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Be careful when taking loans from HS*C bank

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Be careful when taking loans from HS*C bank

Post by Flashmark on Sat Dec 31, 2011 11:52 am

Hi All,

This thread might not directly related to forum. But I think better I share my experience about HS*C bank.

One month ago I applied for personel loan from HS*C. At that time there was a promotion - 10.9% floating and 13.5 fixed rate.I requested personnel loan @13.5 FIXED RATE.

HS*C Representative came to me told me that they can hold a loan for 1 month after it got approved.Just a one phone call you can collect money.So I hold money for 1 week(beacuse custom clearance for my car got delayed for 1 week).

At the clearnce date, I called and asked to withdraw money. At that time representative said they increased the rate for my loan as 17%(fixed rate).Also he said they increased floating rate as 15%(ealier it was 10.9%) for all the loans they hold temporally .

I've no time to applied and got a loan from another bank.Beacse it took another 4-5 days.They clearly knew that. I told them asked to got a loan from rate as they promised.Even I called one of the HS*C Manager but they even don't know how to takled to the customers. That's the truth.That's the friendly service they promoting. They more simillar to some private bus conductors.
I want to tell you is, don't trust this bank.They do not care about customers.At any time they can change the rates without any prior notice.

SO BE CAREFUL TAKING LOANS FROM HS*C. DON'T TRUST THEM.


Last edited by Flashmark on Sat Dec 31, 2011 12:20 pm; edited 1 time in total

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Re: Be careful when taking loans from HS*C bank

Post by K.Haputantri on Sat Dec 31, 2011 12:05 pm

Dear Flashmark, good that you shared your experience with us.

You can send a written complaint to the bankers association first and if it dosen't work then to the Bank supervisory division of the Central Bank. If I remember correct this is an unethical practice where those authorities can intervene.
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Re: Be careful when taking loans from HS*C bank

Post by nkalansu on Sat Dec 31, 2011 12:31 pm

Please complain to Bank Supervision Division of the Central Bank.

With regard to the bad manner in which you were handled by them (language....etc.) Please complain to their country head.

In this Bank you do not find an educated crowd. Most of them are uneducated. They can speak a bit of English. That's all.

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Re: Be careful when taking loans from HS*C bank

Post by Kumar on Sat Dec 31, 2011 1:00 pm

@nkalansu wrote:Please complain to Bank Supervision Division of the Central Bank.

With regard to the bad manner in which you were handled by them (language....etc.) Please complain to their country head.

In this Bank you do not find an educated crowd. Most of them are uneducated. They can speak a bit of English. That's all.
That is the correct procedure.
BTW same thing happening even in the Srilanka Insurance Ltd, asked to send the payment to my bank account by letter. They were holding the cheque for 5 weeks.Then we ask, why you didn't send the cheque to the bank?
Their reply was that we will collect at the head office. Silly guys cannot read the letter properly sitting in the big organisations. This is the pathetic situation in our country.
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Re: Be careful when taking loans from HS*C bank

Post by Nuwan05 on Sat Dec 31, 2011 1:13 pm

Not only their personal Loans but also credit cards are also in same boat

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Re: Be careful when taking loans from HS*C bank

Post by cseguide on Sat Dec 31, 2011 1:21 pm

@Nuwan05 wrote:Not only their personal Loans but also credit cards are also in same boat
I agree with u. I had very bitter experience with them. I used that card more than 6 years.
Their promotions no one can obtain.
Annual charge if i correct around 1350
I cancelled this card and switched to sam** card. got 10% discount for all goods purchased . annual charge 750. account update gets instantly via sms.
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Re: Be careful when taking loans from HS*C bank

Post by Nuwan05 on Sat Dec 31, 2011 1:28 pm

@cseguide wrote:
@Nuwan05 wrote:Not only their personal Loans but also credit cards are also in same boat
I agree with u. I had very bitter experience with them. I used that card more than 6 years.
Their promotions no one can obtain.
Annual charge if i correct around 1350
I cancelled this card and switched to sam** card. got 10% discount for all goods purchased . annual charge 750. account update gets instantly via sms.

