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EMI - Personal Loan / Procedures that put in trouble

1 India

I have taken Personnal loan for Rs.150000/- on 07-oct-2005 and paing EMI for Rs.4024/-.

I have made preclose request on 24-may-2006 and it was confirmed by your official around mid of June 2006 and told they will be sending Foreclosure letter druing 1st week of July 2006.

I waited for the letter and again called your bank on 18-july-2006, they told me that it letter has been sent and returned. They told they are resending the same. But till 20th I have not recieved and again when i called back I was told the same reason and asked to go to your collection center and pay the amount. I am doing the same today.

But my complaint is that,

1. When I am ready with the money on 24-may-2006, Why you are taking till 25-july 2006 to process and making me to pay the interest for this period.

2. When I am very much available in the address and eagerly waiting for the letter, How it is returned 2 times.

3. They told 20th is the last date for payement and I am making it on time. why should I pay another EMI for the month of August 2006 and wait for your refund.

4. So far I have paid
9 EMI fior Rs.4024 - 36,216.00
Paid at Foreclosure - 1,34,192.04

Loan Amount credited - 1,47,520.50


Total amount paid as interest and other charges - 22,887.54 for 9 months (including 2 months period taken by citi bank for processing the foreclosure procedures).

Is it Justified?

5. Also I have confirmed information from one of my friend working in Bank that ther is no Return charges for ECS return by either bank. You have charged me Rs.280.61 aginst 1 ECS return. Kindly confirm with proof.

I regret to inform you that I am very much upset with the citi bank service / Procedures which puts customers like me in trouble.

Expecting your honourable reply.



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