I had taken a Personal Loan of 2 Lakhs in Dec 2004 in Pune. However, I cleared the Loan in September 2005.The problems that I have faced with them are:
1> The bank never gave me the fore closure statement. The staff told me to pay some extra amount and said they will calculate the interest plus the principal amount and deduct from that amount and pay me back the remaining.There was a margin of about 2000 bucks between the amount I had paid and the tentative amount they had mentioned to close the loan. Fine , After closing my loan account, they said there is no balance amount to be paid and the accountis settled with the total payment I had done(inclusive of 2000 bucks that I had paid extra).I asked them to give me the fore closure statement. They repeatedly said that in a week , they will post me the same but I havent yet received it.
2> Second blunder , Even after my loan was closed , they took an extra EMI for the month of October. I have been going and meeting the Customer reps in the bank regarding this extra EMI.But this stupid people would say that they will get back and they have made a record of the same. Once I got bugged and asked them to call thei manager.This time they say that the Cheque (mentioning the amount of extra EMI taken ) has already been despatched to my home address by courier. But I havent received the same.Every time I go to the bank this people would tell me that they will get back by calling me regarding the status but I never heard from them. Lack of commitment.I even spoke to their Bank Manager (HSBC, Law College Road) and he assured me that I will not be required to visit the bank again and the money will be sent to me.
3> For some time, these people had some problem with the ECS, so they could not take an EMI from my salary for some month.I was in UK during that time and these people call up my brother and threaten him to come to the bank and pay the EMI by cash.If he doesnt, they would spoil by credit history. What the heck. Why are customers made to come to the bank and pay the EMI if the bank has some problem in collecting the EMI through ECS.
Now I am working in the US and its difficult trying to get in touch with them. Its more than 5 months and they havent yet sent me the amount .My brother visited them a couple of times after I left and he too was given the assurance of sending the money.
I have a proof of their letter stating my loan account is closed and also got the bank statement which indiactes an EMI taken by HSBC for the month of october.
But lack of time and mind makes me not to take any action against them.
But once I am in India, I will definelty take an action.
But I would definetly ask you guys not to go for any Loans with HSBC, its a pain.
I had banked with HSBC in UK and they did had a delay of 3 weeks in my account opening in UK but they apologised and paid a penalty of 60 pounds for that.
Hope my review would be help for someone.