Nowadays keeping a Credit Card is a very big fear and trouble to a person because of threatening from Gundaas and franchisee agents of the Bank. Most of the problems are created by Bank Franchisee. Innocent people are suffering like Mr. Amit for small small mistakes.
I did take a personal loan from one of so called Hi tech bank, the one that never sleeps. I was promised a low rate of interest and just one day prior to loan disbursal, the guy calls and says that the loan cannot be given at the promised low rate at a higher rate and I need to authonticate the documents. As I was in pressing need of money and there was no time to approch other Banks, I had to take the loan at higher roi. I wanted to close the loan asap and as per the bank policy it was only after payment of 6 emis. I called the Bank in 5th month so that I could close the loan on 6th month instant. However, they repeatedly refused to take the request saying that 6 months should be elapsed or 6 emis should be over. I called them in 6thm month and I was told to give 1 month notice which simply means that I had to pay the seventh emi and interst for 6th month also. This is nothing but day light robbery. I am planning to approch the Banking Ombudsman. Any others have similar exp?
RE:Almost same problem I had too
by krishnan vaidiyanathan on Feb 05, 2007 10:16 PM Permalink
not one but many. if you are honest you are lynched. if you default , you are tortured. when the globalisation guidede government is on their side , we the citizens havbe no cover except our own collective voice against this multi national bank lootings.satish vaidiyanathan
RE:Almost same problem I had too
by Samir Rao on Feb 05, 2007 10:15 PM Permalink
You have taken a loan from "the bank which never sleeps." You can refer back to the document which they have given. You can always hold them responsible because if you have contacted the CITIBANK through phone or ATM phone if you know the approximate date and time because all the calls will be monitored.
RE:Almost same problem I had too
by Pranav Vora on Feb 05, 2007 11:36 AM Permalink
read or inquire the terms while applying, and check it in written than verbal communication.
We are tend to hear what we want to, while form apply. then we realize that its not like that. its human tendancy and these agencies are taking advantage of it.
RE:Almost same problem I had too
by Arun Kumar on Feb 07, 2007 11:17 PM Permalink
You need to cut a diamond with a diamond. Stop paying the loan. You should have issued cheques. Issue stop payment notice to your bank. Send a letter to your bank telling them what wrong they have done. Calculate what you need to pay back which you think is fair. Enclose a cheque for that amount with the letter and send it to the bank. Tell them if they encash that cheque, they have agreed that this is the amount towards full and final settlement. When your intentions are genuine, it is OK to use hardball attitude when you get such shabby treatment. The law allows it. In criminal language, it is called the right to self defence.
RE:Almost same problem I had too
by b p on Feb 05, 2007 11:57 AM Permalink
Yes, I had the same experience with the same bank, the bank that never sleeps. I had to pay the interest for an extra month and 15 days! because, they say - their policy is like that!!!... (penalty 4% on Balance Principal Int for 45 days) amounting to a big figure.
My advise is not to go to any of these Hi-Tech banks, instead approach our own Nationaled banks or Co-Op banks, they offier good interest rates with-out any of these hidden tricks.
RE:RE:Almost same problem I had too
by KK A on Feb 05, 2007 03:28 PM Permalink
It is true, none of the banks like HSBC, Stan Chart, ICICI are reliable. They are always with new tricks to loot the customer. These banks should be booked under Goondas Act. Surprisingly, there is no government monitoring of these banks and pull up when they err.
