Most of the people have faith in the banks. Instead of taking loans from money-landing sharks people like to go to banks. They believe that banks are sincere to their policies and mostly honest with the people.
Now Citi Financial is exploiting the same faith of the people with ruthlessness and impunity. Their thousands of employees are busy like bees in fooling the people and plundering them with all sorts of creamy talk.
You may end up paying 50% interest on your personal loan. They take flat 26% yearly interest. It roughly comes to 50% reducing. Comparing to their 50% reducing most of other banks charge between 14.5 to 21% reducing. Though you have to pay instalments every month yet you pay almost double of the loan amount after three years. It is not the end. You have to pay exorbitant filing charges too. So interest rate comes to more than 50 percent. (Commission given to any agent to acquire loan is not included in it). If any customer objects they are all honey, reduce interest rate to some extent, but still try to hook with their confusing talk.
Mind-boggling money-minting techniques. Amazing! Don’t you believe? But it is true. Millions of people in India are being hooked with the wily minds of this multi-national and some other banks. Everything is going openly. No fear of any law, government or people reaction.
And these things are not on their websites. Even their EMI calculator does calculation based on reducing interest rate. But their agents in their branches have different rules to rob.
Needy persons are taken into the net cleverly and squeezed for years. Not only me but my many acquaintances have the bitter experience. Any customer is unlikely to face their shrewd lawyers in the court. Moreover any customer rarely read their cleverly framed terms and conditions while signing and accepting them. It is time-consuming and most of the customers can’t even understand them. And by the time the verdict of the court finally surfaces the customer may either die or retire. And by then the bank will have plundered millions and billions. Therefore the customers just grieve and keep silence. The only way is to awaken the people through media. And the government must arrange alternative measures to save the people from such open plundering.
PS: (Citi Bank is actually the leader here. Other banks like Cholamandlam DBS are also following the similar tactics to plunder the customers. More investigation is needed to unearth this mind-boggling plundering scandal).
Contributed by: Purshottam Aneja, Delhi