If you think that SBI-natiolaised banks do not cheat you are wrong. To get your account updated from any other branch then your home branch they charge you Rs 10. You cannot withdraw money from the any other branch without a cheque. Infact, if you withdraw cash from your own branch also you are charged money. If you do not visit the branch in 6 months your card is blocked.
I have been facing the problem with ICICI-EMI card.I realised later after paid 5 emi's that they are charging interest for balance outstanding amount every month.
I used EMI card for Rs36,000. At the time of applying the card they told me I have to pay 2000/- every month in 18 months.Even after paying the 5 emi's or Rs10000 , Only around Rs5600/ is actually the loan amount deducted from outstanding. Im lucky to see this atlease after 5 months.I decided to clear the amount asap.and Only 6000 more to pay.
My sincere advice to all is Dont go or even Think about ICICI "EMI" card.Instead take the normal credit card.AS one of our friend said aptly that ...They are here to suck the blood.
Re: ICICI
by Teesmar Singh on Aug 05, 2009 10:09 AM
Correct. In case of credit cards, they are charging high even you miss an instalment by a single day. Generally they do not send bills on time.
Re: Re: ICICI
by Amrish Jerajani on Aug 05, 2009 05:57 PM
for that you have something called the e-statement. which is computer generated. and if u are so bothered about paying on time call the CALL CENTER a couple of days before your due date and pay up. why do people crib when all they have to do is get an estatment or a call to the call center which is free of cost.
Re: Re: Re: ICICI
by chaudary on Aug 06, 2009 01:44 PM
Singh! Its not a big deal to find the due date with call center as Amrish told.I was taking abt the disadvantage of EMI card. Nothing else..
If anyone thinks that SBI is great, they will be surprised. I applied for one personal loan from SBI card site at 16.5% flat rate , I was not aware that the actual interest rate works out to more than 22% p.a. I realized this only after deposting the loan cheque. So, do not believe any bank in what they say as it is and take any card/personal loan. All banks are cheaters in India.
Re: Must be ICICI
by dev ped on Aug 04, 2009 03:17 PM
Not necessarily ICICI. This happened to me with Fullerton but I was not that fool. I was very happy to get the personal loan at 12% but never knew that it was flat rate till the time of disbursement. When I was informed about the EMI then I checked and found that 12% is equivalent to 21.5% reducing. I cancelled the loan. Never go for flat interest rate.
Recently I found that the interest rate charged by the money lenders in Mumbai slums and Jamindars in Indian villages are unbelievable. These money lenders charge Rs. 5/- one every hundred rupees loaned. That means the actual interest rate is flat 60% per annum. That says all… the reason behind suicide by Poor Indian farmers.
Re: The Money Lenders
by Teesmar Singh on Aug 05, 2009 10:12 AM
It looks absurd. In our villages anybody can get loans from Mahajans @ 2% per month. That is only 24%, which is not much seeing the risk.
