Citibank is a great bank when it comes to convenience, the number of services they offer - Netbanking, Fund transfer, DD request, Cheque book request, Linking of Accounts and Credit cards etc. is unrivalled, I have personally transferred money to several people using various bank accounts in various parts of the coutry with any issue!
The one thing I would advise all you readers to avoid though, is to take a loan from Citibank.I had taken a personal loan of Rs.38200 from Citi just for the heck of it, as I had no real requirement for a loan at that time, who was to know that this would be a very costly mistake....
The tenure for the loan was 3 years at the rate of 17% interest, what I was not told though, was that there would be a pre-closure charge and also that in the first year or so, only the interest is paid back!!, which I realised, seems to be a scam with most banks on all their loan products. Anyway, to continue, I am told that I need to pay 4% pre closure charges and even today when there are only 19 EMIs left, the amount adds up to a total of around 22000 including the pre closure charges!!
In addition to this, since the amount has been issued to me on my credit card, that is being charged at a seperate rate of interest if I do not pay back the full outstanding (3.15% PM) !
This means that I am paying 17% which in itself is high, but I am also paying almost 34% P.A additionally on the same amount if I want to use the revolving credit facility of the card.
Ultimately, I have cleared the card completely, and also ensure that I never use this card for any future purchases as well, I have been so obsessed with the high Interest rates charged that I have made additional payments and my card is reflecting a positive amount!!!
Anyways, this little write up was done to inform you of the perils of taking a loan from citibank, if you still want to go ahead, please do, but please make sure that you have all the terms clearly in black and white before you proceed!!!
Cheers!!