I also thinking to change my card, Only few can even think of their promotions....

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Re: Be careful when taking loans from HS*C bank

Post by cseguide on Sat Dec 31, 2011 1:48 pm

The other bad thing they do is they give our personal details to third parties for marketing purposes. Even after terminating the card I got two such calls. They ask me that whether I was ready to here their products. But I rejected and told them I cancelled that card.

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Re: Be careful when taking loans from HS*C bank

Post by manula on Sat Dec 31, 2011 2:09 pm

It is true even in Qatar also. My account also at HS*C bank here. When applying for the loan they gave me a good rate saying offer and it will not change on so on... but after one year rate was increased. I want to change the bank but the problem is again charges for the documentation fees and so on.. when converting the loan to the another bank..

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Re: Be careful when taking loans from HS*C bank

Post by monash on Sat Dec 31, 2011 2:28 pm

I know some people hold HSBC credit cards to show off and prestige.. Razz
But their interest is way too high and lot of hidden charges..
For credit cards BOC is best for me even though they are a traditional bank.. Smile
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Re: Be careful when taking loans from HS*C bank

Post by K.Haputantri on Sat Dec 31, 2011 2:31 pm

Having hidden charges for services of a bank is against central bank rules. Inform the authorities & they will fix it.
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Re: Be careful when taking loans from HS*C bank

Post by balapas on Sat Dec 31, 2011 2:48 pm

These guys were calling me for more than 2 months asking to get this loan but still keeps calling even after I said no and asked not to call back. Now promoting some insurance, getting calls on Saturdays and holidays saying sorry to trouble you on your holiday!. Why so desperate? I think their standards have dropped a bit. I am thinking of getting a credit card from some other banks where annual fees are lower. I am sure its over RS2000 plus Rs750 for online banking. With this bank we are at a loss. Lowest interest for deposit, highest/lowest exchange rate in favour of them etc. World has changed where most of our local banks are doing better than these foreign banks who are in at least some kind of trouble globally.


Last edited by balapas on Sat Dec 31, 2011 2:50 pm; edited 1 time in total (Reason for editing : missing word in sentence)

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Re: Be careful when taking loans from HS*C bank

Post by WildBear on Sat Dec 31, 2011 3:26 pm

@Nuwan05 wrote:Not only their personal Loans but also credit cards are also in same boat

Not only the Services of HS*C, the other international bank, Standard Char***d is even horrible in this context. Most of their services are out-sourced to third parties and their customer service is horrible like hell.Both banks credit cards will charge a fee even when you pass a flatus(Anal-gas). As they handle large volume of co-operate accounts, they do not care a cent about retail customers.

I think retail customers should avoid these horrid global banks, We can get much quality service from many other competitors in the market than those 2 horrible giants.

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Re: Be careful when taking loans from HS*C bank

Post by cseguide on Sat Dec 31, 2011 3:42 pm

hsb* had their monopoly for credit cards. now they are loosing it for local banks
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Re: Be careful when taking loans from HS*C bank

Post by Fresher on Sat Dec 31, 2011 3:46 pm

Once two young guys came to where I worked as in intern to sell their credit cards. I told them clearly that I am a temporary intern and i only use my dad's supplementary cards. They still wanted to give one to me Very Happy

They promoted the card saying it's accepted all over the world and ANYONE in ANY COUNTRY will trust the card cos it has H S * C on it! I argued that I have used my Amex and H*B Master abroad many times but he said they foreign merchants won't trust the card.

So basically they didn't mention any benefit for local use.

