HDFC Bank and HDFC Ltd – a football match

This experience was so traumatic that you will soon understand why sturdy men jump off the cliff. This incident brought out the apathy and unprofessional-ism of HDFC twins, shows how creaky and greasy our society is.

            Now let’s confine ourselves to FACTS. Before that a brief background should suffice. I am Sathyanarayanan, aged 50, with a MBA and work experience in a Times of India group and an editor of a health magazine in the gulf. But these days I am a professional stock market trader – I earn 3-4 lacs a month on F&0 trades on a trading capital of 20 lacs. This is the top range for a trader, I learnt the game systematically and this earning is as consistent as a monthly salary with little or no variation.

            I purchased an apartment for 80 lacs in December, 2019. I needed a 25 lacs business loan for a trading capital besides I had a real estate interest in a villa. Now the facts:

a)     I approached HDFC Bank, Kottivakkam branch in Chennai for a 25 lacs loan submitting the 80 lacs apartment as collateral and last three years IT returns on 10^th December, 2019. They took a cheque of 11 k as processing fees to be adjusted for the first installment.

b)     They revert in 2 days saying that since I have not paid IT in this period, I need to show more documentary proof as a writer. The officer said, “Banks don’t lend to stock market trading activity for it is speculative in nature. We will dress you as a content writer.” Please give your past salary slip of TOI and Gulf job.

c)      The loan was supposed to take 2 weeks, after a month they said, “Sir, you have already registered your new home, so the housing loan is now being converted into a mortgage loan.” Since you are not a salaried employee or a entrepreneur, we will use the REACH programme as an offer for special customers like you.

d)     The loan process is now 6 weeks old, I had submitted my Aadhar and PAN cards. Now they said, “The Aadhar is in the old residential address, we want the new address.” I went to the bank with the sale deed which was not sufficient for them. I rushed to Kotak Mahindra Bank and SBI where I have a savings account. They affected the CHANGE OF ADDRESS based on the sale deed. For HDFC Bank they are so stringent and even prudish insisting on a Aadhar or Voter ID or Driving license for supporting docs for address change!!!

e)     Every third day the loan officer said, “Sir, please wait. The process is taking time. Don’t approach others after all the running we have done in your case.” I accede foolishly on hindsight; in India it does not pay to play straight or put all eggs in one basket.

f)       Then the loan officer says, “Pay Rs.3568 as a non-refundable processing fee for legal expense. I nod my head and sign the cheque.

g)     At last after 7 weeks my loan is logged into their HDFC system. There is a person who comes to check my residence, then a verification officer for a two hours personal discussion as we explored every big ticket item in the bank statement for two years.

h)     Then after 10 weeks on 18^th February, I am informed that my loan is rejected.

Their apathy and shoddy process has eaten away 10 weeks time. I only got promises and sweet words in this time, the bank officials spoke as though this was a sure thing and not even a probability. They had reservations of stock market trader for a profession, I did furnish supporting documents as a content writer and soft skills trainer. Now my question is: Is a loan amount of 25 lacs against a collateral of 80 lacs property, 7500 shares of Yes Bank, and a life insurance of a 5 years policy for 50 k a year (I have already paid three premiums so far) - is it unreasonable?? What kind of madcaps are they??? 

            I write a complaint to the top management for wasting 10 weeks meant that I had lost an earning opportunity of 7-8 lacs on the bourses. HDFC BANK says that HDFC Limited was handling the process – though the housing loan application got converted into a mortgage loan even in December itself. This is the football game where both the bank and limited disclaim responsibility.

            These idiots aggressively market personal and home loans when we have no need, but when we're in a dire need they just treat us most callously and reject an application after 10 weeks. That’s my angst. The sheer insensitivity was beyond belief especially for a customer since 2007. HDFC is so numbers driven that they don't relate to a customer as a human being, all those relations and happy smiling faces is only for their TV and Press advertisements. I have not taken this lying down: I sent this blog post through twitter to PM, PMO, FM, Fin Ministry, Minister of State (Fin), Commerce Minister, to all the CNBC TV 18 correspondents and editors, Editors of Moneycontrol, Business publications with a copy to HDFC Customer care!!!