[k1jatrophaoils]

I just wanted to smell the activities of CITI FINANCIAL who are supposed to be one of the biggest Non-Banking Financial Institution who lend money in the consumer's interest.
I got hold of one DSA here in Davengere namely Guruprasad to arrange
me a Personnel loan Rs50000/.This was in aug2006.
He took few documents and informed me that Iam eligible for a loan of Rs35000 after verifying my IT returns and other papers.
He wanted me to meet his Branch Head Rahul Jhadav who finally gave a Cheque of ING Vysya Bank favouring me a sum of Rs32140 after deducting the first EMI Rs2071/ and some other charges out of Rs35000.00
Friends!Here are those hidden missiles or Suicide Bombs!!!!!
I was asked to Insure for a sum of Rs200000/and was told that this totally free of cost.
I was asked to hand over twenty blank cheques and the Branch head told me that the ROI will be 19% per annum.(No.ofEMIs not disclosed)
I was shocked to see a cheque being presented by Tata AIG as if I agreed to pay a Half yearly premium a sum of Rs4100/.immediately on presentation of the loan amount sanctioned in my Bank (UTI) account.
Things did not stop here.
The citi finacial people not only mis used my cheque for the purpose of a Insuarance Business which was not agreed upon but also collected a heavy interest of Rs10400/ for this principal amount of Rs35000/ when I Pre-closed this fraudulent transaction few days ago.
Here its!
I borrowed this money five months back Aug2006 and cancelled the account three days back and in the process I lost around Rs14000/ in the name of genuine Interest and hurdle free Personnel Loan.
Friends!
I will initiate proper legal actions against this fraudelent company which is something like a Chit company! which voilates RBI's norms and will expose its credentials with proof.
I also warn people to be very cautious with such Financial organisations while borrowing!!!!!!
Once again!
Principal amount: Rs35000.00
Insuarance :Rs4100.00
Interest :10400.00
Duration of this Transaction: just five months.
Bhadrinath.