Axisbank unwilling to close Loan Account after paying dues

Location/place: Mumbai

Name of company/service: Axisbank Personal Power Loan with Cash Back

Dear Sir/Madam,

I had taken personal power loan of Rs.500000 from UTI Bank – now Axis bank on 14/11/2006 with 13% interest and emi of Rs.11378. The bank assured 1% cash back for prompt repayment of every 12 installments. The bank failed to keep up with the commitment. I had repaid promptly for more than 3 years before I met with a fatal accident which was conveyed to the bank. The Collection department kept calling even when I was in ICU. The bank officials in their Chennai (N.Usman Road branch) promised to waive off all the penalties and close the Loan account but the Loans department is acting tough. I have already repaid Rs.674722 for my Loan A/c No.245010600704083, whereas the Bank is demanding Rs.21750 more to close the Loan A/c, which means I would end up paying interest @ 14% and with no cash back incentive as promised by the bank. This is certainly a gross deviation from the Loan Agreement and arm-twisting tactics of Axisbank. Kindly intervene and help waive off the additional charges levied by the greedy bankers.

Thanks and regards

J. Srinivas

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