Reg: NRI CAR LOAN?

Question

I have contacted on agent in Hyderabad regarding Car loan, He said he will help me out and he said he will send me the application form. After few days he said I need to take some investment plan, I said I will look into it. I asked about he car loan process he said I need to take must investment plan then they will consider NRI car loan, This is very annoying and How does bank works like this? Then he stared giving me explanations that they cant send any application to overseas by post/scan and person should be in India. I asked him how our allowed to send me application if i take the plan? He said he took authorisation from my manager? Is this bank works like this? As a NRI customer and I have opens NRE/NRO account with you...I'm not at all happy? I need clear clarification on this? Do you really link and force customer to take Investment plans? I do know the rules and regulations of bank.
Thanks,

Answer 1

Hi Purvi,

At the outset, let me clarify that this site is designed 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 bank is not justified in offering car loan as a quid pro quo for an investment ( mutual fund/ term deposit/insurance product). Banks may have defined  processes and procedures for entertaining loans for NRI customers. The bank's agent or officials may not have any discretion to relax these.

You may air your grievances to Nodal Officer of the bank. You will be doing a service to your fellow customers as such feedback will help the bank to review their existing procedures and make them more customer oriented. Contact details of the Nodal Officer can be found on the bank's website.

Regards

 

J R Mohandas