[Resolved]  Bajaj Finance Ltd — Multiple Concerns - Interest rate, Tenure, processing Fees

Address:

Bangalore, Karnataka

Hi Bajaj, I have sent multiple emails and received several SR Numbers but not sure what is the current status of each of them? I don't have any option to make a call to know the details too as the toll free number says 'service to customer service executive is not available for this product'. Its very pathetic. Please keep me informed on the progress happening. The personal loan (4040PL[protected] disbursed to me is not what i was told over phone and its a cheating. Now the agent is not picking up the phone either. I am forced to pursue legal action in consumer court if I do not receive any response before end of this week (29th Nov). Over Email: SRN00628920 SRN00625712 SRN00625713 Over website 9070490 9070253 Problem Reported: 18/11: On seeing the online advertisement on pre-approved personal loan of Rs 2, 26, 000 based on my earlier consumer durable loan (4040CD[protected], I applied it online via website. I received a call from the customer service and she explained about the product and confirmed me 12% as the rate of interest for the offer that I have. I agreed to it and asked to proceed further as I needed only Rs 1, 40, 000. She took my convenient time, location and said I can enquire more on processing fees, tenure, EMI etc with the person who would come to collect the documents. (I suggest you hear this conversation if this was recorded) 19/11: Person from Bajaj finance approached me to get the documents signed and I requested him to consider for 3 years for which EMI would come approximately as Rs 4, 500. He agreed and received signature and the blank cheques promptly. 20/11: I got a person at my home and I received a call from Bajaj for verification purpose and I was told that the Loan was approved. Again, I double confirmed the amount dispersal, rate of interest and the EMI. For which I was told roughly about Rs 4, 500 for 3 years. 21/11: I received Rs 1, 33, 613 in my bank account and the agent told remaining (Rs 6, 387) deducted from Rs 1, 40, 000 was towards insurance policy and some advance interest. Which I don't understand still. 22/11: I received a welcome letter via email as my customer id[protected] and I logged into the website and I could see the 'statement of account' with rate of interest was calculated as 23.05% and the tenure was mentioned as 4 years. Which brings the EMI to Rs 4, 491. This was shocking and I raised a complaint in your website and wrote the email id [protected]@bajajfinserv.in. 23/11: I could see there was also a 'welcome letter' which says Rate of Interest as 13.49% for tenure of 4 years with EMI Rs 4, 491. 24/11: I called the agent and informed about this descripency and he promised to get me a call back from his office on next day 25/11: I got a call from Bangalore office and the person informed me that the interest rate is 23.05% because I did not take the loan amount of originally approved Rs 2.26, 000 and hence this fall as normal personal loan category. This was an extreme shock and he said he will talk to the head office and get me a response soon. Which I did not receive till date and there is no one to talk to me regarding this. Outstanding issues: Loan amount that I requested is only Rs 1, 40, 000 with rate of interest as 12% for a tenure of 3 years. This needs to be change in the 'statement of account' immediately. Why there is an insurance amount deducted? I already have several PA cover for my life so, this need to be cancelled. What is the 'upfront interest charges' (Rs 2, 885) from the customer calculated? I do not understand. How will this be adjusted with the remaining EMI that I need to pay? I am available at [protected] or email at prabakaran.[protected]@tcs.com/ [protected]@gmail.com.