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HDFC Bank - Auto Loan / high pre-closure charges

1 India Review updated:

I have taken Car loan of Rs 3,00,000 and have already paid 7 EMI's of Rs 10,250. I no more want to keep this loan and contacted HDFC bank so that I can make full loan payment. Now, HDFC bank wants me to pay 2,65,000 which includes 6% pre-closure charges which according to me is very high and infact there should not be any pre-closure charges when customer waits and pays atleast 6 EMI's. I have already paid them 72.000 as EMI's. I have already requested them to waive-off the 6% charges but they are not ready to do anything about this. Can I contact consumer court for this issue? Or is there any email addresses or contact number where i can raise this issue???

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  • Di
      1st of Sep, 2008
    0 Votes

    Its better to avoid HDFC bank for any loans, Even I am facing the same issue with HDFC car loan,
    Really am not angry about HDFC. I request others that " DON'T GO TO HDFC LOANS" they will cheat you later. Please pass on this message to the other people as much as you can.

    I really hate this idiot bank.

  • Da
      3rd of Dec, 2008
    0 Votes

    I agree pre-closure charges are a real pain. I am facing the same issue with citibank auto loans. I guess it is a common thing and nothing can be done about it.

  • Vi
      23rd of Jan, 2009
    0 Votes

    This is un-fair trade practice as ruled by supreme court in STATE BANK OF INDIA Vs NATIONAL CONSUMNER FORUM. Therefore, you need pay any charges, and in case you can approach National consumer forum

  • Po
      14th of Mar, 2009
    0 Votes

    Mr. Vijendra.
    Can you pls provide some more information on the ruling by Supreme Court on Pre-Closure charges by Banks.

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