Hi All!
First of all apnalon is not loan issuing bank. It is just intermediatory for other banks.
I recently had a very bad experience with apnaloan and icici bank.
I had purchased a land in Nasik by paying cash and I wanted a loan on same. I approached standard chartered bank for same but the saleperson said that they don’t have branch in Nasik so he gave a cell number of his friend who can help. I called this guy - (Shailesh). He was from apnaloan. But he posed as if he is employee of ICICI Bank. (and all this guys handling icici accounts will tell same). So I applied for a loan of 3 lakhs assuming that he is from ICICI. He promised me out of 3 lakhs that I can take loan of even 2 lakhs also. Later when I approached this person Sahilesh had already left apnaloan and new guy Amol came in picture. They refused to give me 2 lakh loan so I agreed on taking 2.5 lakhs. But then they (icici bank ) made new demand that you should have search report. I thought I better take a personal loan so I got back my documents from apnaloan. But I could not take personal loan for some reason and approached apanaloan again. I spent almost Rs 1500 on search report and gave it to apanloan. Saleman said that he will get sanctioned the amount in 15 days. (15th April). But for 2 months there was not call from him. When I used to call he will tell that documents are under process. Then after two months they started making fresh demands. Now they wanted index 2 document of land of previous agreement between seller and person from whom he bought land. I couldn’t get it as seller had lost it. So apnaloan came with solution that both me and seller should make affidavit that document is lost. Salesman even assisted me in making the fake signatures on affidavit of seller as he was living in Nasik. Now they wanted affidavit for my wife’s signature , which I refused to give as loan was getting expensive. They had some solution for this. Then finally came the turn of disbursal of loan. Then icici realised that as it was cash transaction they can’t pay me but instead to seller. He refused to accept the cheque for tax purposes. Now it’s a deadlock. Salesman blames me that I could not pursuade the seller to accept the cheque.
When I asked apnaloan to pay back my expenses (I spend almost 4000 on all this) the salesman used abusive language. He said that they didn’t come to me but I had come to them for loan. It’s tragic. My loan is under process for almost 8 months now. And meanwhile they have hiked interest rates by .75 % to 8.50%.
Personal loan would definitely be cheaper compared to all such hassles. I wanted to invest in Fidelity mutual fund with this money. But it’s IPO date expired long back on 20th April.
This people won’t clear all the things required at start and keep making new demands.
I will suggest all never go with such middlemen like apnaloan. You never get to talk to bank people. You can’t bargain. You can’t put your points. Apnaloan becomes just passes their message. (I think they forgot to put ’Not’ in their slogan ’We are on your side’)
And never ever go to icici bank. Approach banks like HDFC, State bank, IDBI bank etc.
ICICI bank is the biggest cheater in India.