LIC HFL
ECS Clearance Issue

Hi,

I am working in bangalore and has taken the loan in chennai thru LIC HFL.They have sanctioned the initial amount without any trouble. But now for Pre-EMI payment they are not accepting the ECS mandatory form and cheque.

The reason they are saying is because i am having the account in out of station. Now They asked me to open the new account in chennai.

I just wanted to know whether this is valid reason? Is there any RBI regulations like that? I didn't have this problem in other banks.why LIC HFL is doing like this?

Whom should i launch the complaint?

Company: LIC HFL
Country: India
State: Karnataka

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