I had applied for a personal loan with the HDFC bank for 8 Lakhs and recently I have been notified that my loan request has been approved and a cheque of 3.41 is ready (My token no.16602927). I have not accepted the same but imagine a person in emergency who applies a loan and in the last moment he is told that only 35% portion of the amount is approved, imagine his plight because its not solving his problem rather its adding more problems to him. If the bank had declined the loan that understandable or if they had asked more collateral for the same its understandable but making a cheque for 35% of my request without my approval is questioning my rights.
Loan provider's should approve or disapprove a loan but they don't have the right to decide on the amount of credit even after adding there own terms of (17%) interest. This is a frequent practice of loan merchants and this needs to be stopped.
I humbly request that this practice be stopped as this will worsen the plight of the person approaching for loan and create disillusionment in people approaching for loans for there emergencies.
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