Log inRegister
Submit Complaint

HDFC Credila

India,
Maharashtra

Consumer complaints and reviews about HDFC Credila

satheeshnarasimman
 
Mar 15, 2016

Cheaters

STATUTORY WARNING! BEWARE, DONT GET CARRIED AWAY WITH WHATEVER HAS BEEN MENTIONED ON THEIR WEBSITE, ie. Collateral free loans upto 25L, Less than 100 percent collateral accepted, Security free loan for reputed universities, etc. EVERYTHING'S A FALLACY. (I had applied for a loan for my MS in US)

YOU WOULD NOT REALIZE HOW MUCH THE THING "TERMS AND CONDITIONS APPLY" CAN SCREW UP YOUR LIFE UNTIL YOU APPLY FOR A LOAN WITH THIS COMPANY. IT WAS ONE HELL OF A ORDEAL TO GET MY LOAN APPROVED.

Big cheats, made me run from pillar to post to sanction my loan. I had clearly told them in the beginning itself that our 2nd home was under loan. The stupid guy told me that if the co-borrower's income is more than 60,000 pm, I could avail a collateral free loan.

Was informed that it would be sanctioned in a week. When I hoped that I would get a happy news, they told me that the collateral should be submitted and asked me to provide the sale deed and rental agreement of our 2nd home.They explained that as it was under loan, it had to be provided and the docs could be got back after the completion of the loan. Also, a property verification had to be carried out (was promised it would be over in 5 days).

Deceivers; only after 10 days it was done, Bloody hellll. Let me narrate what happened on that day. The guy called me up at 9am told me that he would be there at 11. The property is located 30km from my home and I reached there at 11.15. BULLS**T DUMB PSYCHOPATH, THE GUY TOLD ME IT WOULD TAKE A LITTLE LONGER, BUT MADE ME TO WAIT FOR 1HOUR AND 45MIN!!!!! IN THE INTERIM, HE DID NOT EVEN PICK UP MY CALLS. BLOODY RETARD, DONT I HAVE ANY OTHER JOB?

After this was done, my loan agent AGAIN PROVIDED A FALSE PROMISE that the loan would be sanctioned in 2 days. If these troubles were not enough, after 3 days, ADDITIONAL DOCUMENTS WERE REQUESTED AGAIN (Home loan track), Phew!!!

I got them the next day and directly visited Credila's office in Chennai to complain about their poor quality of service. However, the location head was not available. Another guy informed me that they deploy external agencies for verification purpose and an action could not be initiated against them. TO PILE ON THE MISERY, THE PROPERTY VERIFICATION REPORT WAS NOT YET SENT BY THE 'GENTLEMAN' WHO MADE ME TO WAIT FOR 1H 45MIN . (twas a fri). IS IT NOT YOUR RESPONSIBILITY TO FOLLOW IT UP WITH THE EXTERNAL AGENCY?

On Sat, I again visited their office to meet the location head, to express my concerns. He was helpful and asked his people to check my case and expedite it. I was pleased by his conduct.

On Mon, finally, my loan agent gave a good news that the loan has been sanctioned for 25 Lakhs. But my happiness was short lived. IN THE LETTER, THE EXCHANGE RATE WAS ASSUMED AS 70rs per Dollar, WHEN THAT PARTICUALR DAY, IT WAS ONLY 68.5. Needless to say, it would result in getting several dollars lesser. Besides this, when I asked them some more amount to cover up for the min expenses, ADDITIONAL COLLATERAL WAS DEMANDED.

This was when their heights of trickery came to light. Their answer: THE CURRENT VALUE OF YOUR PROPERY IS 41 LAKHS AND THE LOAN COULD BE AVAILED ONLY FOR 80 PERCENT OF THE COLLATERAL'S VALUE, 32 LAKHS. OUT OF 32 LAKHS, 22 LAKHS IS ALREADY UNDER LOAN (IT WAS ACTUALLY 19), SO YOU ARE ELIGIBLE TO GET ONLY 10 LAKHS FOR YOUR LOAN!!! YET, WE HAVE PROVIDED 25 LAKHS FOR YOU. Seriously, WTH man? See how they cheat us?

Ppl, let me bring to your note that I already had a 25L collateral free loan sanctioned from some other company, who completed the entire process in 10 days. but chose to go with HDFC as its a reputed company and also the rate of Simple Interest could be paid depending upon the co- borrower's strength. More then a month's time was wasted in waiting for HDFC Credila, finally opting not to stick with them.

