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HDFC gold Loan - Horrible experience

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Deal Cadet
Tekk

 I'm having a gold loan with HDFC from 2 years..now the loan is matured and got an email to pay the total outstanding and release gold..

Actually my savings account is in -25000 ..Today I went to branch for more information.. Actual outstanding is around 1Lakh but they told me that I should pay 125000 ..

They are telling me that..i should pay through HDFC account only..in that case i will loss 25000rs..i told them, i will pay through online or by cash but they are telling ,it's not possible..

It seems they are playing tricks to collect those negative balance.. because I'm paying monthly interest through online then  why can't  I able to pay the total outstanding online..?

Anyone please suggest me,how should I avoid paying those 25k negative balance..

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Deal Cadet Deal Cadet
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PowerStar wrote:

It's Simple 

Deposit Or Transfer 1.25Lakh To Ur HDFC Account And 

Pay The Total O/S Amount 

Or 

Pay The Interest And Ignore Gold ! 

PS : Contact BM And Negotiate The Charges 


Banks Also Know How To Collect The Dues Or Charges

Just had a heated conversation with BM .

I have asked him to show in the agreement ,where it's mentioned  "we can collect SAVING ACCOUNT charges from your gold loan"  he don't have any answer..

Threatened him by showing Banking ombudsman complaint reference number in my phone..BOOM he agreed to receive the payment through IMPS ..

Just transferred 1lakh from my Federal Bank Account and waiting for the gold..

PS: After the payment BM requested me to withdraw the complaint ,I Said i don't know the process to withdraw complaint 😎

Deal Cadet Deal Cadet
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No need to pay those 25K, write to ombudsman & share the copy of it with the branch. They are trying to play tricks with you to collect those negative balance (not mandatory to pay it back). I have 5 year old account with them once they charged me 5.5K for non MAB for a year, I complained through HDFC customer care on call they reverse charges by deducting GST account within 2 days didn't had to complain to RBI. It's just they are trying to play tricks be polite but go with the process complaint to RBI & share copy with them they will waive of those negative charges.
Deal Cadet Deal Cadet
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nandamuri.balakrishna wrote:
First negotiate with branch manager and make it zero then pay 1l gold loan and close the account 1:talk polite 2:talk rude simple case closed

Followed 2nd ..Job done .

Manager literally scared when I shown him ,RBI banking Ombudsman complaint number..

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Deal Cadet Deal Cadet
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Why do you have the -25000 negative balance to begin with?

Deal Cadet Deal Cadet
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Negative means u owe 25k with them.. so why they dont take that 25k?
Deal Cadet Deal Cadet
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Spiderguy252 wrote:

Why do you have the -25000 negative balance to begin with?

Not using the account from lockdown 

Deal Subedar Deal Subedar
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It's Simple 

Deposit Or Transfer 1.25Lakh To Ur HDFC Account And 

Pay The Total O/S Amount 

Or 

Pay The Interest And Ignore Gold ! 

PS : Contact BM And Negotiate The Charges 


Banks Also Know How To Collect The Dues Or Charges

Deal Cadet Deal Cadet
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Sidhi.Baat.No.Bakwas wrote:
Negative means u owe 25k with them.. so why they dont take that 25k?

What they do..if i don't have a gold loan with them..?

Deal Cadet Deal Cadet
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Don't think any bank will allow you to take anything out when you owe them money. If the negative balance is because of charges due to insufficient average balance talk to the bank to see if it can be removed. Generally savings account shouldn't be charged beyond a minimal negative balance as per a RBI directive. 

https://economictimes.indiatimes.com/news/econo...

In response to an email sent by TOI, HDFC Bank said it “does not allow the balance in a savings account to go negative due to imposition of charges for non-maintenance of minimum balance“
.

Deal Subedar Deal Subedar
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First negotiate with branch manager and make it zero then pay 1l gold loan and close the account 1:talk polite 2:talk rude simple case closed
Deal Subedar Deal Subedar
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First negotiate with branch manager and make it zero then pay 1l gold loan and close the account 1:talk polite 2:talk rude simple case closed
Pro Critic Pro Critic
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Loan has separate account number. You can directly pay and close. 

Deal Cadet Deal Cadet
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Tekk wrote:

What they do..if i don't have a gold loan with them..?

Kya kar sakte hain iska detail idia nahi.. but its 25k you owe.... to company.. they have right to revover within rules .
Deal Cadet Deal Cadet
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PowerStar wrote:

It's Simple 

Deposit Or Transfer 1.25Lakh To Ur HDFC Account And 

Pay The Total O/S Amount 

Or 

Pay The Interest And Ignore Gold ! 

