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[Resolved]  Citi Finance — Citi Cheating with Interest Rate

I had availed a loan from Citi Finance 6 months back of Rs 65000/- at 19.77% PA Interest for 24 months, as I was in need of money, I just took it without looking at the EMI part Rs 3779/- per month for 24 months (which comes to Rs 91176/- at the end, apart from Pre EMI paid at the beginning with some service charge). To my surprise Rs 3779/- per month for 24 months carried 34.29% interest rate, actually if it is 19.77% interest then it should be Rs 3301/- per month. When I called citi customer care, the guy said that in agreement it is showing 19.77 % but did not help me with the EMI amount, he actually said politely “Sir, you should have seen it when you were signing the agreement itself”, I asked about foreclosing the account, buy that time call got disconnected. Today I got a call from their Delhi customer care center saying that I need to pay around Rs 59000/- to close the loan account and when asked about the EMI part he said it is calculated for 24 months (that is 19.77+19.77 % interest annually, which is violation of the Usurious Loans Act, 1918.) which was shocking to me. I had put a mail to [protected]@afsindia.com asking for justification, till now I have not got any reply from them. Please help me out to fight this with CITI finance.

Thanks & Regards
Avinash Manegar
Complaint marked as Resolved 2020-08-14 00:23:24
Complaint comments  12 CommentsShare0Tweet0

Comments

The same case is mine. Citi Finance is a cheater company. At the time of giving loan their executives have told me that the interest rate will be 18% p.a.i.e.1.5% per month.
Dear Sir/madam

I have a loan of rs 48000 one and half year back, from your vokola (santacruz )branch at mumbai.and this the second time i have borrowed the loan from Citi finance. My current loan account #is 11915563. i was prompt in repaying my first loan, (That is how my loan was sanctioned the second time), However the management of the company i work with has changed and so have the policies of the company.the salary i get is between
5th to 10th of every month, due to which i am unable get my ecs cleared on the 5th of every month, when the same is presented
on the 5th of every month.But when the ecs is represented on the 12th of every month, it gets cleared without any hitch. My kind request to you.Please sumbit the ecs of my loan account after the 10th of every month, for it get cleared smoothly.And i am facing a lot harrsment from citi finance every month( The same i have brought to the notice of the branch i borrowed the loan from, but it turned futile) your recovery people start calling me from the 1st to the 20th of every month asking me if i have paid the emi.
that too after the ecs is cleared every month. i really dont mind that if your staff is reminding me of the ecs to presented. And check with me after the same is paid by me every month, But the issue is in a day i get atleast 10 calls inspite of confirming the same with earlier representative of your bank. sometimes i get calls at the break of every hour.Please help me with the above problems as they become unbearable for me.
Looking forward for humanly response from your end.

Thanks

Sudhakar gaikwad
loan a/c # 11915563

Personal Loan — CITIfinancial EMI - Deducted twice in a month

Respected Sir,

I am a customer of Citifinancial ( personal loan No :[protected], my EMI is Rs. 2925/-. In the month of December 2008, from 1st on wards i was getting calls from citi financial people, forcing me to pay the EMI, but i could manage to pay the amount on 12th Dec 08 ( Receipt number - 1543014 @ 9:39am at Brigade road, Bangalore office. Again on 15th December 08 Citifinancial have deducted Rs. 2925/- from my bank account. I made a complaint regarding this but there was no action taken.

I have approach all people in Citifinancial in Bangalore & Delhi, but there was no action taken up on it. Hope, this complaint will help me out to find a conclusion on the same.

Regards

Sanjeev Kumar
Bangalore
loan refferance no. 15782831 & Name of the A/c Holder : Navkar Xerox Graphics Stationers
i will not agree your intersert rate 17% for new loan i will agree olds rate onthers cancelled my loan
Hiee,
My father (A.Ramesh) had a loan from Citi finance, S.R.Nagar Branch in Hyderabad. The lady over there sanctioned the loan and my father is illetrate and he is need of money. Lady over there said that they have some tie up with Max New York Life Insurance and the loan will be sanctioned if and only if he opts for the policy. My father is in need of money and Rs.6500 was debited from our loan amount and remaining was handed over in form of Cheque and was told that the documents of the Max New york life will be sent to our mailing address within 7working days.