Even if they had asked me 100 documents at the beginning, I would ve submitted without complaining. But, every now and then, I was requested for docs. Its not worth even a 1 star. Folks, again, Beware how "T&C APPLY" could play and screw you up.
Nirmal Anand
 
Aug 5, 2015

Urgent High Priority Complaint - HDFC Credilla Application Form No:A1412230048

Dear HDFC Team,

I have applied for credilla education loan for FALL 2015 during the month of December 2014 . My Application No is A1412230048. I have submitted all the required documents of my collateral that were asked for and HDFC Credilla sanctioned me an amount of Rs 22,000,000 in the month of May dated 20/05/2015.

They said they will disburse the amount prior to two weeks of my travel data which is on 13/August/2015. They have not disbursed the amount still. When I contacted the concerned officials,they were like there is lot of deviation in the collateral and they asking me new collateral.

The deviation is no plan available for building.I think a building which is more than 25 years old doesn't require a plan. Hope Credilla knows this.

Please tell me you took 8 months to process my loan application and you didn't even mention the same about new Collateral.
How Can i Arrange new collateral immediately before one week?
How should i trust the Credibility of HDFC Credilla who processed my application?
What should i do now?

I cant even apply for new loan in other bank.Its high time my course is going to get started.I am going to register complaint with RBI against HDFC Credilla and taking it to social network.

I really did not understand how will you sanction a loan amount and say at the last minute there are lot of deviation which you already know before.
Please justify your process to the new comers who come for Credilla loan.

Credilla should understand the three points of education loan

1)For a educational loan ,equal security is not required Eg.Even if the loan is 22 lakhs,collateral worth of 10 lakhs can be shown
2)No extra collateral will be required once loan is sanctioned
3)A 25 year old building doesn't require a plan


I have submitted new collateral details based on their request. Anyhow I don't know what they will tell after verifying it.
I do have loan sanction letter. I am taking the issue to Social Media,Finance minister twitter and will register a complaint in RBI if proper steps are not taken for speeding the process and sanctioning the loan amount.

I have got lot of mental stress and pressure due to your improper actions.I have resigned my job also .

Regards
Nirmal
Jatinsingh rawat
 
Jul 29, 2015

Credila

My name is jatin singh rawat i took loan from hdfc credila finance ( kailash coloney delhi ) they sanction my loan and i have sanction letter with me but now they are saying that one of your doc is missing you have to submit that which is my home rajistry in my area palam vinjay enclave delhi 110045 rajistry is open yet but when i gave them my house paper that time they approved my loan and behalf of that sanction letter i applied for my visa. Now on 21 of july i got my AIP i went to there head offic. Now they are saying they reject my sanction letter i really need help because 4th of aug is last date plzz help me and 1 more thing credila saying that you have to made a fix deposit on behalf of that f.d of 10 lac we will provide you 9.50 lac loan ( if i had 10 lac rs so i couldn't applied for eduction loan. I am requesting you please help me its all about my future if i am not able to pay fees on time embasy reject my visa and put a stamp on my passport.

Thank you
Jatin singh rawat
09560820739
Jatin.rawat0591@gmail.com
Arsh Jaura
 
Jul 20, 2015

Repeated silly mistakes

Respected Sir/Madam,
It is hereby to confirm you that I applied for education loan and got it approved.

Firstly,I got the sanction letter in which the account number of my mother i.e the first co-borrower was wrong,from which the repayment is to be done.

Secondly, I pre-requested my manager Mr. Avinash Arora that I want EMI for entire 10 year duration. i.e. I dont want that 3+7 years repayment method.
Besides my information,,He gave me LSS papers that mentioned 3+7years method of repayment. Also ECS papers that I needed to get signed by my mother's bank mentioned wrong account number of my mother. This led to entire wastage of time both of mine and of Credila employee.

Thirdly,I requested him for issuing me new LSS papers and ECS papers, also I requested him to make amendments on the first disbursement amount,since the fee structure was released by the university lately for which I also sent him an updated DRF form,,and today,i.e after long 23 days,,my manager sent me the LSS papers which are again wrong, that mention wrong disbursement amount,,also the account number on ECS papers is also wrong,despite of request for correction in account number.

It is a bit worrying situation,,since my departure date is very near,and my agreement is yet not ready.
It feels exhausted to learn such poor mistakes made by employees of highly reuted CREDILA linked with more reputed HDFC.
These things need to be improvised,and before that you need to provide me a suitable solution,so that my process gets speeded up,and I can get the disbursement on correct time.


