City Financial
City Financial's extraction policies

I've taken a Personal Loan from Citi Financial in 2005 from their Trivandrum Office. Last year, I got a surprise mailer at my Trivandrum address threatening that I have defaulted more than three monthly payments, and City Financial is going to take immediate action (from Gangadhar, New Delhi, Legal Advisor). I've hardly defaulted any installments still now, except when I got relocated. CF have very disturbing and punishing regulations towards the customers who take loans. When a customer asks for a statement, you charge him 350/- rupees. You never allow him to transfer the repayment option. When I asked your Executive, I learned that there is no chance of pre-closing the loan either.

I've been repaying it without any defaults, as the cheques were getting cleared from My Home SBI branch account at Tvm. Now that I have relocated to Chennai, I have to transfer the amount to make sure that the cheques never bounce.

Usually, the repayment from my account happens every 6th of the month. Due to traveling, I couldn't put money on 4th June. Today (5th June), I got a call from the City Financial (Chennai), that they cant me sure whether the cheque will get cleared or not, so I will be bound to pay a bouncing penalty of 450/- (The loan repayment per month is only 1570/- per month). Every other banks/Financial bodies, give an option of a second cheque presentation. Why are you sucking customers like this?

I think I must complain this to the concerned regulatory commission.

I post this to make sure that no one will ever fall prey to Citi Financial's arrogant business strategies.

Company: City Financial
Country: India

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