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POSTED BY ON December 10, 2012 8:02 pm COMMENTS (7)
About 7 years ago, I took a personal loan from Centurion Bank, and paid first 18 EMIs regularly. Cheque of 19th EMI returned unpaid. On inquiry, I noticed that Rs 1500 was got deducted as yearly account maintenance charges as my account with Centurion Bank was a Prepaid account. Due to deduction of Rs 1500, funds in the account got short and EMI cheque was returned unpaid. Earlier, I was never informed about the account being a prepaid one. I immediately closed the account in writing and informed the manager to not to send EMI cheque in this account further, and with mutual verbal agreement I paid further EMIs in cash mode to collection agencies. But, in parallel, EMIs cheques were also floated without my knowledge.
After paying about 20 EMIs in cash mode, but regularly, I foreclosed the loan in May 2009, and HDFC Bank (Centurion Bank merged with HDFC Bank) also waived all penal charges at the time of loan closure.
Recently, I applied for a personal loan from HDFC. My CIBIL Transunion score is 780, and track record of all ongoing loans (Home loan, PL, Car loan) is absolutely clean, but system denied my application on the basis of internal feedback in the records of earlier Centurion bank loan. All virtual irregularities fed into HDFC Bank system reflects negative feedback, and credit managers are helpless despite knowing real facts.
Are there any ways to convince HDFC Bank in this instant issue, or this is END of my relations with HDFC Bank ??
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Hi Credexpert,
Thanks for the reply. And, yes, other lenders are ready to ignore minor irregularities of 6 years old loan. On the basis of track record of ongoing loans, they are ready to sanction loans to me.
HDFC Bank is totally rigid, and responded in a set pattern, didn’t consider any valid facts. And, I am wondering, that is an end of my relations with them forever.
Dear Roop Narayan,
You will have to wait for the response of HDC Bank; and in case the reply is not in your favour you can file a complaint with the Banking Ombudsman Scheme 2006. There are certain grounds of complaint and procedures which have to be followed before a complaint can be filed with the Banking Ombudsman. Please go through this link of “The Banking Ombudsman Scheme 2006”http://rbidocs.rbi.org.in/rdocs/Content/PDFs/67933.pdf which will help you understand the procedures and take the appropriate course of action.
Also how are you sure that other lending institutions will approve your loan application?
There could be chances that they too reject your loan application because of the negative remarks appearing under HDFC Bank account.
Regards,
Credexpert
Dear Credexpert
Thanks for taking pains to answer the query. Regarding cash payments done, its obvious that payments were made as and when collection agents visited to me. However, there were no abnormal delays, and all the payments were made in the same month, and the amount were also credited in the loan account. On the basis of this only, HDFC Bank later waived all cheque bouncing charges at the time of foreclosure of the loan.
I have already brought this matter into the knowledge of Grievances Redressal cell of HDFC Bank, and requested for removal of this particular loan record from CIBIL database as it reflects negative (virtually negative) aspects only, but the Bank expressed inability to do so.
Credit managers know the history. Before submitting the loan application, we had a discussion on the CIBIL CCIR, and they agreed for formalities. But, the problem is that HDFC Bank’s system rejected the application after login on the basis of negative feedback of earlier personal loan.
I again have written to HDFC Bank for review and awaiting a response. But, in case HDFC Bank did not consider the facts, then I am wondering it will be an end of my relationship with bank forever, as in future too my applications will be rejected on the same ground. And, its a matter of concern that without being faulty, I have to face rejections. Are there ways for removal /rectification of system records of the bank /CIBIL CCIR in such cases, is a question.
Other FIs will give me loans, that is sure, no worries, but why HDFC Bank is not taking steps for rectification of virtually negative facts is bothering me.
Dear Roop Narayan,
The crux of your problem is the period when your EMI cheque was returned. You had started paying cash EMI’s and parallely your EMI prepaid cheques were being presented for payment and obviously were being returned as the account had been closed by you.
Were the cash payments made by you, credited to your account and were they on time or were you delinquent? Was the cash collection agency to which you were making payments, crediting the amounts on time? These are some of the questions that need to be answered before coming to any conclusion. Also, have you presented your case to HDFC Bank in detail, with all documentary evidence?
780 is a good score, and the reason for your loan application being rejected could be because of the negative remarks related to the late payments due to the cheque bounces.
Also there could be other reasons which have made the lender view your credit report negatively. This can be commented on only after your credit report is analysed.
Regards,
Credexpert
My name is Syed Jibran Rufaie, I am residential of KRALSANGRI, Brein, Nishat, SRINAGAR, J&K .
Recently I applied for personal loan amounted Rs 70000.00 ( Seventy thousand only) in HDFC BANK..
BRANCH ADDRESS: Karanagar, SRINAGAR, J&K…
Pin Code: 190010
I submitted all the documents for personal loan.. but Unfortunately branch officials of hdfc bank rejected my application because of low income.
Currently I am working in Rellaince jio infocom, Since from ten months only, I am drawing salary of 15000.00 per month, after all deductions it comes 13500.00 per month..
Please intervinate in this matter, I required this same amount Immeadty..
Regards
Syed Jibran Rufaie
Cell no: 7006085722
Hi Syed
Sorry but the loan is not given if the applicant does not fit the criteria set by the lender !