I applied for a 2 wheeler loan, the representative filled all the forms for me. The representative was highly untrained, he spoke broken English, he filled my form with many mistakes. This finally led to rejection of my application for the loan. Also the representative deceived me by lying. He said no address verification will not be done, promised lesser down payment than other banks(he said pay 28k initially but after filling forms a all paper work he said u will have to pay 38k). Later they called me home during my office hours for address verification.(i understand its a normal procedure but initially the representative lied).
After down payment and paper work and address verification too they rejected the application and the reason given was "your lease agreement is improper for the house in which you are staying" although the lease agreement was perfectly fine as it has been accepted every where including banks for opening account and my company too accepted it as a proof for HRA exemption for tax . Please note that if you go to any reputed bank they only ask for "bank statement" or "rent agreement" or "HR letter from the company u r working in" I provided all the three and address was also verified in my presence. After all this they rejected it. Now I fear that this rejection does not hamper my cibil report. Be advised that if your loan is rejected it affects your chances of taking loan in future too.
I would suggest people who stay in rented house or leased house should not even think of applying for loan in this company as they will surely reject it. Also agents lie as they get commission for every client they bring. so dont fall in their trap. Avoid this small shitty company go to a reputed bank as they wont lie about their schemes and will give you better deals too. If I had a option I would give this company a negative star! Bunch of liars!