After the loan was disbursed, I called this lady again asking about the EMI figure. She said it’s for 15.5%. I reminded about the deal she had offered. She easily provided another phone number and brushed off her hands saying “he should be able to help you”. That bugger never answered the phone and next day I started escalation – in all and every direction possible; I wrote to the loan support email address, Customer Care, central grievances cell and what not.
It got funnier. The loan support guy wanted me to send him a scanned copy of the ‘offer letter’. It took some time to explain that like normal practice around, the offer was made over the phone and I didn’t have any document that mentions 15% interest. To bury the issue under the carpet, he mentioned that I “agreed” for additional interest rate as I signed the documents. Again, took time to explain that as normal practice, I expected the bank policies to be ethical and signed the blank template. All the details would be filled in by the agent later. He was reluctant to look into the matter as I could legally do nothing to him.
Well, I completely agree, that I cannot sue them in this case (not that I would but just saying). I set the right expectations – if I can spread the news and stop at least 5 customers from doing business with the bank, I consider myself successful. After a few more phone calls, escalations and arguments, they agreed to pay me the difference amount in EMI (Rs 24.00 X 36 months = Rs 864.00). One of the representatives came home with cash to complete the clean up.
As for the additional Rs. 1114.00, it took good effort to learn that the money went for some bond paper and insurance. While I insisted that they return that money too, I am not very tough on that. That was not a case of ‘cheating’, but of miscommunication. I would have been happy if I was told of this at the time of the offer.
Anyway, this is my most recent experience with the bank. I guess I have to stick to them for some more time; unfortunately my company’s salary account is with these guys and they are not willing to move just mine to some other bank, huh! But, I wanted to make it clear that if they want to take me for a ride, I will not let them do it. And I think I am successful.
Few more experiences to follow, but different transactions. Cheers!