Axis bank cheated me on Home loan Broken Period Interest charges ?

POSTED BY raviraj ON March 20, 2014 8:53 pm COMMENTS (6)

I have applied for Axis bank home loan for 20L and they approved the amount. as part of processing fees they took 6K from me.

The bank is saying that they have first EMI date as 5th of every month,I submitted all my documents on time with no delay. On the 3rd March I asked to bank to release the loan amount and they came up saying we still need stamp duty documents, I convinced him that this document can be brought only after paying full amount to builder.
No response came till 8th, I called again to bank for the status and they asked me to come to branch for doing signature for disbursal.

Before signing I asked that today its 8th March and 5th is already over, so want confirmation that this will be considered as EMI and not broken period interest. At that time bank personnel said that It will be considered as EMI so I signed. Again after 10th a call came from branch saying that I have to pay broken period interest for a month because the EMI date is already over and we are disbursing your loan on 10th so whatever interest will apply from 10th March to next months 5th that I have to pay (25 Days) and this interest will not be calculated in main loan amount interest.

So I shouted on bank person that for getting sign you have lied me. I asked them to disburse my loan amount on 30th March so that the interest amount will be lower but again he said that its year end we would be disbursing your loan before 20th. that means again I have to pay interest for 15 days. Its really a big fishing things that they recover from borrower. Please guide me how to get rid of this.

6 replies on this article “Axis bank cheated me on Home loan Broken Period Interest charges ?”

  1. AMIT KHURANA says:

    Blog Post : AXIS BANK LOANS FOUND CHEATING ON CALCULATIONS AND by khurana76 – MouthShut.com http://www.mouthshut.com/blog/ediislnmrn/AXIS-BANK-LOANS-FOUND-CHEATING-ON-CALCULATIONS-AND-PROMISES via @MouthShut

    TO ALL INTERNATIONAL AND NATIONAL READERS …READ ABOUT A THIEF AND FRAUD BANK KNOWN AS AXIS BANK:

    • AXIS BANK IS CHEAT BANK WITH EXTREMELY POOR STANDARDS AND EXTREMELY POOR MORAL AND ETHICS AS BANK;

    • It DOES WRONG CALCULATIONS most OF TIMES TO CHEAT CUSTOMERS;

    • AXIS BANK DOES NOT LEAVE ANY OPPORTUNITY TO CHARGE CUSTOMERS INETHCIALLY AND WRONGLY;

    • AXES BANK RAC GURGAON HAS MISBEHAVING, RUDE OFFICIALS WHO SPEAK RUDELY WITH CUSTOMERS ARE UNHELPFUL AND GIVE WRONG COMMITMENTS TO CUSTOMERS;

    • I SUGGEST CUSTOMER TO MINIMISE YOUR RELATIONSHIPS WITH AXIS BANK;

    • AXIS BANK SI INEFFICIENT AND UNSUPPORTIVE TO CUSTOMERS; PLEASE ENSURE YOU DO NOT SIGN ANY AXIS BANK DOCUMENTS TRUSTING THE OFFICERS OF AXIS BANK WHO ARE LAIRS AND INETHCIAL AND WILL DO ANYTHING FOR THEIR PETTY COMMISSION INCLUDING GIVING WRONG PROMISES.

    • WE HAVE WRITTEN OUR PLEA TO:

    BUT AXIS BANK MAANEGEMNT IS SLEEPING OR INTENTIONALLY CORRUPT TO CHEAT CUSTOMERS;

    READ MY STORY AND EXPERIENCE WITH AXIS BANK AND DETAILS BELOW

    Complaint/ Grievance: Loan Agreement no: PHR005602380918(CUSTOMER Id 24516937)

    Loan in name of Sarika Ahuja

    This is Complaint regarding the LOAN Agreement no as above processed at Axis bank RAC Gurgaon;

    It has been 12 days since we emailed the complaint to axis bank:

    Axis bank has not been able to resolve the complaint to we are approaching banking ombudsman and axis bank higher authorities and also blogging this on internet for poor services given by axis bank, wrong promises given by axis bank, and careless mistakes in our home loan application;

    Email response to our complaint by axis bank:

    We confirm receipt of your email dated April 30, 2017 at the Nodal Officer’s Desk regarding delay in loan processing.