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Re: Be careful when taking loans from HS*C bank

Post by nkalansu on Sat Dec 31, 2011 5:58 pm

@monash wrote:I know some people hold HSBC credit cards to show off and prestige.. Razz
But their interest is way too high and lot of hidden charges..
For credit cards BOC is best for me even though they are a traditional bank.. Smile

Exactly.....

People say BOC is a State Bank, traditional, lot of delays....big queues..etc etc.....

But what is great about it is THERE ARE NO HIDDEN CHARGES AT ALL. No robbing of customer.

There may be delays but BOC card is a great product once you get it. Financially customer is protected.

All those private International banks always rob the customer.

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Re: Be careful when taking loans from HS*C bank

Post by Tiger on Sat Dec 31, 2011 6:38 pm

Unfortunately my experience with HSBC also same. I consider banking with HSBC as a retail client is one of the worst decisions from personal finance point of view.

They just want your money and nothing back.
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Re: Be careful when taking loans from HS*C bank

Post by Flashmark on Sat Dec 31, 2011 7:57 pm


Thank you all for sharing your views/exp. with forum viewers.

As you suggested I will complaint this to bankers association and Bank supervisory division in near future. I hope they will do something about this.


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Re: Be careful when taking loans from HS*C bank

Post by pushpakumara on Sat Dec 31, 2011 8:09 pm

It is not beautiful as you see it from outside. I too have bad experience and will never consider again for any banking matters in the future.

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Re: Be careful when taking loans from HS*C bank

Post by smallville on Sat Dec 31, 2011 8:52 pm

@K.Haputantri wrote:Dear Flashmark, good that you shared your experience with us.

You can send a written complaint to the bankers association first and if it dosen't work then to the Bank supervisory division of the Central Bank. If I remember correct this is an unethical practice where those authorities can intervene.

I think this is a good advice.. They cant change a Fixed rate after it got approved (within a month) for any valid reason.. You should direct the query to the relevant authorities as a matter of urgency..

@manula wrote:It is true even in Qatar also. My account also at HS*C bank here. When applying for the loan they gave me a good rate saying offer and it will not change on so on... but after one year rate was increased. I want to change the bank but the problem is again charges for the documentation fees and so on.. when converting the loan to the another bank..

Any interest rate other than fixed rate can vary (go up or down) as per the changes done bu central bank, the int rates were very high in SL in 2009-2010 beginning and suddenly came down as central bank wanted the govt. banks to go with single digit int rates Wink
However if you apply the loan for variable rate, u cant do anything.. If fixed rate, u've been deceived and u can take action on it provided that u apply for a loan more than 1 year
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Re: Be careful when taking loans from HS*C bank

Post by rijayasooriya on Sat Dec 31, 2011 9:43 pm

I do not trust any of these banks....Where customer service is friendly there are lot of unnecessarily high fees and charges and hidden charges.....Where there is no high charges and hidden charges their customer service is really irritating.....
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Re: Be careful when taking loans from HS*C bank

Post by Rajaraam on Sat Dec 31, 2011 10:33 pm

Though we have unpleasent experience in delays in processing of aplications for credit Most trusted banks are Government Banks. They do not have hiden charges or similar things.

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Re: Be careful when taking loans from HS*C bank

Post by rjeranimo on Sun Jan 01, 2012 1:02 am

All banks are same. experience are different person to person.
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Re: Be careful when taking loans from HS*C bank

Post by Kithsiri on Sun Jan 01, 2012 10:03 am

What is the meaning of Fixed rate if it is not fixed at all.

Write to the bank officially (if possible electronically) and if no response from them within a reasonable time frame, then go to CB.

Also go public (write to a few local newspapers / forums etc) and such organizations do not like such bad publicity.

Do not get intimidated by BIG Names.

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Re: Be careful when taking loans from HS*C bank

Post by Roboticfx on Sun Jan 01, 2012 4:47 pm

Governments banks are the most trustful financial institutions. But some mangers in banks whether it is government or non government, are specialists in getting "Pagawa" for passing loans. So be careful!
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