0% interest on Loan – Is it Fraud ?

POSTED BY dac ON January 2, 2015 11:54 am COMMENTS (4)

Hi All, Today i got one interesting call from AXSI Finance.

Caller was from Axis bank and saying that Sir, We have launched a new plan that is only for today 31.12.2014 Personal loan (any loan) at 0% interest rate. Here is the explanation told to me by executive. P Sir, Suppose if you take 3 lakh personal loan. Tenure will be 10 yrs and your yearly EMI would be 30 thousand but you have to pay first EMI i.e. 30 thousand in advance and with this money we will open a insurance policy for you and in next 21 days we will disburse your loan amount i.e. 3 lakh in you account.

Now every year EMI you are paying (30 thousand per annum for 10 yrs) so after completion of 10 yr, they will get maturity amount & but i dont get any thing. This way they will make profit out of it thus you don’t need to pay any interest. I am still doubtful about this.

I even called to Axis Bank & Axis Finance. they said they don’t have such plans. After 1hr again i received call for confirming whether i am interested in loan. I asked him from which bank they are, he said AXIS Bank , dept – Finance. i asked which Branch, he is just confused with my question. He said they have office in Gurgaon & chennai, i asked to provide office address & land line no. but is he nervous & don’t know what to reply.

Pl share your inputs so that we could get the actual picture and if anyone really looking for loan will take necessary precaution before going ahead.

 

4 replies on this article “0% interest on Loan – Is it Fraud ?”

  1. jai Singh says:

    DEAR ALL,
    THE AGENTS ARE DOING FRAUD TO SALE INSURANCE POLICY ,THEY CALL YOU WITH DIFFERENT NUMBER AND NAME AND SAY THEY PROVIDE YOU LOAN ON ZERO % INTEREST THEN IF YOU SHOW INTEREST IN THEIR CALL THEY SAY YOU HAVE TO TAKE A POLICY OF SAME AMOUNT AND THEN THEY CHANGED THEIR NAME AND NUMBERS AND EITHER YOU LOST YOUR MONEY OR YOU HAVE TO CONTINUE THE POLICY.

    SOME EXAMPLE ARE :
    Arun Agarwal – 955748710 old 9555382401
    Batra Lady – 9015395521
    Pragya : 8882732220,8287637765
    Agents are also involved: like
    PSCDCAP-D2C-BlueDart-648701-656613
    Branch Office:HDFC SL Delhi-Mayur Vihar Branch, 1st floor No. 1/A Mayur Palace, Star City Mall Mayur Vihar,Phase 1 Near
    Mayur Vihar Extn, Metro Station New Delhi, 110091, Telephone Nos. – 18602679999
    Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011.
    Agent details
    Name : S.B.Insurance Brokers Pvt.Ltd, Address : A-258 Defence Colony New Delhi
    Delhi, Code : 00556399, License No : 230,Contact Details : 01204321335
    Regards
    J.P.Singh
    9818403796

    1. Thanks for your comment jai Singh

  2. Hemanth says:

    fraud call

  3. This is a brilliant way of fooling people . Its just a fraud call and there cant be anything like this . Just stay away from this .

    10% interest on 3 lacs loan , the EMI will be 30k , Thats plain shit ! and EMI is not calculated this manner 🙂

    Manish

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