Fraud done by Citibank for Personal Loan

Fraud done by Citibank for Personal Loan

I have taken personal loan of 50K from Citibank(T Nagar, Chennai) in Sept. 2004. That was my first experience of taking loan. At the time of filling application form, they said the rate of interest would be 25% diminishing for six month. After that you can repay the whole amount or we would reduce the interest rate.I said OK, as I needed money badly. I got the loan check immediately.

After that they haven't sent me any amortization schedule or statement.But my monthly installment is getting debited from my bank account every month.

When I went to same bank after 6 month to repay full amount of loan. Then I came to know that the rate of interest was 35% FLAT for a period of 30 months.

I already paid some 18K in 6 installment. But still that only contain 5000 as principal. They charged 13000 as interest on amount of 50000 in six month. Their agent (DSA) & officer promised me loan @ 20-25% diminishing.

But I don't have anything in written.They only said verbally. Also interest rate is very very high as compare to market rate of 12-15%. I needed money very badly at that time, so I took loan. But they had done fraud with me by charging FLAT rate interest instead of diminishing.

What can I do? Please help me.

You inputs will be very much appreciated.

Thanks

Ravi

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