I feel private banks like ICICI or HDFC are much better as compared to Public Sector Banks. I have taken a home loan from PNB. Though their interest rates are much lower, but following are the issues which will discourage me (atleast) for dealing with PNB again :
1. Pathetic paper-work and follow-up system 2. They sanction only 75% of the loan amount 3. Very high processing fees (1%) and documentation charges 4. Managers are poorly informed about the latest policies or circulars 5.Hidden charges are prevelant. 6.Processing or turn-around time is much higher.
I have had a very tough time with PNB. Swear, how can a bank be such a laggard when it comes to technology. Even though they have the interest rates lower still, they torture to such an extent that I feel private banks are much better.
Guys, better stay off from PNB. I think it should be re-named as Pathetic National Bank.
