HDFC Car Loan
Forced to take HDFC Suraksha Insurance

Dear Sir,

I wanted to take a Car loan and i had pre approved car loan from HDFC Bank as my salary account was in HDFC Bank.

When i contacted the Loan section, they insured me the best rate as i have my salary account in HDFC.

The car i took was Ford Figo from Kairali Ford, Edappally, Kochi.

I had an old car (Maruti Alto) which i planned to exchange at Ford.

As i had an official trip, i exhcanged the car, booked the new car and went to tour. I thought the loan will be sanctioned once i come back home. My new car was ready at their yard which will be released on the next day the bank transfer has been done.

I was told from the HDFC executive that they will not take the processing charges and the interest will be 11.5%., i planned to take 3 Lacs as loan.

When everything finalized, like i signed the papers, gave the cheque and all., an executive named Ms. Prabha, SL Plaza, HDFC Bank, Palarivattom called me and said i had to take HDFC Suraksha plan, without which they will not sanction the loan.

I was in a turmoil as i needed the car urgent and taking advantage of the situation, she threatened me if i didnt took the Suraksha plan, she will not sanction the loan.

She then told, if i didn't took the Insurance policy, they will take bank processing charge and the interest will be then 13%.

I am just wondering that Insurance is for our protection and they are threatening us to take the insurance...

I had to agree with her as if i go to another bank, it will again take some days.

I dont even know what that Insurance plan covers and what does it all about?

Is this the manners of HDFC Bank?

This is not the way you should do to make people take Insurance.

She badly exploited my situation.

Now i got the loan and i got the car. But i dont want the Insurance., as it was took by taking advantage.

I was heard from other peoples that they too had similar experiences from the same lady.

Kindly take some action on it.

My loan reference number was 18240301 and the amount was disbursed on 23/02.

Kindly help,

Yours truly,

Vinod R

[email protected]