Loan account number-A1505190004
rajn.credila
 
Jun 23, 2015

DELAY IN DISBURSEMENT OF EDN LOAN

PL REFER OUR CORRESPONDENCE DATED 16 Jun,18Jun &19 JUN 15 ON - DELAY IN DISBURSEMENT OF EDUCATION LOAN ENHANCEMENT i/r/o A/C NO. A1403100006
I am an officer serving in Indian Air Force and presently posted at AF Station Lucknow. I've approached the Credila Bangalore on 18 May 15 for the above loan. and send the mail on 19 May as well.
I have taken the education loan of Rs 10,00,000 against a/m a/c in Jun last year for my son who got admission in MBA at NMIMS. During initial loan sanction the Credila reps Mr Roshan, who was liaising mediator for the loan, has not (R) has not explained regarding one time sanction of both year fee at that time and in turn he misguided by not explaining the complete thing. Resulting that I've taken the loan only for first year fee amount with living expenses thinking that for second year fee the loan will be given again. This has led not only inconvenience for getting the sanction for enhancement of loan to pay the second year fee but also caused a lot of trouble and financial problem as I had to take leave and come all the way from Lucknow to Bangalore for signing the loan documents. Now, after doing all, the loan documents with revised ECS were submitted on 10 Jun 15. The fee i/r/o my son is required to be deposited before 20 Jun 15 but now again I'm being told from your Bangalore office that I've to submit the revised ECS of full amount including post course EMI which is not practical for me presently due to my pending housing loan process from my organisation (IAF).

You are therefore requested to look into it and do the needful in getting the disbursement of enhanced loan amount at the earliest so that the same can be deposited to the Institute on time. Since I am serving in IAF, the ECS can be revised after the moratorium period accordingly.

This mail received no (R)

-Regards

Squadron Leader RN Gupta
IAF
sumitaeran
 
Jun 14, 2013

Interest rates not being reduced

I had taken an education loan for my MBA in 2010 and the rate charged at that time was supposedly fixed at 11.25%. Within a span of 3-4 months, this fixed rate was increased to 13.00%, the reason being cited was RBI's repeated repo rate increase. The interest rate being charged from me still stands at this high rate despite several rate cuts made by RBI recently. Simply put, the company is depriving me of the benefits of lower rates and making it difficult for me to meet my ends in this recessionary situation. There is also no way to address this issue to the customer care as the Toll-free number (18002093636) supplied by them never gets connected and there is no reply given on the mails sent to their customer care mail address, loan@credila.com. Seems that RBI ombudsman will be the next right step to get my issue resolved, considering Education Loan as one of the priority sector lending as described by the central bank.

Regards,
Sumit Agarwal
Sanz_in_k Send email
 
Nov 8, 2012

Wrongful charge of Credit Insurance premium on Unsecured Loan.

Dear Mr. Hitendra,

Thanks a lot for sharing your story. I have been talking with Credila regarding a student loan. And they did a very similar thing to me. In the last step, they are forcing me to buy an insurance when my premium for the unsecured loan is already 14.25%. I wanted to talk with you and take these guys to consumer court. I am currently in France studying for my MBA. If you could share your email address or write to me at santosh19820214@gmail.com, I would like to discuss this more with you.

Regards,
Santosh
Ashtew Send email
 
Jun 18, 2012

Incomplete disposal of complaint of non-receipt of Loan agreement & non-submission of justification for 10% hike in EMI amount.

Credila is a horrible service provider. The staff is indifferent and you will be push from one department to other. The sales person whom you would contact for the loan will sweet talk you and then later you will be asked to submit a dozen documents without any explanation given.

I struggled with them for over a month without any positive results and that when the education loan was for a Tier 1 Education institute (which is among the top 10 in India), for which Credila supposedly offers a non-collateral loan with special rate of interest.

And what was an even bigger surprise was even sending emails to the country head and marking him on emails makes no difference. Not one response is received.

-Ashutosh Tewari
User762701
 
Jun 18, 2012

Incomplete disposal of complaint of non-receipt of Loan agreement & non-submission of justification for 10% hike in EMI amount.

Credila is a horrible service provider. The staff is indifferent and you will be push from one department to other. The sales person whom you would contact for the loan will sweet talk you and then later you will be asked to submit a dozen documents without any explanation given.

I struggled with them for over a month without any positive results and that when the education loan was for a Tier 1 Education institute (which is among the top 10 in India), for which Credila supposedly offers a non-collateral loan with special rate of interest.

And what was an even bigger surprise was even sending emails to the country head and marking him on emails makes no difference. Not one response is received.

