHERE.
While signing the mandate of CREDIT CARD PAYMENT I refused to give a photocopy of my HDFC CREDIT CARD saying I forgot my credit card at home and told that please give me your official ID where I will forward my credit card with signature. Anu the verification officer gave me this ID on phone. - adhakate@hdfclife.in which was genuinely of HDFC LIFE INSURANCE
So I was now having an official channel from where I had a chance to get confirmation of loan as promised so I requested that since you didn’t want the sales collection person to know I have not told but give me this commitment in writing against the email and you can see after two days he has offered me disappointment and not just that I am thinking that I told them that currently I am having CASH CRUNCH but they still ruthlessly took my signature on 50, 000/- premium CREDIT CARD MANDATE.
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HDFC Life ranked India’s most trusted private life insurance brand in 2010 in a survey conducted by Economic Times-Brand Equity and the Nielsen Company.
HDFC Life has been awarded as India’s Top 50 ‘Best Companies to Work For’ in 2011, in a study conducted by great place to Work® Institute, India in partnership with The Economic Times.=== ==
BELOW IS THE REPLY WHICH I GOT AND YOU COULD SEE HOW HE REFUSED SUDDENLY BUT I HAD WASTED TWO DAYS OF MY WORK AND WAS THINKING THAT HAD I FALLEN IN THEIR TRAP I WOULD HAVE LOST MYSELF IN MORE CASH CRUNCH AND ENDED UP BUYING USELESS POLICY WITH NO RESOLUTION FURTHER.
I THOUGHT THAT THESE PEOPLE ARE RUTHLESS BECAUSE I TOLD THEM ON THOSE MULTIPLE CALLS THAT I DON’T WANT POLICY IF LOAN AS PROPOSED BY YOU IS NOT GIVEN AND THEY KEPT ON SAYING THIS IS A CORPORATE SCHEME SO IT WILL BE GIVEN AND THEY HAVE SELECTED ME. ATTACHED IS THE NAME OF THE EMPLOYEE, AVOID GETTING ANY LOAN OR INSURANCE FROM THIS PERSON AS HE OR HIS TEAM MAY DUPE YOU.
From: Ashish R.Dhakate
Date: Sat, Nov 9, 2013 at 5: 42 PM
Subject: There is no loan in this policy its pure saving insurance product name is classic assure
To: Amit Mittal
Dear sir,
This is pure policy there is no loan in this policy. Do you agree with this? Yes or no?
Plz reply, then I will process.
Regard,
Ashish Dhakate| Sales Executive| BroCA| HDFC Life
201-202 Nandadeep, 2nd Floor, Above Nandadeep Hospital,
FC Road, Near Nyaneshwar paduka chowk, Pune, 411005, MAHARASHTRA
Direct: 020- 66266616 I Board: 020 - 66266617 I Mobile:+ 91 9921420825
Integrity| Innovation| Customer Centric| People Care| Team Work| Joy & Simplicity
=== ==
THIS IS THE MAIL I WROTE TO THE EMAIL ID OFFERED BY ANU WHERE THEY WANTED ME TO SEND A COPY OF MY CREDIT CARD TOWARDS FINAL CREDITING OF THE PAYMENT OF 50, 000/-
THIS IS HOW I FINALLY REQUESTED THEIR COMMITMENTS IN WRITING BUT ABOVE REPLY TELLS HOW HE TOOK A U-TURN SEEING THE DANGER. WITH THIS MAIL I ALSO ATTACHED THE ACKNOWLEDGEMENT OF MY APPLICATION AND CREDIT CARD COPY.
To: adhakate@hdfclife.in
Subject: Credit card copy towards my Life Insurance application with HDFC LIFE/LOAN.
Dear Anu,
Based on the proposition from your team that I am being offered a personal loan under your Direct Corporate Scheme of loyal customers with following details:
Loan Amount: 5, 00, 000(five lakh Rs)
Term: 10 Years
Rate of Interest: 8.5% per annum(reducing)
EMI: 6090 Rs.(monthly)
This will be offered to me if I buy the Classic Assurance Plan by paying 50, 000/- Rs as annual premium for IDV of 5 Lacs. Credit of loan will be made in 30-35 Days from Application
I have agreed in principle to buy your Insurance Policy for which a copy of my approval is attached with the slip of acknowledgement of application.
I would like to state that in case the said Loan is NOT granted as per the amount, rate of interest and term then please DO NOT PROCESS my INSURANCE APPLICATION request further .
However if the said loan is credited as promised I may continue with your Insurance Policy and would not seek any action on the company.
Please confirm accordingly since all our discussion went on phone, I am keeping this for our future records.
A confirmation of my credit card through which the said payment must be debited is attached with this mail if the above terms are met as offered.
Thanks & regards.