Axis Bank customer Shubham Jadhav alleges that his ₹14.5 lakh home loan was sanctioned with a 30-year tenure without his consent. He was also misled about foreclosure charges. Choice4Voice.com investigates this complaint and explains how home loan customers can protect themselves from such mis-selling practices.
Complaint Summary : Axis Bank Mis-Selling Alert – Shubham Jadhav Exposes 30-Year Loan Tenure Scam on ₹14.5 Lakh Loan
| Complainant Name | Shubham Jadhav |
|---|---|
| Company Involved | Axis Bank |
| Loan Amount | ₹14,50,000 |
| Assigned Tenure | 30 years (360 months) |
| Requested Tenure | 9 years |
| Key Issue | Loan tenure set without consent; misleading foreclosure assurance |
| Foreclosure Policy | Website shows charges, RM said “no charges” |
| Nature of Complaint | Mis-selling, miscommunication, lack of transparency |
| Original Source | LinkedIn Post by Shubham Jadhav |
Full Complaint Write-up
Shubham Jadhav, a professional with extensive experience in CX and operations, has exposed what he calls highly unprofessional behavior by Axis Bank’s loan team.
He applied for a ₹14.5 lakh home loan. Instead of clearly explaining terms, the bank’s Loan Officers and Relationship Managers (RMs) allegedly tricked him into a 30-year tenure (360 months).
When Shubham raised concerns, the RM told him to “go ahead” and assured that there would be no foreclosure charges if he wanted to repay the loan earlier. But when Shubham checked the official Axis Bank website, he found foreclosure charges clearly listed, exposing a serious contradiction between what the bank promises online and what its staff communicates to customers.
This misleading practice not only impacts his financial future but also raises larger concerns about trust and transparency in India’s banking sector.
Shubham has demanded:
- Correction of loan tenure to 9 years instead of 30 years,
- Written clarity on foreclosure charges,
- Accountability for mis-selling practices by Axis Bank representatives.
Such complaints highlight how banks sometimes exploit customer trust, trapping them into costly loan structures.
Q&A Section – Exposing Mis-Selling in Home Loans
1. What exactly is Shubham Jadhav’s complaint against Axis Bank?
He claims Axis Bank approved his home loan of ₹14.5 lakh with a 30-year tenure without his knowledge or consent, and misled him about foreclosure charges.
2. Why is a 30-year tenure a problem for borrowers?
A long tenure reduces monthly EMIs but skyrockets the total interest outflow. Customers end up paying lakhs of rupees extra compared to shorter tenures.
3. What tenure did the customer request?
He wanted a 9-year tenure, which would have significantly reduced his overall interest burden.
4. What assurance was given by the Relationship Manager (RM)?
The RM allegedly claimed that no foreclosure charges would be applicable if the loan was repaid early.
5. What does Axis Bank’s official website state about foreclosure charges?
It clearly mentions foreclosure charges, contradicting the RM’s verbal assurance and raising a serious issue of misrepresentation.
6. Is this a case of mis-selling?
Yes. If loan terms were hidden, altered, or misrepresented, it qualifies as mis-selling, which is a growing problem in the financial sector.
7. How does mis-selling affect customers?
Customers may:
- End up in longer repayment traps,
- Pay unexpected foreclosure fees,
- Lose trust in their bank.
8. Can the customer demand correction of tenure?
Yes. Customers have the right to demand rectification of loan tenure, provided the request is made formally in writing.
9. What are foreclosure charges?
These are penalties imposed by banks if customers repay their loans before the scheduled end of tenure.
10. Are foreclosure charges legal in India?
- On floating-rate home loans for individuals, RBI rules prohibit foreclosure charges.
- On fixed-rate loans, banks are still allowed to levy them.
11. What are RBI’s guidelines on foreclosure?
The RBI has directed banks not to charge foreclosure penalties on floating-rate home loans, ensuring consumer protection.
12. What is the financial impact of a 30-year tenure vs 9 years?
For the same loan amount, a 30-year tenure could result in lakhs of extra interest, while a 9-year loan saves significant money, despite higher monthly EMIs.
13. Why do banks prefer longer loan tenures?
Longer tenures mean:
- Lower EMIs attract more customers,
- Banks earn more interest,
- Customers remain tied to the bank for decades.
14. How can customers protect themselves from mis-selling?
- Always read the loan agreement carefully,
- Cross-check loan terms on the bank’s official website,
- Demand written confirmation for verbal assurances.
15. What steps can Shubham take now?
He can:
- File a formal grievance with Axis Bank’s nodal officer,
- Approach the Banking Ombudsman if unresolved,
- Use platforms like Choice4Voice.com to amplify his complaint.
16. What legal remedies are available to misled borrowers?
They can escalate to:
- RBI Ombudsman,
- Consumer Court,
- File for mis-selling violations under financial consumer rights.
17. How common are such cases in India?
Many customers have reported mis-selling of loans, hidden clauses, and false promises, especially with DSAs and RMs chasing sales targets.
18. Why do customers trust RMs without checking documents?
Because RMs present themselves as bank-authorized advisors, many customers trust their words. Unfortunately, verbal assurances often don’t match official terms.
19. What lessons should other customers learn from this case?
- Never rely only on what loan officers say,
- Demand everything in writing,
- Research loan terms before signing,
- Escalate early if something feels wrong.
20. How does Choice4Voice.com support such customers?
At Choice4Voice.com, we publish complaints like Shubham’s to create public pressure on banks, ensuring:
- Customers’ voices are heard,
- Mis-selling cases gain visibility,
- Companies are forced to respond.
Final Note – Why Choice4Voice.com Exists
Financial mis-selling is a silent trap that affects thousands of borrowers across India. Loan officers often hide facts, mislead customers, and push products just to meet sales targets.
At Choice4Voice.com, we exist to fight exactly this kind of injustice. By giving customers a platform to publish their complaints, we ensure:
- Banks and corporations are held accountable,
- Customers are empowered with visibility,
- Genuine grievances reach a larger audience, forcing quick resolution.
💡 If you too have faced unfair treatment from a bank, lender, or any company don’t stay silent.
👉 Submit your complaint today at Choice4Voice.com and let us take your voice to thousands of readers, regulators, and decision-makers.
