Reason not mention for loaejectionn?

Question

Dear customer care. Application no -66039324. My personal loan application was rejected, but reasons were not yet revealed even after i made many calls to the concern person(01127352197) who interacted with me while processing/collecting documents for the loan. I got call from the above number and said that your loan was rejected.Is this right way to answer to your loyal customer??? don't you have responsibility to let applicant know why it has been rejected??? Don't you let your customer show interest to approach bank for any other kind of loans??? Even being a bank salaried account holder, I totally fed up with bank response in this regard. I dnt mind of giving up bank account and choose some other bank for better customer service.if i wont get proper response this time. Here i request you to let me know what exactly went wrong in the loan processing...(Exact reason).Please do the needful Regards, Sudeep

Answer 1

Dear Sudeep

At the outset, let me clarify that this site is designed and managed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

Your concern is absolutely in order that if the bank rejects your loan application, they should be giving you the reasons.  Please take up your grievance as per the appended process.

1.    Go to your Bank’s website and search for grievance redressal (or similar name) button and submit your complaint online.

2.    If you do not receive any reply / satisfactory reply within 10 days, lodge your complaint with the Nodal officer of the Bank (either through email or letter)

3.    If you do not receive any reply / satisfactory reply within 10 days from the Nodal officer, lodge your complaint with the Principal Nodal officer of the Bank (either through email or letter)

4.     If you are still not satisfied with the reply / do not receive reply from the Principal Nodal officer within 10 days, lodge your complaint with the Banking Ombudsman (either through letter or email).  For address of the Office of the Banking Ombudsman, Area of Operation (jurisdiction) and the procedure for lodging complaint, you may access their website https://bankingombudsman.rbi.org.in/.

RAJA