Do u Mint Money? then take a loan from GE
It all started when I purchased a new Sony Music Sys on loan thru GE Countrywide now known as GE Money.
It was a good loan to take as it was 0% with an 600 Rs Processing fee waived off..
But the mistake done by me was after 8 mths when I recd a offer from GE saying preapproved loan of Rs 42000
This was the Bait and I fell into it as I reqd some money at that time....
the processing was very quick indeed just 1and 1/2 day the cheque was at my doorstep.
but the interest rates?? dont even ask me every body will laugh at me if I say it.
the only thing is the way they attract the customers / so called by them..
If u want to foreclose the loan even then u got to pay an huge amount....
and especially in Bangalore it is like hell going to their off which is situated In Indiranagar.
Now I have cleared the music system loan and foreclosed the personal loan (preaaproved) but dont get carried away
there were 5 cheque bounces as I had closed the account for the cheques issued on Music sys
so every month the Agent used to come and collect the Amount Along with the Cheq bounce chrgs of Rs250. Receipts are there but Currentely
My account will be showing that I have to pay 1000 to GE.
B’cause these GE people will be collecting the so called Rs.250 thru agents saying it as Cheq bounce chrgs but that doesnt reflect in their systems (It goes to the agent)
and then u will be charged an Penal fee for which the Interest will be charged again.
We will come to know about this penalty only after the end of last instalment when u ask for the NOC.
So better go for a loan in Co Operative Banks or other institutions (only thing they pester in the beginning asking for n number of documents and surieties) but u will be paying a nominal interest compared to these ,
so Need a loan dont go to GE - I have taken around 9 Loans till date
2 from GE (Closed)
3 from ING Vysya (3 closed)
2 from ICICI bank (1 Closed and 1 Running)
2 from BAFL (1 closed and 1 Running)
The service from others were great.