    The said complaint is being investigated by the undersigned and we will revert with the status of the case by May 8, 2017. The Reference number is 14638011.

    We solicit your patience and understanding in the interim. Regards,

    Abhishek Korgaonkar,

    Nodal Officer Team, Axis Bank LTD

    Tel: 022-71315288

    I demand response and resolution of this complaint urgent;

    And I am already putting this complaint for resolution to internet consumer protection forums and banking ombudsman in parallel highlighting poor services and inefficiencies of axis bank processes;

    CHEATING NO 1) WE APPLIED FOR AXIS BANK LOAN IN MARCH 2017, BUT WITHOUT TELLING ME THE AGENT GOT SIGNED AND SUED BY LOAN DOCS VERIFICATION PROOFS TO OPEN BANK ACCOUNT WITHOUT OUR CONSENT;

    CHEAT NO 2) WHEN WE GOT TO KNOW THAT AXIS ABK ACCOUNT SI APPLIED FOR US WITHOUT OUR CONSENT,WE INSISTED THAT THE LOAN SHOULD EB DEBITED FROM OUR SALARY ACCOUNT WHICH IS WITH HDFC BANK(HDFC BANK SI THOUSAND TIMES MORE ETHIOCAL AND MORAL AS COMPAERD TO AXIS ABNK);

    BUT VERY CLEVVERY AND WITHOUT OUR CONSENT THE RAC GURGAON AXIS BANK ALIGNED OUR EMI WITH A XIS ABNK INSTAED FO HDFC BANK;

    CHEATING NO3) AXIS ABNK CUSTOEMR ACRE CALELD SU TELLING SU THAT YOU HAVE BEEN GIVEN WRONG INFORMATION BY AXIS RAC GURGAON AND YOUR ACCOUNT WITH INCUR CHAREGS IS YOU DO NOT MAINTAIN MINIMUM BALANCE AND IF YOU APPLY FOR DEBIT CARD; SO WE ASKED TEHM TEHAT WE WILL CLOSE OUR ACCOUNT BUT AS OF NOW, PLEASE DO NOT APPLY FOR DEBIT CARD;

    CHEATING NO4) MY AXIS ABNK DDRAFT WAS PULELD OUT FROM AXIS BANK ON 12TH April And per information to ME, THEY AHD TO GIVE THE CHEACK TO IDBI ABNK ON 12TH MORNING ITSELF; But axis bank lawyer in RAC Noida WENT ON ELAVE AND SO MY CHEQUE WAS NOT GIVEN TODIBI AND ME AS CUSTEOMRA WAS CHARGED FOR INTEREST ON BALANEC TRANSFER AMOUNT SINEC 12TH APRIL DESPITE IT EBING NOT MY FAULT THAT TEHE AXIS BANK LAWYER WENT ON LEAVE ON 12TH April.

    CHEATING NO 5) AFTER ALL THESE POOR EXPERIENCES, I WAS FED UP WITH AXIS BANK AND DECIDED TO MINIMISE OR FINISH MY LOAN FROM AXIS BANK, BUT AGAINST RBI POLICIES THAT CUSTOMER CAN PREPAY LOAN BY HIS WISH AND CLOSE HIS ACCOUNT; BUT AXIS BANK VERY INETHCIALLY HAVE PULLED A CONDITION ON CUSTOMERS THAT THEY CANNOT PREPAY A LOAN BEFORE EMI DATE AND CAN DO IT ONCE A MONTH; THIS SI JUST TO INCREASE THEIR PROFITS AT COST OF CUSTOMER COMFORT AND PROVING AGAIN THAT AXIS BANK SI INETHCIAL BANK;