PS : Contact BM And Negotiate The Charges 


Banks Also Know How To Collect The Dues Or Charges

Just had a heated conversation with BM .

I have asked him to show in the agreement ,where it's mentioned  "we can collect SAVING ACCOUNT charges from your gold loan"  he don't have any answer..

Threatened him by showing Banking ombudsman complaint reference number in my phone..BOOM he agreed to receive the payment through IMPS ..

Just transferred 1lakh from my Federal Bank Account and waiting for the gold..

PS: After the payment BM requested me to withdraw the complaint ,I Said i don't know the process to withdraw complaint 😎

Deal Cadet Deal Cadet
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Simbha3 wrote:

Loan has separate account number. You can directly pay and close. 

Just did it..they tried to trick me to recover those useless charges..

Deal Cadet Deal Cadet
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Why not get the GL account number & pay the amount in another branch & come back to home branch to close loan

Deal Cadet Deal Cadet
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Sidhi.Baat.No.Bakwas wrote:
Negative balance kaise hua 🤨

In lockdown, i have opted for moratorium for couple of loans..still those NBFCs submitted ecs 4 To 5 times a day.. 

Deal Cadet Deal Cadet
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slash84 wrote:

Don't think any bank will allow you to take anything out when you owe them money. If the negative balance is because of charges due to insufficient average balance talk to the bank to see if it can be removed. Generally savings account shouldn't be charged beyond a minimal negative balance as per a RBI directive. 

https://economictimes.indiatimes.com/news/econo...

In response to an email sent by TOI, HDFC Bank said it “does not allow the balance in a savings account to go negative due to imposition of charges for non-maintenance of minimum balance“
.

Those Negative charges includes bounce and non maintenance charges..

Got away with those charges.. paid through IMPS..

Let's see how they gonna recover those charges..

Deal Cadet Deal Cadet
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nandamuri.balakrishna wrote:
First negotiate with branch manager and make it zero then pay 1l gold loan and close the account 1:talk polite 2:talk rude simple case closed

Followed 2nd ..Job done .

Manager literally scared when I shown him ,RBI banking Ombudsman complaint number..

Deal Cadet Deal Cadet
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No need to pay those 25K, write to ombudsman & share the copy of it with the branch. They are trying to play tricks with you to collect those negative balance (not mandatory to pay it back). I have 5 year old account with them once they charged me 5.5K for non MAB for a year, I complained through HDFC customer care on call they reverse charges by deducting GST account within 2 days didn't had to complain to RBI. It's just they are trying to play tricks be polite but go with the process complaint to RBI & share copy with them they will waive of those negative charges.
Analyst Analyst
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PlaYITsmooTH wrote:
No need to pay those 25K, write to ombudsman & share the copy of it with the branch. They are trying to play tricks with you to collect those negative balance (not mandatory to pay it back). I have 5 year old account with them once they charged me 5.5K for non MAB for a year, I complained through HDFC customer care on call they reverse charges by deducting GST account within 2 days didn't had to complain to RBI. It's just they are trying to play tricks be polite but go with the process complaint to RBI & share copy with them they will waive of those negative charges.

Not mandatory to pay negative balance! 😠

Man you got it all twisted- if negative balance is due to incorrect charges then okay that part is disputed.

But if due to legit charges you feel no responsibility to pay up? And you're suggested to write to RBI ombudsman. Common brother have some ethics

Analyst Analyst
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Tekk wrote:

Those Negative charges includes bounce and non maintenance charges..

Got away with those charges.. paid through IMPS..

Let's see how they gonna recover those charges..

If you are saying the charges are wrong why are you avoiding disputing that and sorting it out? One NBFC may make mistake but ur using plural so in your case 2 or more NBFCs making mistake of ECS?! And not yet rectified is it? Doesn't sound right.

You may have gotten away for now. I don't see you getting away next time.

Certainly with this attitude you won't get ahead in life.

I'm sorry for -ve Karma but your attitude suffocates me

Deal Lieutenant Deal Lieutenant
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u have mentioned bounce.cheque bounce?no action taken by them?

if u had gold and needed money then why not sell it for money?or was it family gold?

Deal Cadet Deal Cadet
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pingpong wrote:

Not mandatory to pay negative balance! 😠

Man you got it all twisted- if negative balance is due to incorrect charges then okay that part is disputed.