-Ashutosh Tewari
Bhardwaja Send email
 
Jan 16, 2012

Incomplete disposal of complaint of non-receipt of Loan agreement & non-submission of justification for 10% hike in EMI amount.

Hi,

We have addressed the concern via letter dated 09/12/2011; Ref No. A1107020023


Regards,
Amit Bhardwaj
Credila FInancial Services Private Limited
User624775
 
Dec 9, 2011

Incomplete disposal of complaint of non-receipt of Loan agreement & non-submission of justification for 10% hike in EMI amount.

Hi,

We have addressed the concern via letter dated 09/12/2011; Ref No. A1107020023


Regards,
Amit Bhardwaj
Credila FInancial Services Private Limited
User535713
 
Dec 7, 2011

Incomplete disposal of complaint of non-receipt of Loan agreement & non-submission of justification for 10% hike in EMI amount.

Following is the continuation of earlier complaint thru' this forum. HDFC has partly that too incompletely resolved the complaint of non-receipt of Loan agreement post disbursal of full loan amount. Secondly, the working formula for hike in EMI from Rs 9000 pm to 9500 pm is not provided despite promise by Mr Amit of HDFC credia. More details in the following letter.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

From :
Hitendra Mehta
A/201, Seeta Mahal
5th Kasturba Road
Borivali (East)
Mumbai – 400 066
Cell : 97699 19275 E-mail : hitendramehta@rediffmail.com
---------------------------------------------------------------------------------------------------------------------
December 7, 2011

To,
Credila Financial services Pvt Ltd
B-301, Citi Point, Andheri-Kurla Road
Next to Kohinoor Continental
Andheri (East)
Mumbai – 400 059

Dear Sir,

Re: 1) Receipt of incomplete / incorrect copy of executed Loan Agreement documents, post-disbursal of full amount, for over three months
2) Unreasonable hike in EMI amount without any written communication & working

Loan a/c No: A1107020023. Loan Applicant: Shreyans Mehta
----------------------------------------------------------------------------------

Facts
-------
1) subsequent to my complaint lodged on October 15, Mr Amit from Credila called up and he was briefed by me again about the details of complaint.

His assistant Mr Anand Kharat ( RM) arranged to despatch copy of Loan agreement but same is incorrect & incomplete. The matter was communicated vide e-mail to HDFC customer service department about 15-20 days back. I had also communicated to him vide SMS but there is neither response nor they have sent the corrected Loan agreement.

2) Mr Amit promised to send details of calculation of hike in EMI amount from Rs 9000 pm to 9500 pm. I had informed that the hike of almost 10% was too steep on back of 25-50 basis points hike in interest rate by RBI. Also transparency demands that the method of calculation be shared with the Loanee as the impact would be for seven years of which only 3 months have expired. Overall impact of hike calculates to Rs 42000 ( @Rs 500pm for seven years) on loan of rs 8 lacs. It works out to 5% of the Loan amount.

But till date, I have neither heard from MrAmit or received the letter from HDFC credila sharing the working of hike in EMI.

I wonder whether I need to follow RTI route or file a legal case to resolve this one.

Yours sincerely,
Hitendra Mehta
(Father of Loan applicant Shreyans Mehta)

Complaint Registration Form

    Information of the Company you are complaining about
    Subject of Complaint
    City (optional)
    Complaint Details
    Attach photos (optional)
    Confirmation code

    Submit

    Share this site with others

         
          

    Recently Updated Complaints

    care---paytm.com - Customer Service And Support-
    - 910264 1044 Any Time This Service Available- -...
    Hyundai Motors India Limited - service
    I own an i20car,The pereodic service is done in MGF Kochi...
    VPG Stores Pvt. Ltd. - Fraud Company
    Dear Everyone I would like to share with everyone that...
    Post Office - ramesh kumar
    cancl postman 2014-15 leaked exam sir please cancel the...
    Hero Moto Corp - No proper response from the Service centre kolar ,karnataka
    I am using my hero passion pro from last six years ,...
         
     

    User Registration

    Already a Complaint Board member? Log in now.
    Username:
    E-mail address:
    Password:
    Code:
    or connect with Facebook

    User Registration

    A confirmation email was sent to "".
    To confirm your account, please click the link in the message.

    If you don't see the email in your Inbox, please check your Spam box.

    User Login

    Not a member of Complaint Board? Register now.
    E-mail address:
    Password:
    Forgot your password?
    E-mail address:
    Back
    Loading, please wait...
    Your password has been sent to the specified email address. Log in
    or connect with Facebook

    User Facebook Login

    Enter Username