i am aplying a loan of rupess ten lakh. i was paying file charges,2% of loan amount dd to them december01/01/2009 till date they r not responding to me.i was total paying of rupess 25000/- from my sight. the off adress is under

Axis finanacial services,
F-131 1st Floor Pragati Bhawan, Mohamadpur,
Bhikaji cama palace, New Delhi.
Tel.011-46072858 mob-09990646701,09990646702,
concern prson.Miss Nikita.

Originally Posted by santyny

Personal Loan Fraud Case- Axis Financial Services (Regd.)- New Delhi


I applied for personal loan with Axis Financial Services (Regd), F-131, 1st floor, Pragati Bhawan, Mohammadpur, Bhikaji Cama Place, New Delhi – 110066, tel number- 011-46072858, Mobile number, 09990646701, 09990646702, Web Address axisfinancialservices.in/contact.html, email id – axisfin@rocketmail.com, contact executives Nikita and Vikas in the Month of Oct 2009. The same was applied via Agent Sagar Shelar, Panchshil Financial Services, 460, Centre Street, Camp, Near Bhopla Chowk, Pune-411001. Telephone number- 020-32513002, Mobile number – 9021296825 and 9881471123, email id- sagarshelar@gmail.com. I provided all the requested documents as mentioned below for the loan and was told that the loan will be sanctioned within 2 weeks and for disbursement of the same a person from their bank will fly down to my place and hand over the Principle Loan amount DD.

1) Passport Copy for Address and Personal Identity Proof.
2) Latest 1 year Bank statements for ICICI and CitiBank.
3) Pan Card copy
4) Latest Salary Slip for 3 months.
5) Lastest copy of ITR for last two years
6) 5 Passport size photos

I again and again asked if any further documents are required but the answer was no. I told Axis Financial Services if they can send me an email or hard copies stating the terms and conditions, procedures and all the documents required specific to Personal Loans but the same was not sent and instead they told me to note down via telephonic conversation. Along with the application they also requested me for Demand Draft of Rs. 2000/- in favor of Axis Financial Services (Regd) against Processing fees. Thus I sent them DD number 527525 dated 29th Oct 2009 for amount of Rs. 2000/- only from ICICI Bank, Viman nagar Branch, Pune, favoring Axis Financial Services (Regd), payable at ICICI Bank Ltd, Connaught Place, New Delhi.

Within a week from submission of application form and DD for Rs. 2000/-, person named Amit Kumar accompanied with one more person came from Delhi to verify my documents and personal details against the above submitted documents.

Later within next 4 days of verification I received a call from Axis Financial Services (Regd) that my Loan has been sanctioned and I am suppose to pay 1% of Sactioned Loan amount via DD of Rs. 22000 + 2266 against Loan processing fees & Services Tax @ 10.30% respectively. I insisted that in the normal scenario for loan disbursement by all Banks and Financial Services it is only paid during loan disbursement & not when the loan is sanctioned. But they gave me reason that no we take Loan processing fees in advance before loan is disbursed as that they will disburse Principle loan amount via DD of Rs. 22 Lacs favoring in my name and they will not deduct these Loan processing fees and Service taxes from the disbursed loan amount. Thus I need to pay this in advance. I was also told that after these charges are paid my loan will be disbursed within a 3 days time and no additional documents are required and no other conditions are applied. Only I have to give monthly installment cheques as per installment schedule. Further I also received a Fax copy of Sanctioned Letter which has following details and the copy of the same is attached herewith:

1) Approved Loan Amount: 22 Lacs
2) Loan Tenor: 15yrs
3) Rate of Interest: 4% Flat
4) Number of Installments: 180 Monthly
5) Amount of Each Installments: 18665/-
6) Legal and Verification Charges: 22000/-
7) Service Tax @10.30%: 2266/-
8) Funding of Loan: Other Sources
9) Security: As per terms and Conditions
10) Type of Loan: Personal Loan.

Here when I checked that point number 6, instead of Processing fees the same was mentioned as Legal and Verification Charges for Rs.22000/-. When I called and asked them why the term is mentioned as Legal and Verification Charges instead of Processing fees which I have already paid via DD of Rs. 2000/-, they mentioned that this Legal and Verification charges are actually Loan Processing fees (as termed by other banks) and is different from what I have paid.


As per above, I drew a DD number 624774 dated 16th Nov 2009 from Citibank N.A., Global Consumer Bank, 1243, East Street, Pune for amount of Rs. 24266/- only favoring Axis Financial Services (Regd) payable at Par at all Citibank branches in India.

