Citi Financial
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 : 9999155164

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.

Company: Citi Financial
Country: India
State: Delhi
City: South Delhi

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