I work for IBM at Bangalore. Earlier I worked for Wipro.
Unfortunately Bangalore gives a special status to Citibank. I mean the corporate here. I was forced (almost) by my earlier company to open an account with the bank that never sleeps (They possibly mean ’without making you sleepless’).
I trusted them blindly (because others do so) and continued the patronage for 4 long years. I have even taken a personal loan from them though their rate of interest is above everyone in the field.
After 6 months when I got sufficient money to close the loan, the people started showing their true colour (deep blue with black spots).
Attention dear readers!! Here are the rules of the personal loan.
You cannot foreclose your loan within first 6 months. (I waited 6 long months though)
You have to give 1 month’s notice. (Looks like a rural bank rule)
You can only close between 1st and 10th of a month.
Do you think they have time to speak to customers during those 10 days? Bangalore friends can understand what it means. You can not even withdraw your money properly during those 10 days. For that matter, you can not transact with or contact Citibank literally.
So, if you miss the bus, wait till next one arrives (next month 1-10 dates).
Working for an MNC, I know how their executives wait and starve at our doors before we take the loans. The executive will do all services to get that ’edge’ over other banks. He will make you sign on 20-30 locations.
Dear Readers! Be alarmed that these fine print clauses that go in those signed documents, may trouble you later.
I now understand why the bank does not send the rules applied to the loan along with the loan welcome letter. It is because; we have no time or patience to read the application carefully. Even if you show any also, their executive will not give that much time to you.
Just because they have some big corporate accounts in their hand, they may dictate terms. But I see its downtrend too.
I will anyway do a favor to this bank. I will post my concern in IBM’s intranet as well as the one of Wipro (ex-colleagues can help me). This is just to educate others on this.
I feel my weekend is spent for a proper cause.