Hi All,
Please trust my words, A Company like ’CITI Finance’ is cheating many customers, by fooling them
With their ’personal loan’ packages.
Few months ago I was approached by citi finance marketing executive, who convinced me to visit
The citi finance office in mumbai, CST. I went there; I was presented with several schemes,
starting from 25% Rate of intrest. I refused to many of them and at last was presented scheme 19%
Rate of intrest. I just wanted the loan for two three months, an told them so. The person who was
assisting me told that, I can close the loan any time after six months, without paying a single
peny more, no charges at all, and also the rate of intrest would be same (19%), I said I need all
this in a written format, but he told me that I would get this once I aggre to take the loan.I
confirmed about any hidden charges, but he told me there would be no hidden charges and a company
like ’CITI’ dont like to cheat common people like other finance comapnies do. Iagreed to take the
loan. The details were as follows:
The Total Loan Amount Approved : 30, 000/-
Rate of Intrest : 19%
EMI : 1475/- for 30 months
They futher said that I have to pay two advance EMI (Before actually I had taken the Loan), which
would be deducted from my loan amount, and further deducting all insuarance and taxes, I was
handed over an amount of Rs. 25, 844/- (I later on relised that, the intrest earlier I had to pay
on 30, 000/- now I had to pay it on 25, 844/-. so the effective intrest would increase from 19% to
22%)
I was told later that, the Loan details would be sent to my residence address within 2 days. I
waited for almost 7 days but havent received the mail. I then got a call from the CITI finance
telling me that, the loan I have taken would be at 19% (ROI), and if htere is any delay in the
payment, I would have to pay an amount of 200/-, I executive who contacted me was in so much
hurry, that she even was not bothered to reply me when I asked Why this conditioned was not told
to me when I took the Loan? I also asked her about the mail I was going to receive having Loan
details, but she made a quick excuse that the details have already been sent to me, & if I havent
got it, I should contact the customers service. I did so. I was replied that I have to personally
pick up the loan details Or wait for another 2-3 day. I prefered to wait but still havent got any
thing. Now, I was alerted that somthing must be cooking in there. I contacted the customer
service with an email. Even then it took around 3 months for me to get the actual Loan details. &
Now you must be wondwering that what must be in that Loan details letter. The EMI remained the
Same, but I found that, the intrest amount is not 19%, but if I calculate the intrest amount paid
for 1st six months I am actually paying 35-40% intrest. I also received a phone call from them,
in which the executive told me that if I have to repay the loan before the term (& after six
months) I will have to pay a additional charges of 5%, she also told me if I would delay any EMI,
I would have to pay additional (250/- Rs. which is different from the earlier mention). I argued
to her on this. As all this is what she informed to me was not been told to me when I was
actually taking the loan, she remarked me that I have agreed to their terms & condition & there
is nothing she can do with it. Now I think I have no other option left, but to contact any
Consumer Forum.
So anbody taking loan from any financing company, Beware & take care all these things.
Thanks,
Deepak
DeepakNumber1@IndiaTimes.com