Avanse Financial Services — Education loan for abroad

Address:	Bangalore, Karnataka, 321609
Website:	www.avanse.com

I got selected to one of the good universities o[censored]sa in dallas so i applied for loan to avanse on the month of march 2015.

First day i talked to avanse customer care executive and gave all the information about collateral based loan. I told that i would be taking the loan on behalf of my paternal property which is in dausa district. They told that the property comes in dhfl group network area and hence the loan can be sanctioned.

Post that confirmation i started my application with avanse, they asked for each and every document and i provided the same whichever was necessary. This process took almost a month. Avanse group representative used to tell me that loan will be sanctioned easily and no issues will come as all document requirements have been fulfilled. Documents i submitted includes all income tax certificates, property related documents, all identity proofs which were required, university related documents etc.

Post these requirements they asked me to submit the loan processing fees which was 1% of the loan amount (30 lakhs) and the tax amount added that is 35118 inr. I submitted the loan processing fees and post that i received the loan sanction letter from avanse.

I started preparing for my visa process and got the visa to usa. Even i bought the airline tickets to dallas dated 8th august 2015.

Suddenly, one day i got the call from avanse representative that loan cannot be given to me because the property which i was providing doesn't come under dhfl network area.

It is hard to believe that i have been given the loan sanction letter by avanse without doing a primary check of property address (Whether it comes under avanse service area or not). The process started in month of march and had already been 3 months and at that point of time i was not able to see any options left with me.

It was like they played with my career and finally told me nothing can be done. As a result i had to cancel the plan of studying abroad and i stayed in india.

Then i asked them to refund the amount which was taken by them as loan processing fees. I got the reply “we have processed your loan, but because of non clearance of legal, the case got rejected & you have collected the sanction letter with us through that you got your i-20 & visa as well.
So now we cant be able reimburse the processing fees.” i provided them all the documents as a proof that i have not utilized the loan sanction letter to get my i20 or visa. Then finally they gave me 25000 inr as disbursement. I asked them since, i have deposited the amount of 35, 118 rs and got this sum which is more than 10000 less. I am not satisfied with this amount which has been credited. Please send me all the details of deductions which you have done on this amount. But they didn’t respond and finally the representative told me that do whatever you want, we are not going to do anything.

I started my loan application process in march and i was informed about the invalidity of the collateral which i was providing in july with the simple reason that the property doesn't lie in the network area. If this could have been informed to me on march itself then i could have tried other options. But i got stuck with avanse and finally i am not doing my masters from usa.
I have not utilized the sanction letter also. Please tell me one good reason, for what you are keeping the processing fees or the remaining 10118 inr. You played with one of your customers' career and earn the money. Is this the avanse all about.
I would not recommend this institution at all to any of the consumers as the way avanse has played with my career is not at all acceptable. This institution is a fraud in the name of financial institution and plays with the career of the deserved students.

Attaching the loan sanction letter image from avanse as proof.