I had some bitter experience with HDFC Bank Car loans. I purchased a car from our local dealer and approached HDFC bank for car loan as suggested by the dealer. The bank promptly sent their sales representative and he explained the eligible loan amount, tenure, EMI and interest rate etc. As the proposal looked good, I agreed and booked the vehicle after making a down payment.
I promptly submitted all the papers required by the bank and the guy promised to call me after two days. I did not receive any calls for 4 days. I called this and was told my application was under process. Another 4 days passed and on calling, I was told the loan amount has been reduced and he asked me to pay additional amount to the dealer to bridge the gap.
With great difficulty, I paid the additional amount to the dealer. Again for a week there was no response. Finally they sent their sales guy with papers and I was surprised to note the EMI mentioned was not same as agreed initially. I asked him about this discrepancy and protested, but could not do anything as I had already struck-up the deal by paying initial amount. The dealer was ready to cancel the booking without deducting the penalty.
Finally, I am paying Rs.500 EMI more.