If you’re experiencing this problem with this brand or any other company, submit your complaint and we may feature it on Choice4Voice.com.
Submit your complaint →Blogger Kapil Dev shares his dissatisfaction with Axis Bank’s online personal loan process, alleging fake sanction letters and denial of disbursement. Choice4Voice.com explains legal actions and solutions.
Complaint Summary : Axis Bank Loan Scam: Kapil Dev Alleges Fake Sanction Letter & Non-Disbursement
| Details | Information |
|---|---|
| Complainant Name | Kapil Dev |
| Profession | Blogger, Traveler, Writer, Photographer |
| Complaint Type | Fake Promise / Loan Disbursement Failure |
| Company/Brand | Axis Bank |
| Product/Service | Online Personal Loan |
| Date of Loan Application | 21st September |
| Issue Raised | Loan sanctioned but not disbursed; misleading process for non-Axis account holders |
| Proposed Solution | Immediate loan disbursement or written explanation with accountability |
| Date of LinkedIn Post | 1 day ago |
Full Write-Up
Kapil Dev, a blogger, traveler, and writer, shared his deep dissatisfaction with Axis Bank’s personal loan process.
The Timeline
- 21st September – Kapil applied for a personal loan via the Axis Bank website. On the same day, he received both the sanction letter and loan agreement.
- However, even after 9+ days, no loan disbursement took place.
- Multiple visits to Axis Bank branches yielded the same response: “Since your loan request was placed online and you don’t hold a savings account with us, we cannot help.”
- Customer support complaints only resulted in repeated “please wait” responses without any concrete action.
The Shocking Revelation
Finally, Kapil received a call from someone claiming to be from Axis Bank’s loan center. He was told:
- The sanction letter and loan agreement he received were merely a formality.
- No disbursement would occur because he is not an Axis Bank account holder.
- Axis Bank has stopped online loans for non-customers, but the option still shows on their official website due to delayed updates that could take over a year.
This statement indicates that Axis Bank’s website is misleading consumers, allowing them to apply, sign agreements, and believe their loans are approved—even when disbursement will not occur.
Kapil alleges that bank representatives were more focused on referral mapping than resolving his issue.
Why This Matters
This case raises serious questions about:
- False Promises – How can a bank issue sanction letters and loan agreements for loans it has no intention of disbursing?
- Consumer Deception – Why does the bank still allow online applications for discontinued products?
- Systemic Negligence – If updates take “over a year,” how many customers are being misled in the meantime?
Such practices not only damage customer trust but may also violate consumer protection laws in India.
How Choice4Voice.com Can Help
At Choice4Voice.com, we take up such cases to ensure consumer rights are protected.
We assist by:
- Public Advocacy – Publishing complaints on our website and LinkedIn to hold Axis Bank accountable.
- Legal Mapping – Identifying all possible legal cases and the right forums for action.
- Drafting Templates – Providing FIR drafts, Consumer Forum complaints, and Ombudsman emails.
- Escalations – Guiding complainants on filing cases with RBI, Consumer Forum, and other authorities.
- Collective Action – If more Axis Bank customers face similar loan issues, a class action case can be filed.
Legal Cases Applicable
The following cases can be filed against Axis Bank:
- Consumer Protection Act, 2019 – Misleading practices, deficiency in service.
- RBI Banking Ombudsman Scheme – For unfair loan practices and false promises.
- Indian Penal Code (IPC 420) – Cheating if fraudulent intent is established.
- Contract Act, 1872 – Breach of contract (sanction letter & loan agreement not honored).
- IT Act, 2000 – Misleading digital representations on the official website.
Departments Where Complaints Can Be Filed
- District Consumer Disputes Redressal Commission (Consumer Forum) – For refund/compensation.
- Reserve Bank of India (RBI) Ombudsman – For unfair banking practices.
- Cyber Crime Portal (cybercrime.gov.in) – If digital misrepresentation is proven.
- Local Police Station (FIR) – If cheating and fraud are suspected.
- Ministry of Consumer Affairs (NCH) – For grievance escalation.
Step-by-Step Complaint Filing Guide
- Consumer Forum Filing – Submit complaint at consumerhelpline.gov.in.
- RBI Ombudsman – File complaint via RBI’s grievance portal.
- FIR Registration – Use IPC 420 draft template for police complaint.
- Cyber Complaint – Report misleading website practices on the cybercrime portal.
- NCH Escalation – Call 1800-11-4000 or register online.
Pre-Drafted Templates Available
- Consumer Forum Complaint Draft (Loan Sanction Fraud)
- RBI Ombudsman Complaint Draft
- FIR Draft (Cheating/False Sanction Letter)
- Cyber Crime Complaint Draft
- NCH Escalation Email Draft
Q&A
1. What was Kapil Dev’s complaint against Axis Bank?
He alleged that despite receiving a sanction letter and loan agreement, his loan was never disbursed.
2. Why did Axis Bank deny loan disbursement?
They claimed loans for non-account holders were discontinued, even though the option still exists online.
3. What is misleading about Axis Bank’s process?
Consumers receive fake sanction letters and agreements for loans that will never be processed.
4. Can sanction letters be legally binding?
Yes, if issued with intent, failure to honor them may amount to breach of contract.
5. Where can consumers complain against Axis Bank loans?
Consumer Forum, RBI Ombudsman, Cyber Crime Portal, or local police.
6. Is this a violation of RBI rules?
Yes, as RBI mandates transparency in loan processes.
7. Can Axis Bank be fined for false promises?
Yes, under the Consumer Protection Act, 2019.
8. What legal cases can be filed in this matter?
Consumer Protection, IPC 420, IT Act, and Contract Act.
9. How does Choice4Voice.com help consumers in loan disputes?
By publishing complaints, guiding legal action, and providing templates.
10. Can a class action case be filed against Axis Bank?
Yes, if multiple consumers face similar loan sanction fraud.
11. How long does RBI Ombudsman take to respond?
Typically 30 days, but escalations may extend the timeline.
12. Can police register FIR against banks?
Yes, under IPC 420 for cheating.
13. How can consumers ensure transparency in loans?
Always cross-check bank policies and record communication.
14. What compensation can consumers demand?
Refund of losses, interest, and compensation for harassment.
15. Is this an IT Act violation?
Yes, if the bank’s website misrepresents loan availability.
16. Can this impact Axis Bank’s credibility?
Yes, misleading practices damage brand trust.
17. What role does RBI play here?
RBI regulates banks and can penalize for unfair practices.
18. Can non-account holders apply for Axis Bank loans?
Not anymore, but misleading options still exist online.
19. Should consumers trust sanction letters?
Only if followed by disbursement; otherwise, they must escalate legally.
20. What’s the solution for Kapil Dev’s case?
Immediate disbursement or legal redress via RBI Ombudsman and Consumer Forum.
Author
Complainant: Kapil Dev
- Blogger, Traveler, Writer, Photographer
- Shared his experience publicly on LinkedIn to alert consumers about Axis Bank’s misleading loan process.
- His profile indicates a professional with strong communication and writing skills, which adds credibility to his consumer rights advocacy.
