We received a call from HSBC about cash on EMI facility on 29th Feb 2012. The lady on call Meenakshi Kadam explained us the terms and conditions in detail and told me that I am getting offer of interest rate 11.5% p.a. and 1% processing fees.I was also told that I will get confirmation call on 2nd March 2012 for the same.I never received any confirmation call and today i.e. on 7th March 2012, I received two Demand Drafts. The interest rate written in the two letters are 21% p.a. and 15% p.a. along with DD of Rs. 60, ./- and Rs. 90, ./- respectively. Also the processing fees charged is 2%.This is a pure cheating case and day time robbery of customers.I will not encash these DD’s. Kindly cancel these DD’s. I also plan to lodge a complaint in consumer court if this issue is not resolved.Below are the DD details(Amounts are in INR): DD 1:Amount: 60, ./-Ref. No.: BT.
Instrument No, : 864692Rate of Interest: 21% p.a. Processing Fees: 2%
DD 2:Instrument No.: 864693
Amount: 90, ./-Ref. No. LBT.
Rate of Interest: 15% p.a.
Processing Fees: 2%
The lady had talked to me for 40 minutes explaining all options and terms and conditions. She had repeated many many times that rate of interest is 11.5% monthly reducing and processing fees will be 1%.And I will also get confirmation call.Actual Result: No confirmation call. And Rate of interest 21% and 15%. Processing fees: 2%
This is a pure cheating and day time robbery. Due to this experience, I am going to tear off my HSBC credit cards as I don’t want to deal with such cheater bank.
Please stay away from them.