I hold a loan with Axis Finance Ltd. (Loan A/C No. 0456MMA[protected]. Over the past two years, the rate of interest (ROI) was increased multiple times citing RBI repo rate hikes. However, when repo rates were reduced, no benefit was passed on. Axis Finance uses an internal benchmark called AFLRR, which remains undisclosed and unexplained despite repeated requests.
Key issues:
- ROI changes were unilateral and not aligned with RBI’s actual rate movements
- ₹13, 640 charged as “repricing fees” without transparency
- EMI amounts and tenure altered without consent
- AFLRR mechanism never disclosed or justified
I have escalated this grievance through:
- RBI CMS (Ref: N[protected])
- RTI (DOFSR/R/E/25/01083)
- CPGRAMS (DEABD/E/2025/0058868)
- PMO Grievance (PMOPG/E/2025/0124989)
Despite these efforts, Axis Finance continues to respond with templated replies and no resolution. I am not seeking concessions — only fair treatment and regulatory accountability. I[censored]nresolved, I will file a formal complaint before the District Consumer Court on 01 Sep 2025.
I request Axis Finance to:
- Clarify the AFLRR mechanism and its linkage to repo rate
- Retrospectively correct the ROI from 2022
- Refund excess EMIs and unjustified repricing fees
📞 R. Karthikeyan 📧 [protected]@gmail.com
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