Foreclosure statement foreclosure charges of nbfc namely axis finance limited regarding.

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Banking related

We, a charitable organisation, got loan from Axis Finance Limited last six to eight month back. In their sanction letters, they nowhere mentioned foreclosure charges or foreclosure period, but they cleverly mentioned in their agreement copy (which was signed by OTP based only) that loan will not be closed before twelve months and there mentioned two percent foreclosure charges. Being high rate of interest, we approached different financial institutions i.e. ICICI bank sanctioned and disbursed to take over the loan from Axis Finance Limited with a lower rate of interest in-accordance with Axis Finance Limited's sanction letter and when we approached to the Axis Finance Limited to close their accounts today, they rejected to accept the final payment cheques mentioning their E-agreement copy. Further, we requested NBFC's customer care to issue the foreclosure statement but they mentioned that it is not possible to issue the said statement as the period of 1 year/twelve month is not covered. 

In this situation what should we do. And now we are in a terrible position where we are bearing two sided loan without enjoying one-side.

We seek expert's comment. Please suggest us. 

Dear Concern,

As per your query,

NBFC or Bank both are covered under RBI for provide Finance to the Customer.

Aggreement not signed but ok through OTP is also valid as per RBI policy after Covid most of the Agreement has now accepted through OTP.

As there is agreement between two parties as per certain terms and conditions which is OK through OTP is valid as per law.

As you have mentioned in your query that you are charitable orgnaisaton if so kindly provide infomation about your consitution 

where you are registered Society?

Members of Society?

Authorised Signatory?

Loan sanctioned by Axis Bank NBFC to Society or individual?

Thanks

Respected Sir/Madam,

In reply I would like to state that there are Three loans on AXIS FINANCE LTD., on which Two in the name of individual and One is the name of GITANJALI FOUNDATION NEW which is a charitable trust registrered with 12A & 80G. 

1. The Trust is a Registered Trust and Registered in Book IV of District Registry Office West Bengal.

2. There are Three Member of the Trust a. Raihan Ul Haque, b. Uttara Haque and Panchanan Mondal.

3. All the Three Members of the Trust are the Member of the Trust.

4. Loan Sanctioned by AXIS FINANCE NBFC

Loan Details are enclosed please guide us

You cannot claim exemption just because there's no signature in the agreement executed through OTP. 

The law is common. 

You are required to pay the required foreclosure fees as applicable if you want to foreclose the loan.

It is your fault that you have appled for takeover loan without confirming the procedure for foreclosure. 

You may not get any relief even if you plan to approach RBI or consumer court. 

Please suggest

Dear,

After seen your attachment, you have availed three loan from AXIS Bank LAP Loan BL Loan and last LAP Loan on the name of the trust.

Now my question is who the authorised signatory for your trust as you have informed that Trust have three members. Wheather all are signatory of the Trust.

For sanction loan to trust Financial instituion demand by laws of Society Member of Society and  Courm of the Society and for Financial transaction purpose Authroised Signatory of the Society on Letter Head

As two loan are in the capacity of Individual LAP and BL but here kindly inform which co lateral property involve wheather it is same as in other LAP loan which is in the name of Society.

Kindly provide above information.

Thanks

Respected Sir, 

      As per your queries, I want to inform the following information -

A. All three members are authorised signatories.

B. We provided Axis Finance with all details of these three members.

C.  Two loans in the name of Raihan Ul Haque involve the individual property of Raihan Ul Haque.

D. So far, as the third loan is concerned, the collateral property is in the name of Raihan Ul Haque. Though the property is categorized as an educational institution and leased out to the Gitanjali Foundation.

E. The two trusts, namely, Gitanjali Foundation and Gitanjali Foundation New are charitable organizations. 

Please kindly suggest.

Attached: The sanction letter 

Dear,

Sanction letter attached was ok through OTP mode by whcih member of the Society 

For making any financial decision as per by law of your firm minimum quorm required

kindly clarify

Thanks

As trust deed main functionary of these two trust is Raihan Ul Haque 

Dear ,

As in case of Entity like Society or Trust Aggrement should be signed by all trustee/ Authorised Signatory with Rubber Stamp of the Entity as per Banking Rules.

If it is not happened in your case you can file you grivenance with concern NBFC/ Bank.

But it is advisable that you have changed your Loan for the sake of interest and if you present your concern to the higher authority it will definatly be considered.

Thanks

Dear Sir,

            As asked by the Axis Finance verbally, I have sent a letter requesting the said NBFC to issue fourclosure statement on dated 16.06.2023 but till today they are silent. As verbal discussion with concerned bank, they are telling us that it is not possible to foreclose the loan accounts before twelve month which is mentioned in their e-agreement. Please suggest.

Dear Sir,

Related to your matter Free to call to my number 9888800772.

Thanks

Respected sir/Madam,

I am enclosing herewith copies of fourclosure statement of the said Axis Finance Ltd. Please suggest.