Later on within next 4-5 days there was no concrete confirmation that my loan will be disbursed. I started continuously following up with Axis Financial Services I was not receiving any reply for why the loan is not getting disbursed. The mediator was Agent Sagar Shelar. Sagar and myself tried calling them daily but they were avoiding our calls and were not giving any concrete reason why the loan is not disbursed. Later on when the DD for Rs. 24266/- was cleared, they started asking for Solvency Certificate which was not informed at intial stage or when the loan was already sanctioned. Though we kept asking for whether any additional documents are required or not before paying the above mentioned DD for rs.2000 and rs.24266 they were no such requirement shown. I was told that all the required documents are received and confirmed okay by their verification department and Chartered Accountant and loan is already sanctioned.

They requested Solvency Certificate in there required format which was faxed (see attached) from my Bank on Rs.100 stamp paper. When I asked what is this document and why is this required and why the same was not asked in the initial stage before I paid the processing fees, they didn’t had any answer. They told it is required now to process the loan and cannot disburse the loan without it. I told them to refund whatever amount I have paid so far and cancel this application as this additional requirement of documents was not informed initially though we (Sagar and myself) has confirmed with your office several times. Even after several follow ups they refused to pay back the amount paid to them stating it is non refundable. Thus to safeguard my money I approached my Bank, namely ICICI Bank and CitiBank, Bank told me that Solvency Certificate is not issued by banks to Individual Saving Account Holder but is only issued to Current Account Holders. Thus they issued me basic summary of accounts on their letter head (see attached the same). When I informed this to Axis Financial Services, they refused to accept the Letters issued by bank on there letter head and told me to convince my bank to issue Solvency Certificate. Thus, when I again contacted ICICI bank via Service Request number: 'ICICICARE=036-924-995', they told me that only balance certificate will be issued by the branch. Alternatively, I may submit the statements of my account, in order to ascertain my credit worthiness by the concerned financial institution (see attached copy)

Therefore I approached CitiBank and finally I convinced them to provide Solvency Certificate in the desired format provided by Axis Financial Services. But the Bank couldn’t issue the Solvency Certificate on Rs.100 Stamp Paper and told me to get Rs. 100/- Franking done from The Cosmos Co-operative Bank Ltd., Pune-1 and they will sign the Certificate accordingly. Thus, the same was done on 28th Jan 2010 and the copy of this Solvency Certificate is attached herewith for your reference.

The Solvency Certificate was dispatched to Axis Financial Services on the same day and I informed them accordingly. There was no communication for next 3-4 days and when I later checked with them, they started giving some nuisance reason for non disbursement of Loan and stated that the Solvency Certificate provided by me cannot be considered and didn’t give the reason for rejection.

They now started asking for one Guarantor who should be working in Public Sector for processing of my Loan. The same was also not informed in advance even though repetitively asking for what all documents will be required or what the procedure is. They told me that this is the final requirement for disbursement of loan. Later on, I arranged for one Guarantor who is working as Juniour Technician in Maharashtra State Electricity Distribution Company Ltd. owned by Maharashtra Government. I forwarded following documents of Guarantor as requested by Axis Financial Services (Regd):

1) Copy of Identity & Address Proof (Pancard, Office Identity card and Ratio card)
2) Latest Salary Slip for 3 months
3) Latest Bank Statement for Last 1 year.
4) Latest ITR for 3 years
5) 6 Passport size Photos

Still after receiving the documents there was no communication and even after continuous follow up there was no response and they were not replying to calls.
Later one day they informed us that they require one more Guarantor to get final disbursement else they will not disburse my loan. I was totally frustrated with this and told them to pay back my money else I will log a complaint against Axis Financial Services for Fraudulent activity. But they refused to do so and instead started abusing Sagar and myself and told us to carry on whatever action we wish to take against them, they will not pay back the money.

The Web address axisfinancialservices.in/contact.html is also not working now but all the contact numbers mentioned above are still working. Find attached the search result for axisfinancialservices.in/contact.html which is not working.

Thus, I would request you to take quick action on them as there telephone & mobile numbers are still working. Also let me know the procedure to log complaint against this firm. It would be grateful of you if I can assist me to get back my money along with whatever expenses & pain I have borne for finalizing this Personal Loan case.

Looking forward for your quick action.

Santosh Poojari
9764083933.
santy.ny@gmail.com.

Go to lawyer and launch a complaint in consumer court