Money lost
I took a personal loan from Emirates NBD in Ras Al Khaimah and I am not satisfied with the service, as the teller confirmed to me at the time that there is no provision of partial payment for the loan amount. He informed me that there is only a provision for clearing the entire remaining loan amount in one instalment with one per cent penalty fees.
Also, I was given no copy of partial payment procedures or options while signing the agreement. I believe the banking advisor should have shared all information, documents and options with me while processing the loan.
I came to know about the partial payment option by one of my friends and thus made a partial payment of Dh75,000 on May 3. Please note that I had around Dh60,000 in my Smart Saver account since November 2014. But, I didn’t make a partial payment to Emirates NBD due to the lack of information shared by the advisor.
In this regard, I raised complaints that were closed without proper written intimation. I have faced huge financial loss due to the above incident. Thus, I request Gulf News to look into this matter and take the necessary action.
From Mr Ravish Agrawal
Ras Al Khaimah
The management of Emirates NBD responds:
We are pleased to inform you that our Group Customer Experience team has been in touch with Mr Agrawal and provided him with the necessary clarifications related to his query.
Also, we wish to clarify that Emirates NBD’s Personal Banking adviser, who has assisted him, is well aware and experienced in retail products and had disclosed to him all relevant details pertaining to the Personal Loan product upon his request and has answered his queries as appropriate. Please note that Mr Agrawal also raised his complaint earlier through our Call Centre on May 14, and we confirm that he has been contacted and provided with the necessary explanations for the same.
We would also like to clarify that our post sale services, such as partial settlement, early settlement and deferment are accessible to all our customers through their online banking services and our 24/7 Call Centre.
We would like to reiterate our commitment to providing superior service to our customers and thank you for your continuous support in providing us with the opportunity to resolve their issues.
Mr Agrawal responds:
Please note that the advisor clearly denied there was a provision of partial settlement. Moreover, please clarify why customers are not handed over a copy of partial settlement terms and conditions in writing and why it’s not being signed by both parties — bank executive and customer?
How can Emirates NBD prove that the advisor had answered my queries properly? How confidently they believe his statement. Please note that I had Dh60,000 in my account since November 2014. I had not made a partial payment, since the advisor denied such a facility. The same amount was there with me until May 2015, when I came to know about partial settlement from one of my friends.
Why was I not given any reply in writing to my complaints to the bank, even after repeatedly asking?
The management of Emirates NBD responds:
We are pleased to inform you that our Group Customer Experience team attended to Mr Agrawal’s concerns and resolved the matter to his satisfaction.
We would like to reiterate our commitment to providing superior service to our customers and thank you for your continuous support in providing us with the opportunity to resolve their issues.
Mr Agrawal responds:
I would like to clarify the following in this regard. The bank has not considered compensation for the amount of Dh20,000, which was supposed to done as partial payment on March 31, as sufficient funds were available. Kindly pay the compensation in this regard.
The management of Emirates NBD responds:
We are pleased to inform you that Mr Agrawal has been provided with the necessary clarifications related to his concerns.
Again, we would like to clarify that the information about our post sale services such as “partial settlement” are displayed in the bank’s schedule of charges at branches, easily available through the 24/7 call centre, Online Banking and on our website. This information is also clearly mentioned in the welcome packs and can be accessed online on our website.
Even though all this information is available and Mr Agrawal’s complaint was not fully justified, the bank granted him a compensation based on the amount he could have saved if he had done the partial settlement. This compensation has been arranged as a service gesture and a token of appreciation for his relationship with the bank. Further, we would like to confirm that this is the bank’s final stand and will not be changed.
We would like to reiterate our commitment to providing superior service to our customers and thank you for your continuous support in providing us with the opportunity to resolve their issues.
(Process initiation: July 27. Response from organisation: July 28. Process completion: October 6.)
Editor’s note: Do you have similar issues that you would like to raise with us? You can write to us at readers@gulfnews.com.
