[Resolved]  Personal Loan — Wrongful Assurances & misleading by officials thereby engaging into fraudulent activities causing mental harassment and agony.

Ref: Loan Account no./Agreement no. 15035469 dated 9th April 2008 executed between the undersigned and Citi Financial Consumer Finance India Ltd., Dwarka Branch.

Dear Sir / Madam,

Reference subject matter, your attention is invited to the fact that I have been misled by your official Mr. Brijesh and Ms. Heena, basis whose wrongful assurances I decided to take a personal loan of Rs. 3, 00, 000 from your branch.

In March 2008, as per the procedural requirement of your bank, I had furnished all documents to your branch for their consideration, where after I received a call from Mr. Brijesh Kumar of your branch that the loan had been approved by your bank at an interest rate of 12.5% (reducing) per annum as was requested by me. He had further informed that since I was the Bank’s new customer, the rate of interest was a little higher, and so they would review my performance for a period of 6 months and if there was no default committed, the rate of interest would go down by 1%. He further informed that I shall receive another call in this regard from one Ms. Heena of your branch to explain me further on this.

Although I did receive a call from the said Ms. Heena, however, she foretold a different story that the loan was not approved for 12.5% rate of interest, but was approved on an interest rate of 14% (reducing) per annum. When I expressed my shock on the statement she made, she to combat the same further informed that she understands my concern and so she has already spoken to her Branch Manager and had made her agree that if I invested a sum of Rs.20, 000 per annum in the ULIP plan of your bank, the rate of interest would come down to 12.5% (reducing) per annum.

I was completely taken back by her such statement and clearly informed that I was having a financial crunch and that was exactly the reason why I applied for a personal loan. If I had surplus funds to invest, I would definitely not have applied for loan or at least have applied for a lesser sum of money as loan and so I called off the deal.

After 4-5 days I was re-approached by Mr. Brijesh who asked me if I were still interested. I reiterated to him, the talk that I had with Ms. Heena and informed him that I cannot agree to such unfounded demands of the Bank and that if the loan could still be made available to me for a rate of interest of 12.5%, I would be more than glad to accept the loan.

Again after 2 days I received a call from Mr. Brijesh who explained me that he would although process the loan at a rate of interest of 13.84% (reducing) per annum, however, he shall arrange that I get the maximum benefits and so he agreed for the below-
- After six months, if there are no defaults in repayment, the rate of interest would go down to 12.84% (reducing), being the normal business practice of the Bank.
- Of the processing fee of Rs.3000 (equivalent to 1% of loan amount) Rs.2, 000 shall be refunded to me.

On his confirmation of the above, I agreed for the processing of the loan. Accordingly the loan was granted to me in April 2008 and the loan amount was handed over to me vide cheque no.196307 dated April 9, 2008 for a sum of Rs.2, 96, 629. Immediately on receipt of the said cheque, I inquired with Mr. Brijesh as to why a sum of Rs.3, 000 was deducted, when it had already been agreed that only Rs.1000 shall be charged to me. Mr. Brijesh then advised me to accept the cheque and informed me that the sum of Rs.2000 as was agreed shall be handed over to me by cash on the same evening.

Despite regular follow ups on the issue, the said sum of Rs.2000 never reached me. Mr. Brijesh kept giving lame excuses that he has gone to his home town Kanpur and as soon as he shall resume service, he shall arrange that the amount is handed over to me or that no field boy was available to hand me over the money.

On May 10, 2008, I received a call from Ms. Preeti of your bank and the conversation that followed was completely baseless, which is not expected of an official of a reputed Bank. She stated that she is also a Sikh lady and in that respect I should not be asking for money from a sister and that if I insisted she will have to bear the same from her pocket, since my loan account was logged in her name in the Bank’s system. On my refusal to entertain such flimsy requests, she, in a very rude manner, said that the sum involved was negligible and that paying off such money would not be a big deal for her. She then stated that she shall confirm with Mr. Brijesh on this and shall revert. I then told her that there was no need for her to intervene and that I shall myself confirm the details from Mr. Brijesh.

I thereafter gave a call to Mr. Brijesh to put an end to this long going drama that was continuing for over a month. On my questioning him about the money, he started to shout and abused me, using unparliamentary language, and stated that there was no money payable to me and if I had any guts I should try to get the money out from him.

I am completely agonized by the way things were going. The whole ordeal which is continuing for more than a month has put me in great mental trauma causing harassment to not just me but my family too.

Although the sum involved is not a huge sum but the reason for marking this letter to your attention is to ensure that such activities of deceiving the customers; giving wrongful assurances to them thereby engaging in fraudulent activities causing mental harassment to customers is checked and that the customers are not let to suffer in the hands of your unworthy officials.

I request you to please intervene such that the matter can be resolved at the earliest since it is not only leading to mental harassment to me but is equally spoiling your brand image and goodwill that your bank enjoys.

Awaiting your prompt reply.

Thanking you,
Yours truly,

Harmeet Singh Sodhi
R/o WZ-190, 2nd Floor,
Street No.-11, Shiv Nagar,
New Delhi – 110058
Mobile : [protected]