But if due to legit charges you feel no responsibility to pay up? And you're suggested to write to RBI ombudsman. Common brother have some ethics

In my case, it was bank's fault I asked them to close my account multiple time even wrote letters to close them & filled closing form multiple times but didn't.


Hence, when they charged me non MAB charges after one year I told them same thing & they reverted back those charges with no questions asked, not even had to give them damki of RBI smile


If you have good relations with them, they usually tends to help you in most of the cases.
Deal Newbie Deal Newbie
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Tekk wrote:
Let's see how they gonna recover those charges.
They can always seek help of Goodluck Recovery agency or something like that.
Besides beating your credit score to oblivion.👌🏼😄

It is quite appalling for a bad customer to throw the bank in poor light, despite themselves playing foul.

In this case, independent of the Gold loan case (which you say is now resolved)
you are the defaulter in the eyes of the numerous entities from whom you have taken the loan
and some of whom (despite your claims that moratorium applied to you)
opted to claim the installments.
👆🏽👆🏽👆🏽In ALL of this👆🏽👆🏽👆🏽 HDFC is not at fault really.
You leading a life off of credit, wasn't really in their control.
You having open credit lines from N number of places, too wasn't something HDFC vould do much about.
Them presenting the debit instruction on your account, was not the bank's concern or mistake.
You not maintaining sufficient funds to service those requests: too is not exactly HDFC bank's fault.

But now, all of a sudden ypu are posturing like this and painting them as a villain.
To be clear, I wouldn't even gasp even if HDFC bank folded (or went bankrupt).
So it isn't me 'taking sides'. I am just highlighting how us humans can be conveniently blinded by our own (selfish) interests.
[You haven't spoken anything in this thread yet about how you tackled those other lenders, if at all. So we are in the dark, about what you did with those companies who presented the cheques/ ECS mandates to HDFC.
If you are so sure of having the benefit of the moratoriums, then by now (18-20 months?) you have hopefully individually fought them for having presented the EMI debit requests to HDFC.]
I might sound cruel in saying so, but I hope that most of your lenders aren't those unregisteted (and often funded by Chinese entities) companies, but proper R.B.I. regulated companies.
So that your credit scores get impacted.
(One bump earlier on in life is still better, if it can save one from falling in a bottomless pit.. later on in one's life.)
Deal Subedar Deal Subedar
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Ask them where is written in gold loan agreement that  outstanding have to be paid through your HDFC bank. Banks cannot ask customer to pay charges for not maintaining average balance unless customer wants to operate the account further. 
Deal Subedar Deal Subedar
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Dont cancel ur banking obdusman complaint.

Cool Cool
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Do not withdraw the complaint. Your account balance is still negative. Only after it is restored to 0 and the gold is safely handed to you, you can consider withdrawing it. If the BM asks you to withdraw it again, state your conditions. 

Deal Newbie Deal Newbie
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Mufasa wrote:
Banks cannot ask customer to pay charges for not maintaining average balance unless customer wants to operate his account further.

Did you bother reading through the thread?

(Especially where it relates to the reason/s for the charges).

Deal Newbie Deal Newbie
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fareed.tks wrote:
I might sound cruel in saying so, but I hope that most of your lenders aren't those unregisteted (and often funded by Chinese entities) companies, but proper R.B.I. regulated companies.
So that your credit scores get impacted.

Does sound cruel indeed.

You are expecting debtors to timely s3ttle their dues,

and own up to mistakes.

Deal Cadet Deal Cadet
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pingpong wrote:

If you are saying the charges are wrong why are you avoiding disputing that and sorting it out? One NBFC may make mistake but ur using plural so in your case 2 or more NBFCs making mistake of ECS?! And not yet rectified is it? Doesn't sound right.

You may have gotten away for now. I don't see you getting away next time.

Certainly with this attitude you won't get ahead in life.

I'm sorry for -ve Karma but your attitude suffocates me

First of all don't come to a conclusion with your half knowledge..

How can you justify an nbfc submitted ecs 5 times a day that too in 2nd phase of lockdown even after opted for the moratorium..

Yes complaints were made to RBI and  HDFC but due to {Limited Staff in lockdown} obvious reasons complaints were not processed..

Visited HDFC branch in lockdown asked them to stop the ecs but they didn't responded asked me to contact lender..tried to contact lender through email, call , twitter but nothing worked..

Seems you are in an illusion where you think ,you are the only honest person in the entire world.. come out of that illusion as soon as possible.. it's better for you..

PS: Those down votes are nothing to me as I'm not here for  100, 150 deals..go hit those down vote again 🔔 Farq nahi padta.

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