I had applied for a personal loan on 03/07/2006 for Rs.1 Lakh , I submitted all relevant documents to them when they demanded time to time. On 27/7/2006 I signed all documents and ECS form. But they had not given me any response till 09/08/2006. Whenever I called them, every time they demanded various documents. After that I never call them for loan. But on 16/8/2006 they informed me that my demand draft is lying with them and my first installment will be collected on 05/09/2006. I refused them to accept demand draft and I send the letter for cancellation of my personal loan by courier to branch office and by email to head office. They have not responded till date. Also i given request to my bank for cancellation six cheques which i given to them. On 21/09/2006 I personally met the Executive in their branch office. Their branch manager told to their representative to close the account before 1st ECS deposited in bank. They demanded around Rs.6000/- to close the loan account by phone on 25/09/2006. Till date I have not taken the loan. But till they sending installment through ECS and it is returned by my bank as I have not keeping any balance in my bank due to this. My bank charging to my account Rs.200/- + Service tax every time.
Also when I inquired about rate of interest, they informed me that, the rate of interest will be 15% p.a by reducing balance and installment will be Rs.2379/- for 5 Years. But they are sending installment of Rs.3281/-.
Don't use IDBI Bank!