Comments
Citifinancial — Different rate of interest as promised
I was told that the tenure of the loan would be 36 months and since I had paid 1 installment in advance, he said only 35 installments are remaining.He calculated the total amount that I have to pay including the interest would be 8645*35=302575.I was told 16.5 as annualized educing rate.
i requested for the welcome kit, he said that witihn 15 days I would receive one however I kept on following up with customer care, because I didn't even have the loan account number with me, no request was lodged on my account. Finaly I got a call on 31st august from a citifinancial representative, she gave me my loan account number and then I received my welcome kit the same day. (It might have been dispatched already). And now when I look at the welcome kit, it metions 48 installments to be paid. It is very concerning for me because it is another 1 lakh that I mite have to pay now. I am not at all OK with it becasue the represenatative misguided me. If i look at the documents, it mention 16.5% annualized reducing rate.WIth this rate of interest the EMI that they are asking is much higher. There is another docment which mentions that 16.5% is fixed rate and 28% is annuaized reducing rate. Both the dicuments which have come from citi finanacila are contradicting
Representative named Akash had come to my place and taken all my documents. He was from Rajouri garden branch. He said that there are no papers that we give while applying for the loan. The papers only come as a welcome kit. I spoke to him however he said he will check and revert within 24 hours. Akash's number : [protected]
As a compensation I was told that if I close my loan account they would not charge me the pre closure amount. Now I want to close my account however amount they are asking is much higher. PLease help me resolve this. I cant afford to carry on for this loan for 4 yrs as I planned it for 3 ys as told to me by the bank representative.
I applied for a personal loan when your agent Mr.Srinivas (Cell# [protected]) approached me and told that he could arrange to provide a PL @ 14.5%. I was sanctioned Loan with Ref No. 16111149. Rs.3, 10, 000/-. It was disbursed in two cheques, one for Rs.2, 24, 742/- in my name and another for Rs.75, 000/- in favour of another personal-loan a/c of mine payable to ICICI. ICICI PL is charging me an interest of 13.5% diminishing. The agent had obtained multiple signatures from me on various papers saying that they are all required for processing the loan. Even after giving me the cheques on 20th Nov. he did not tell me what the EMI amount is. Moreover on questioning him for the EMI, he only told that there will be a communication from the head office. Believing his words, in a hurry I had cleared one cheque of Rs.2, 24, 742. In the hope of getting information from the customer care, when I called your customer care, I came to know that the interest being charged on my PL is 13% flat (22.3% diminishing) instead of the promised interest rate of 14.5%. At this exorbitant interest rate I do not need this PL from you. Moreover I am using a part of this amt to clear another PL currently running at 13.5% diminishing. It would be me re blindness to take a loan at 22.3% to clear another loan issued at 13.5%.
Just that your agent had deceived me by not disclosing the right interest rates, I am taking up with you directly to see if you could correct the rate of interest to the said rate of 14.5% diminishing. I told the agent day before yesterday itself to correct it or to cancel my loan so that I would return the amounts immediately. Right from day before yesterday - the 25th Nov. I am just chasing you - with no confirmation from your end. Today morning I visited your office at Sainikpuri also, but only with an assurance from the Customer Relationship Manager Mr. Adithya that he would surely resolve this issue. If you are unable to change the rate of interest to 14.5% diminishing, I do not require this and request you for details in whose favour I need to issue the cheque for Rs.2, 24, 742/- that was encashed by me.
The second cheque for Rs.75, 000 issued by you is still intact with me and could return the same. This statement could go before the last one mentioning Please communicate to me on an urgent basis.