HDFC Car Loan / overcharging after disbursement!
I recently got a shock 0f my life when the people i trusted for business turned their version, even now i see the discrepancies but they cannot justify the claim. I had taken a quote for a Car loan from HDFC representative who is a part of the showroom. (Dt 17 feb 2007)
I had been put a lot of pressure to log a file so that the interest rates for the loan shall be locked , hence i did it asap. On approval of the loan amount i received a sms of the loan account number and call stating that the loan account has been created. (23 feb 07)
Now comes the pressure for disbursement, I was not fully ready with the down payment hence told them to wait for some days, the reason i was being pressurized was to change in rate of interest and stamp duty & processing fee.
Disbursement instructions where given on 1 march and after 10 days when my car is ready with the registration number, the representatives call me up to say that i need to cough up with a additional Rs. 3400/- due to change in bank interest rate. Stamp duty n processing was promised to 1400 now the new rates are 2100.
When i contacted the bank, the rate of interest applied to me is 11.50% while the representative is demanding 14.75%.
Hope someone can help me with this kind of banking terminologies.
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