I got personal loan from citi finance they will tell it is very less rate of interest but it heavy rate of interest, please find the details
Loan Rs. 45000/-
Processing Fee Rs. 1, 750/-
Net Amount Rs. 43250/-
EMI: Rs. 2888
Tenor: 24 Months
Summary:
Total Repayment Rs. 2888X24=Rs. 69, 312/-
Processing Fee Rs. 1, 750/-
Total Rs. 71, 062/-
Actual Amount received Rs. 43, 250/-
Interest & Charges Paid Rs. 27, 812/-
Rate of interest they charged 64.3052%
my advice, do not deal with them (try private money lenders / loan sharks before going to them). Or try to go some other MNC banks
I have had to deal with citi quite a few times. Taken a loan from them the service is pathetic, the customer care executives only know to send customers to sales guys and vice versa. Normally you would find sales people extremely soft when the loan is in process, but here they talk as if they are doing some sort of flavor to the customer by granting loan.
Before taking the loan the executive is promised me I will help you out by way of wave of the pre closer charges if you pre close the loan, but when I went to bank and ask I got a answer like this “I have not given in written document, please ask my manager if he is possible he will not charge pre closer charges”
*After getting the loan the executive asks for the bribe up to Rs. 1000/- be carful.
*Do you know for pre closer we need to pay 6% of existing principal?
This is my humble request with you all please don’t do any transactions with Citi Financial.