I am writing review on my personal loan with HDFC.
I have recently updated my name with my savings bank account. My ECS started bouncing since this month. I have called HDFC customer care to address this issue. I requested them to take a new ECS request from me to resolve the issue. There are just 6 ECS remaining.
The bank is asking me to Download the ECS form, get it signed by my savings bank, keep a copy there and visit HDFC branch with the other copy. There are only 2 branches I can visit in Bangalore. Both are very far to me. Now, I need to take a day off to fix this silly issue(visit two branches persoally and submit the forms). HDFC treat customers as scrap. No value for customer’s time or efforts. I am not sure, if I can complete this in one day with HDFC.
I have requested them to make any other alternate arrangements for clearing my ECS. They are happy to accept Cheque/Cash payment, but they will charge me ECS bouncing charges of Rs.615 even if I make my ECS payment 10 days in advance.
I got frustrated and asked the procedures for pre-closure of this loan. The explanation was even more funny. My total oustading ECS is 6*8635=51, 810. This is including an interest of 14% p.a. But if I pre-close the loan, I will need to pay 52, 000+. In the calculation they mentioned(Total Outstanding+ECS Bounce charges+4% pre-closure charges+services tax). I do not understand this logic, when I am pre-closing the loan 6 months in advance, I need to pay more than my sum of EMI’s!
I would like to warn each of you on HDFC loan. Get away, keep it as last choice. I have chosen HDFC because they verified my credit score in 24 hours and approved the loan. Please patiently wait for one more day, you will get the approval from any other bank. HDFC runs a "customer scare" not "customer care". Any issues, you must be ready to take leave and run behind them.
If you have taken the loan already, wait for your turn. You will suffer soon.:)