[Resolved]  HDFC Bank — offering interest free loan 3l-20l based on 10% amount per year as a emi for 10 years

Address:

Satara, Maharashtra, 411007

Hi,

I got a weird call from HDFC Finance company Sr manager[protected].
They were offering interest free loan min 3 Lacs to 20 lacs rupess based on civil check but they will purchase one Life insurance policy with bharti AXA company. Suppose, if i agree to take 3 Lacs loan, I need to give 30K/year rupees as EMI and Aadhaar, pan card xerox.They also confirmed HDFC have a tie up with Bharti AXA life insurance company. They are not morgaging anything. They will only morgage this policy.
So, I have to pay 30K/year as installment till 10 years, After that our relation with hdfc closed but policy will continue till 15 years. After 15 years they will get maturity amount and profit from that policy. From buyer point of view we don't harm as we will receive full 3 Lacs rupees in few days, but it seems it is big fraud or a new scam of india.

I wanted to know from HDFC -

1) Are they offering such interest free loans ?
2) Are they having tie ups with Bharti AXA Life insurance company for giving such loans against policy ?