I had availed a loan from Citi Finance 6 months back of Rs 65000/- at
19.77% PA Interest for 24 months, as I was in need of money, I just
took it without looking at the EMI part Rs 3779/- per month for 24
months (which comes to Rs 91176/- at the end, apart from Pre EMI paid
at the beginning with some service charge). To my surprise Rs 3779/-
per month for 24 months carried 34.29% interest rate, actually if it
is 19.77% interest then it should be Rs 3301/- per month. When I
called citi customer care, the guy said that in agreement it is
showing 19.77 % but did not help me with the EMI amount, he actually
said politely "Sir, you should have seen it when you were signing the
agreement itself" , I asked about foreclosing the account, buy that
time call got disconnected. Today I got a call from their Delhi
customer care center saying that I need to pay around Rs 59000/- to
close the loan account and when asked about the EMI part he said it
is calculated for 24 months (that is 19.77+19.77 % interest annually,
which is violation of the Usurious Loans Act, 1918.) which was
shocking to me. I had put a mail to wecare@... asking for
justification, till now I have not got any reply from them. Please
help me out to fight this with CITI finance.

Thanks & Regards
Avinash Manegar