Loan approved and then declined with no reason

I app**** to Direct Axis for a loan last week. They phoned me very promptly went through everything and sent an sms on 4th March to say my loan had been approved. They contacted me on Tuesday 8th March asking for my ID and proof of residence which I sent through yesterday. They phoned and did the verbal contract via telephone and sent another sms to say the loan had been approved. I did get a call just before 13h00 yesterday 10th March and I was busy with a customer and asked if the consultant could call back after 13h00 when I was on lunch. Nobody phoned me again. This morning I get an sms to say the loan had been declined with no reason given. I have phoned them 4 times so far this morning to find out why it had been declined after being approved. The last consultant I spoke to said it had only been provisionally approved but that is not what was said in the sms. My point is why would a contract have been done telephonically if it was only provisionally approved? I have been left holding twice today, once I was cut off and the last time I think the consultant just put the phone down because I was talking and just got an engaged signal. Needless to say, I am not very happy with Direct Axis and their customer service.