I could sense that there was some trouble coming my way, but I wanted to give them a chance. Given the economic slump, it could be a little difficult to lend money, which could mean some adjustments, unofficial promises or “managing” done to reach the targets.
The 15% interest rate was promised to me by a DSA – Direct Sales Agent of HDFC, I guess a third party consultancy. By the way, during this transaction mess up and cleanup, I learnt a lot about their internal processes too. [;)] She said that the welcome call would mention the rate of interest as 15.5% and I should be saying yes, but the loan will be processed at the 15% rate I was promised at the time of offer over the phone and which was confirmed when I signed the documents.
The first hiccup that gave me a hint that this transaction is not going to be smooth is this very lady again. She asked me if I have any other loan and I said yes. She wanted the loan account number. I explained that the loan is from HDFC, EMI is deducted from HDFC Salary Account, and she has the bank statement now, so she can help herself out with the number. She insisted that I give her the number or else my loan application would be rejected. She wanted me to dig up the documentation I was sent 22 months ago to locate that number. Moreover, I frankly don’t remember receiving any documentation at that time. She wouldn’t even accept to write “no” for “any other loans?” – because that is a detail I provided anyway. She hung up on me and wouldn’t listen further! I was occupied with something else and did not get back for more than a day. Another colleague of her called me later and I provided the number from my statement to move the process further. And as the lady hung up on me, my ego hurted kno! We’ll see.