HDFC Education loan
Education loan mess up

I applied for an education loan of Rs. 4, 00, 000/- at HDFC Bankand asked for a 36 months repayment time. The procedure went ok and the service agent asked me to give blank cheque since he said he was not sure of the exact EMI amount.

To my surprise, when I recieved the draft for the loan amount, the repayment time was increased to 48 months. In a monthly-reducing interest fashion, one ends up paying more interests If number of months are increased. When being confronted, the response was "close the loan amount If you dont want this and pay the processing fees only". Adding to my distress agents have never picked my call again and I have to take this case to their senior manager which again proved futile. I am going to escalate this issue to their General manager and will take them to consumer court If nothing else works.

Company: HDFC Education loan
Country: India

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