How is IDFC First Bank?

bssunilreddy

bssunilreddy

Juggernaut
Hello all,

Any news about IDFC First Bank?
I mean any bad opinions about this bank please tell me since I tried to take a loan from them and they seem to be over enthusiastic in giving away money but tried to do a E-Mandate even before processing my loan application.
I mean the document verification guy did not yet come but another guy to do an E-Mandate with my savings account bank as I don't want to reveal it here. Please tell me if anybody faced any issues with these guys. Thanks because my wifey is very much worried about me proceeding to take a loan from them without informing her because she says these days nobody gives lakhs without going through initial thorough enquiry right she says and so they are a fraud she says and I am a bit worried now. Tomorrow the document verification guy visits my house so what should I say to make them delete that E-mandate they did with my bank.
 
It should be fine as long as you are having everything documented and loan is being processed in your name.
Bank is good and emerging, that is why this enthusiasm to make new constumers.
All the best!
 
I have my savings account with them when they had 7÷ interest.. bank is good in terms .. they are following branchless banking n mostly online applications..my 2 cents
 
I have savings account with them. Overall experience of opening the account was good. Everything was done online. In the beginning, they gave me an account with 1 Lakh limit with a validity of 1 year, during which I had to complete in person or video KYC. I did video KYC couple months later and now I have a full account without having visited the branch. Debit card was received at my home a couple days later.

I use the account for day to day transactions and I haven't had any personal interaction with them since. Only thing is that they keep calling for credit card even though I have declined many times. But HDFC does that too, so nothing new there.

That's my experience with the bank. I know it's not very relevant to your situation, but just wanted to add this.

In case of loan, make sure you check the following:
  1. The people are dealing with are actually from the bank (in case you haven't visited the branch).
  2. The interest rates they have informed you of are mentioned in the documents you sign and is applicable for the full period of the loan. Sometimes they will offer discounted rate for first 2 years and skip to mention the rate applicable after the 2 years during verbal interaction
  3. They should not ask you to pay anything from your side. Any processing fee, insurance charge, etc. which are applicable should be deducted from the loan amount during disbursal or should be automatically debited from your savings account. You should not pay anything to any third party account.
  4. You should have a copy of the documents with you. When you sign, take a picture of all the pages and when you receive the final documents, make sure nothing has changed.
 
gourav said:
I have savings account with them. Overall experience of opening the account was good. Everything was done online. In the beginning, they gave me an account with 1 Lakh limit with a validity of 1 year, during which I had to complete in person or video KYC. I did video KYC couple months later and now I have a full account without having visited the branch. Debit card was received at my home a couple days later.

I use the account for day to day transactions and I haven't had any personal interaction with them since. Only thing is that they keep calling for credit card even though I have declined many times. But HDFC does that too, so nothing new there.

That's my experience with the bank. I know it's not very relevant to your situation, but just wanted to add this.

In case of loan, make sure you check the following:
  1. The people are dealing with are actually from the bank (in case you haven't visited the branch).
  2. The interest rates they have informed you of are mentioned in the documents you sign and is applicable for the full period of the loan. Sometimes they will offer discounted rate for first 2 years and skip to mention the rate applicable after the 2 years during verbal interaction
  3. They should not ask you to pay anything from your side. Any processing fee, insurance charge, etc. which are applicable should be deducted from the loan amount during disbursal or should be automatically debited from your savings account. You should not pay anything to any third party account.
  4. You should have a copy of the documents with you. When you sign, take a picture of all the pages and when you receive the final documents, make sure nothing has changed.
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They said for the sake of KYC a man came yesterday and did an E- Mandate and told me that another man will come for verification of my KYC documents.
They did not give me any documents but only did online e mandate only.

Nor they have offered me any debit card.

But they offered me 186000 and added 194000 and told me that 8k is for processing.

And that 36 months for My loan repayment with 7.4k every month emi.

When I asked how much interest the man who came yesterday Said 12% annual interest.

That 1k interest per 1lac after more probing by me.

So my wifey told that man how to cancel the e mandate and he said that if I refuse the verification of documents then no loan shall be sanctioned and no repayment but I already called my bank which CC told me that I can cancel the e mandate from its internet banking login.

So I need to do that now.

Tell me now as I told everything which happened until now is legal and just. Thanks.
 
It does not matter which bank it is. All the people you will deal with are "sales". Just keep that in mind. Once a goof-up happens they will hardly help/or answer calls/sms. For loans (which are a bit commitment) stick to the big players. You know who they are. Though even big players are scums. ICICI....
 
gourav said:
The 7.4k is for 194000?

If yes, then that works out to about 22%

You can use this to check https://emicalculator.net/

And ask them why they lied about the RoI.
Click to expand...

bssunilreddy said:
That's what my wifey is shouting since 2 days and I decided not to take a loan from them. Thanks for confirming that it's 22% interest not 12% annually.
Click to expand...

Check out what reducing interest rate and flat interest rates are. 22% reducing rate is the same as nearly 12.5% flat rate, so it is very likely that the bank is talking in terms of flat rate.
 
Personal loans are always bad for the consumer side as they are unsecured and banks ask for all sorts of crazy additional charges.

Other than that IDFC is a pretty good bank. I have had a very good experience banking with them. I have their preferred IDFC wealth account and a relationship manager on call who has always been super helpful.

I typically have a lot of inward remittances and find their forex rates to be the best in the business if you do a lot of high volume transactions.
 
all banks are very nice when doling out expensive loans. never sign off unless you actually understand the rate that is printed in the document - the branch will show you a blank t&C doc only if you insist. otherwise, it's only their sales agents you generally see. agents have no other intent but to increase their commissions - more loans, more commissions. like insurance agents.

the topic should have been: should I take this loan? not about the lender. all the lenders are the same. if a lender disappears, do you (a debtor) really worry?! no - only the depositors worry.

general advice - avoid loans unless: [1] it is for an asset (that generally grows in value over time, like a house, or education), or [2] if there is a medical emergency in the family.
 
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