Axis Bank
FRAUD BY AXIS

I had been sanctioned personal loan Rs 150000 vide personal power sanction

Letter dated 10-6 with the following stipulation 1) The rate of interest

22% 2) Equated monthly instalement (EMI) Rs 5729 3) No. of monthly

Instalments 36 month 4) Processing charges Rs 3000 (2 % ) and cash back

Offer 2 % to the costumers who are regular in making payment of EMI

Based on the above terms and condition I prefered to apply for personal

Loan but the Axis Bank is deviating its terms & conditions. The disbursal

Letter shows that the instalment amount Rs 206244 principal amount

Rs 150000 interest amount is Rs 56244 which is worked out as 37.496%

(56244 /150000 x100 = 37.496% ) 2 % processing charges i.e about

39.496 % is going to be collected from the costumers which is irregular;

The authority is requested to rectify the mistake and arrange to communi-

Cate revised disbursal letter. In the month of September i.e on dated

17-9 the Axis Bank has deducted Rs 281 281 towards Dr card

Issuance and card upfront charges and again the Bank has deducted

Rs 281 from EMI deposited amout Rs 5873 on dt, 1-8 towards card

Up front charges on dt.2-8 as against the due date 17-9

And declared the payment of EMI is dishonoured and cash back offer

For the year 2009 is forfeited. On pursuing at the end of second year

The Axis Band has declined the payment of cash back offer stating that

The costumer has paid EMI late in the month of August so the

Costumer deemed fit to deprive the cash back offer. The above circumes-

Tances evinced that the Axis Bank is unfaithful to the costumers.

In view of the above I request the manager Axis Bank to look in to the

Matter and arrange to pay the cash back offer for the year 2009 and 2010

MD.VIQUARUDDIN

SCHEME NO PP_LNPPD PP0080100068943

COSTUMER ID 136843

Company: Axis Bank
Country: India
State: Andhra Pradesh
City: Hyderabad

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