Axis Bank Student Education Loan – Review

I enrolled with Executive MBA with Alliance University. My last date to pay the university fees was 10th November 2017 which keeping in mind on 3rd of November 2017 I applied for a personal loan with Axis bank at a higher rate of interest than the educational loan to get processed in less time. The amount has not been sanctioned by 10th November. On 13th November I wrote an email to loan department to stop processing request as I had not received any amount by 13th of November as well. I called around 5 times to Chandra Sekhar (sales executive) as well to stop the in progress request.

also had sent and SMS to him to consider it as a digital approval. I did not get any acknowledgement towards my email as well as Chandra Sekhar ignored my request and overheard. On 14th November my account was credited with INR 196688.00 forcefully even after informing in various sources of communication. Mr. Chandra Sekhar also advised to keep the loan for 1 month and pre-close the amount which would let me to pay around INR 2500 as interest rate. I wrote a follow up email to loan department marking you in CC but my request was just ignored. I received a call on 15th November from Mr. Balaji, the manager of Mr. Chandra Sekhar and listened to my entire plea. After it he suggested there is a bank norm that it cannot be reversed but will be considered as a pre-closure with the prorated interest rates. This will leave me with a loss of INR 3312 (200000-196688) plus the interest of 14.99% as on prorated basis. I have not touched a single penny from the loan amount, I informed 4 days prior to loan got sanctioned, I also used all modes of communication via email, sms, verbal call but no one paid any attention and I am now going to pay an amount around INR 4000.00 or more towards the loan amount that to just for amount being in my account for 1 or 2 days. This is really frustrating and I am deeply disappointed with the service and being ignored. I did not expect this kind of service from the goodwill of Axis Bank.

Regards
ashis.ashutosh@gmail.com

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