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Sri Lanka Equity Forum » Stock Market & Forum Help » Be careful when taking loans from HS*C bank

Be careful when taking loans from HS*C bank

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1 Be careful when taking loans from HS*C bank on Sat Dec 31, 2011 11:52 am

Flashmark


Equity Analytic
Equity Analytic
First topic message reminder :

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


Fresher


Moderator
@Thirasara wrote:npp

The starting salary (basic salary) of a government employee when s/he joins the service is not more than 15,000/=. When I asked this particular bank for CC requirement, I was told that I should have a basic salary of 20,000/. That's about 2 years back. Recently when I got in touch with the HNB for the same purpose I was told the minimum requirement was to have a basic salary of LKR 30,000/= pm. That was just about 3 weeks back.

then obviously the foreign bank has lighter regulations than the local bank!

refer small's reply. he has told what I got to say.

Anyway, why did you go to the foreign bank? Why not go to state banks and see what they have to offer instead of foul-mouthing a bank that has refused to serve you?
I too was skeptical of the said bank a while back and maybe even now, but making silly allegations like this is not on my books.

Jeremy


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
HSBC has been very good to me. Unbelievable privileges and benefits on their credit cards, huge discounts on food and accommodations including free access to business class lounges which none of the local credit cards could match. Find below their credit card charges. Get one to day and enjoy!!




53 Re: Be careful when taking loans from HS*C bank on Fri Jul 13, 2012 11:06 am

Child


Equity Analytic
Equity Analytic
I also get loan fm those HK bank in last November promotion. but loan received me on January with 17% ( I apply for 11%) & as working fees they deducted huge amount than other com banks
I think HS#C is no only worst one but also cheating bank.......!

54 Re: Be careful when taking loans from HS*C bank on Fri Jul 13, 2012 11:33 am

Jiggysaurus


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Child wrote:I also get loan fm those HK bank in last November promotion. but loan received me on January with 17% ( I apply for 11%) & as working fees they deducted huge amount than other com banks
I think HS#C is no only worst one but also cheating bank.......!

When you apply for a VARIABLE interest rate loan and end up paying 17% you shouldn't blame the bank you have to blame yourself. Had you gone for FIXED interest rate loan, you might have had to pay 12% but it would have been locked for the term of the loan.
Blame the bank for overcharging the working fees but blame yourself for going into a variable loan.

55 Re: Be careful when taking loans from HS*C bank on Fri Jul 13, 2012 11:37 am

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Jiggysaurus wrote:
@Child wrote:I also get loan fm those HK bank in last November promotion. but loan received me on January with 17% ( I apply for 11%) & as working fees they deducted huge amount than other com banks
I think HS#C is no only worst one but also cheating bank.......!

When you apply for a VARIABLE interest rate loan and end up paying 17% you shouldn't blame the bank you have to blame yourself. Had you gone for FIXED interest rate loan, you might have had to pay 12% but it would have been locked for the term of the loan.
Blame the bank for overcharging the working fees but blame yourself for going into a variable loan.

I am not 100% sure about this but what I have heard is even we go for fixed rate they can change it after one year.

Could a member works in a bank clarify this ?

Thirasara


Stock Trader
npp

Oh.. come on. I was not foul mouthing anybody. Nor was I making 'silly' allegations against anybody. I just stated what I got to know when I made the enquiries with the particular banks. Nothing more. Also take note of the time difference of the enquiries made. But you seem to have a knack of reading bizarre (or silly?) definitions into my very bonafide comments. You seem to have got the wrong end of the stick. I feel sorry.

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@Thirasara wrote:npp

Oh.. come on. I was not foul mouthing anybody. Nor was I making 'silly' allegations against anybody. I just stated what I got to know when I made the enquiries with the particular banks. Nothing more. Also take note of the time difference of the enquiries made. But you seem to have a knack of reading bizarre (or silly?) definitions into my very bonafide comments. You seem to have got the wrong end of the stick. I feel sorry.

Do not worry friend.I also do not see anything silly in ur comment.If someone can not understand meaning of something it is their problem.Take it easy brother.

Thirasara


Stock Trader
Thanks, Whitebull, for your reassuring words.

smallville

avatar
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@Whitebull wrote:
@Jiggysaurus wrote:
@Child wrote:I also get loan fm those HK bank in last November promotion. but loan received me on January with 17% ( I apply for 11%) & as working fees they deducted huge amount than other com banks
I think HS#C is no only worst one but also cheating bank.......!

When you apply for a VARIABLE interest rate loan and end up paying 17% you shouldn't blame the bank you have to blame yourself. Had you gone for FIXED interest rate loan, you might have had to pay 12% but it would have been locked for the term of the loan.
Blame the bank for overcharging the working fees but blame yourself for going into a variable loan.

I am not 100% sure about this but what I have heard is even we go for fixed rate they can change it after one year.

Could a member works in a bank clarify this ?

In my experience they cannot change it unless otherwise the interest rates go up to ceilings.. Fixed is like putting concrete.. Variable is like SL rupee price Wink

Whitebull


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
@smallville wrote:
@Whitebull wrote:
@Jiggysaurus wrote:
@Child wrote:I also get loan fm those HK bank in last November promotion. but loan received me on January with 17% ( I apply for 11%) & as working fees they deducted huge amount than other com banks
I think HS#C is no only worst one but also cheating bank.......!

When you apply for a VARIABLE interest rate loan and end up paying 17% you shouldn't blame the bank you have to blame yourself. Had you gone for FIXED interest rate loan, you might have had to pay 12% but it would have been locked for the term of the loan.
Blame the bank for overcharging the working fees but blame yourself for going into a variable loan.

I am not 100% sure about this but what I have heard is even we go for fixed rate they can change it after one year.

Could a member works in a bank clarify this ?

In my experience they cannot change it unless otherwise the interest rates go up to ceilings.. Fixed is like putting concrete.. Variable is like SL rupee price Wink

Thanks for the reply.Anyway policies can differ from customer to customer in most of the instituitions in our country.

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