This is Mangal Singh from Gwalior I have borrowed the loan of Rs. 28000/- from citi financial they charged me following
Total Amount I got Rs. 26000/-
Repayment up to June 1350*12= 16200
Deducted for file charge Rs. -
Rate of interest 24.52%/ annum
Total payment balance Rs. 23100/- till June 9
I have paid Rs. 16200 but still they are asking for Rs. 23100/-.
They never cleared me at the time of taking the loan from their about the repayment scheme.
As told 24.52% per annum it is crossing 36% per annum including Rs. 2000 for file charge, Rs. 1000/- for VAT and other expenses as citi is showing.
Actual Amount of Loan 28000 Repayment up to June 16200
Deducted for file charge 2000 Balance at the end of the loan agreement 23100
Total Amount in hand 26000 Total with one year 39300
Please clear me why should I pay this amount of money and what kind of business model is it.
Regards
Mangal Singh
A/C No. 15301007
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