I recently took a personal loan of 2 lakhs from Standard Chartered in Chennai a week back. When their representative first met me, he tried to hook me, promising me a good low interest rate. But when he knew he had a confirmed customer, he changed his stance...promising me a better rate if I went in for a higher loan. I obliged for 2.5...but after all the documents were signed, I get this call from the bank saying there is a cap on the personal loan limit (2 lakhs is the limit) for software employees.
Worst still, they had chosen to make the disbursement and THEN call up and inform me....! I wonder how an international bank goes about sending their representatives in the market, not knowing the rules and policies..Why try to convince a customer of taking a higher amount, which they cannot offer? If there was a slip up, why did they not choose to inform the customer about their limitations? And when I pointed this out, why did the banks, Sales manager and Credit manager not choose to respond properly to the customer instead of maintaining a silence...
People out there, looking for personal loans...beware of such attitude from banks of international repute. Clearly, what they promise, they do not deliver. In my opinion...before going in for a banks product/service one should..
Make a detailed comparison study of offers from other banks too
Use this information to negotiate especially on the rates. And get a commitment on the rates before you sign the papers.
Select a bank based on how they respond to the customer.- While everybody will act courteous, checkpoint would be ...how prompt they are in servicing you and how efficiently they carry out their transactions with you.
Take feedback from colleagues/friends who have availed the same product of service from a bank, that you are looking for
Ascertain how fast they can service you...and most important, how they keep up their word.
From Chennai, I would however discourage people from going in for Standard Chartered! Anybody ready to share their experiences on this???