    CHEATING NO 5) I PAID AXIS BANK PREPAYMENT AMOUNT WITH INTENTION TO CLOSE AXIS BANK LOAN ON 12TH MAY 2017; BUT I HAVE BEEN FOLLOWING UP FOR MY UPDATED STATEMENT WITH REDUCED PRINCIPAL DESPITE SHARING DEPOSIT SLIP SINCE 12TH AMY, AND EXTREMELY POOR AND HARASSING AXIS BANK IS NOT RESPONDING;

    THE ISSUES IS ESCALATED TO Nodal officer named Abhishek kargaonkar who could not resolve this case in 3 weeks so the issue is pushed to PNO department Axis bank but it is still pending since a week;

    AXIS BANK SI SHAMEFUL BANK IN INDIA ND FULL OF CHEATS;

    I SUGGEST EVERY READER TO STAY AWAY FROM IT.

    Retaliation: Since I have taken Axis bank loan, I AM WRITING THOUSANDS OF BLOGS TELLING PEOPLE AND RAEDESR ABOUT axis bank and the way they harassed and cheated me not only on Indian portal but international portal;AND WORKING AGGRESSIVELY AGAINST AXIS BANK SO THAT PEOPLE CAN STAY AWAY AND NEVER OPT FOR ANY AXIS BANK PRODUCTS;

    Even foreigners who read about India WILL read about SHAMELESS AND IN-ETHICAL BANK NAMED AXIS BANK;

    I PROMISE TO READERS THAT ME AS A CUSTOM WILL NEVER OPEN AXIS BANK SAVING ACCOUNT, WILL NEVER APPLY FOR ANY CREDIT CARD OR DEBIT CARD FROM AXIS BANK; WILL ALWAYS SAY BAD ABOUT AXIS BANK AND WILL NEVER SUGGEST AXIS BANK TO ANY OF MY FRIEND AND FAMILIES; I SUGGEST THE SAME TO YOU.

    I HAVE WRITTEN MULTIPLE EMAILS TO ALL THE BELOW BUT NO HELP OR RESOLUTION FROM AXIS BANK SO FAR:

    Amit khurana(8527770312)

  2. ashalanshu says:

    Dear Ravi, if the regular EMI is to be deducted on 5th April, the question of brokern period does not arise as you ‘ll be paying interest in your regular EMI from 18th March till 4th April.

    thanks

    Ashal

  3. Raja says:

    Look at it from Axis point of view. They have disbursed the loan to you on 18th Mar. This means for the period 18th Mar to 5th Apr, they have to charge you something. They can either take a partial EMI or a pre-EMI interest (Simple Interest).

    In your case they have taken the pre-EMI route. They will charge you simple interest for those 18-19 days. The loan docket that you get will contain an ammortization sheet which will clearly mention the pre-EMI amount which was taken from you. Ask them for the loan statement in case you do not get it. It will mention the pre-EMI part too. If it does not, then there is an issue and you can take it up with them.

    The reason they will mention the pre-EMI in your loan statement is because they need to declare how much principal and interest they have taken from you for FY2013-14 and in this case the pre-EMI will be part of the final loan certificate

  4. raviraj says:

    Hi Raja

    Thanks for the response.

    Yes I asked bank to delay the disbursement till 30th but again bank is giving reason that this is financial year end so they disbursed it on 18th itself.
    Also when I asked him to provide the some receipt of broken period interest with bank seal, now he is denying to provide receipt, saying bank will not give such receipts.

    Ashal – yes I asked the same to convert it to EMI but again saying EMI date is over.
    actually they did it intentionally.

    Is there any law to collect such broken period interest or rule made by central govt which states that the bank can recover broken period interest from borrower ?

  5. ashalanshu says:

    Dear Raviraj, As EMI is to be paid on 5th April now, broken period interest does not come into picture. Please ask the bank for the same.

    Thanks

    Ashal

  6. Raja says:

    You can’t do anything now since 5th is already over. Try to delay taking disbursement as long as possible. Look at it this way, you did not have to pay EMI for the month which would have been say 20K, but you only paid some pre-EMI of say 10K. You still saved 10K for that month.

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