Its been 2years almost but we haven't reached our documents. I went to the branch and enquired about the issue the manager over there says there might be problem in delivering the documents and promised me he will look in to the matter personally. But we havent received any call from him. Its really very much frustrating. Is it not the responsibility of the manager to look in to the matter?
Do not send my personel loan account statement.
p.a. A/c no. 14198643

Please send my acount statement earlier .


Shehzad Qureshi
A/c. No. 14198643
I have taken loan of rs 22000 one and half year back, from your Anand (V.V.Nagar )branch at Gujarat.and i have borrowed the loan from Citi finance.

i have to pay rs.36000/- withe interest of above it is very high interest, this much amount we cant repay to the finance. at the time of receiving lowan, the agent have not cleared this much interest will be charged
it is realy thrue the citi fiance is chiting with peoples
Looking forward for humanly response from your end.

citi finance — CITIfinancial EMI - Deducted twice in a month

Respected Sir,

I am a customer of Citifinancial ( personal loan No :[protected], my EMI is Rs. 4365/-. In the month of June 2009, from 5th on wards i was getting calls from citi financial people, forcing me to pay the EMI, but i could manage to pay the amount on 9th June 2009. Again on 12th June 2009 Citifinancial have deducted Rs. 4365/- from my bank account. I made a complaint regarding this but there was no action taken.

I have approach all people in Citifinancial in Bangalore Bridge Road a person my name Rohan Hiber said that he will revert back the amount to my acc back, but there was no action taken up on it. Hope, this complaint will help me out to find a conclusion on the same.

Regards,
Vijay
[protected]

CITI finance — EMI Date

Dear Sir,
Im loan customer of CITI Finance since last long time. As per the decided 5th date is EMI date. But due to delay of my salary date I have lots of time requested them to change 10-15 of every month. I have paid all the EMI on 13th date by ECS and their is no problem to bounce. So, please its my kind request to CITI Finace and help in this Recession period.
To,
Account officer,
CitiFinancial
Consumer Finance I. Ltd.

Sub.: Required Detailed A/c Extract for Account No. 10708753
Dear Sir,
As per attached 4 files, in which two files of tracker which are provided by you. Also one picture file is an Down payment Receipt of the asset which was provided by Dealer on 04.01.2007 of Rs. 10, 941/-
Also one file is an excel file in which Red coloured marking for quiry which i can't understand.
Please solve these quiries by sending me detailed a/c extract for me which should be consist of how many amount I paid for - Downpayment, My vehicle original cost, Principle amount paid & finance charges paid. Also provide me how much amount outstanding from me still now.
Also provide me details how can I can pay this remaining amount. As I am living in Ratnagiri (Maharashtra). I can't came in Pune/Kolhapur/Mumbai as distance is many from my home city. Please provide me details if you have any recovery officer in my home city.
Eighter provide me procedure to direct payment through bank. As my friend name 'DEEPRAJ PARKAR' done CMS work for Standard Chartered Bank, ICICI Bank, HDFC Bank, HSBC Bank, Deutsche Bank as an co-ordinator for these banks in Ratnagiri.
Also provide me when & how you can send me 'N.O.C.' against my financed vehicle by you.
Revert me as early as possible.

Regards,
Nitin Bal Ghate,
Ratnagiri.
[protected] / [protected]
I am having a personal loan from citifinancial, my loan a/c number is15340524, i had already paid 14 installments I have pending EMI 4.so my problem is recently changed my company now I working in L & T, I was joined before 15 days so i request to you please give one month time (25 march 2010) i will paying next EMI so please understand my problem. Your But the Collection Agents is haunting me, every now and then. K.krishnaiah chary Cell [protected] Off L&T Hitch City (Cyber Tower) cyberabab Hyd
Dear sir, my Ref no:14635043 lone ac no:11173220. There is no response for all departments like as collection center, customer care, due schedule list also asking one year, but still i am not getting any information regarding these details.service is very very worst. Last two due amout I have given to executives, but still i am not getting bill receipt. Now also i am asking bill, there are so many reasons said by executives.collection executive name and number Parthiban-[protected]. Take a action immediately.

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