HI,
I am writing about a bike loan from Citibank which never materialized. Finally I got my bike with assistance from ICICI bank.
Now the facts, I went to Fair Deal Bajaj, Daryagunj, New Delhi showroom to purchase a Bajaj Pulsar 150 DTSi (in Sept-05)
I opted for a loan of Rs. 40, 000 from Citibank. The agent along with other insurers is seated in the showroom. Everything seemed to be fair till now (remember Fairdeal). They required in addition to all the formalities, a down payment of Rs. 23000+ (approx). I signed the post dated Cheques and gave to them. However, the Citibank person insisted for not filling other details like amount and dates on all 18 cheques that I gave him. I noted the cheque nos. that were serially arranged and gave to him. My brother was along and he and the sales person ensured that this is how is usually done as the final amount of PDCs is yet to be confirmed by the bank. I also thought, what the heck, I am sitting in an authorised Bajaj Showroom, what wrong can happen.
Now picture this, after 10 days or so, I visited my bank (Corporation Bank) and got my pass book updated. However, to my surprise, Rs. 2, 000 cheque was encashed and I found that it was from the series I gave to Citibank. I thanked god that I had withdrawn Rs. 20000+ from my bank the day I gave PDCs to Citibank. I left only Rs. 5, 000 in the bank.
I called to Fairdeal, told them the story. Then I told Citibank person the whole thing. I ran to the bank and again let them know. Showed them the passbook and the series of Cheques I gave to Citibank... The Citibank person told that the cheque must have dropped from the file and all sort of things. He proposed 50% compensation. I talked to the showroom manager and called him many times as the incident took place at their showroom. Finally I had a word with MD of the showroom. He was very cooperative and asked 15 days to solve the matter. When I revisited in 20 days, the manager told that I can get the amount from the cash counter.
The loan was also never given by Citibank for some reasons, despite their sales person having made me sign 100 plus papers and agreeing to the terms he has proposed. He also had a word in the bank to confirm the scheme he promised me. Remember that I had the bike with me all this period. Finally I came to know that the loan was arranged from ICICI bank on same terms and same EMI. The first EMI was charged on 8th Nov-05, but the bike was with me from Sept-05.
No harsh feelings from Fairdeal, they did enough to satisfy the customer. The review was not to curse Citibank and praise Fairdeal for returning my money, but to make you know and learn from my mistake.
Always Remember:
1. Never give blank Cheques to any one, always fill in the relevant details.
Never give up your right to fight. It works.
If alternate available, Citibank may be avoided
Drive slowly (that’s not related to the topic but always remember that someone is waiting)