Standard Bank
Home loan: Further loan

On 21 August 2013, I received a "quotation and pre-agreement statement" document outlining a quote for a further loan that I had applied for through the home loan department of the Standard Bank call centre.

I was contacted about it, and was happy to proceed. An attorney was appointed, and I was requested to sign the necessary documents.

However, after signing a few of pages, I came across the interest rate that had been offered. I was shocked to see that this was different to what had been in the "pre-agreement statement" document I received from Standard Bank a few weeks earlier.

The interest rate was significantly higher!!! This is absolutely ridiculous, and an attempt to get the interest rate reduced failed, though I understood the reasoning from the consultant.

However, today, a few weeks later, I met with the attorney to continue signing the documents. This time, I noticed that the amount offered for the further loan was substantially less!!!

This is such unprofessional conduct from such a huge bank, offering the customer a quotation, but then processing a different quotation unknown to the customer!!! How is this fair banking practice??? The ombudsman is my next step.

Company: Standard Bank
Country: South Africa
City: National Call Centre

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