[Resolved]  Bajaj Finserv — an open letter

Address:

Thane, Maharashtra

Bajaj Finserv User ID: 13524097 I am writing this for the attention of Bajaj Finserv Limited patrons, directors, managers, employees and most importantly the consumers. The past few days since I got an incredible offer from Bajaj Finserv Lending has been very frustrating, unquestionably annoying and logic defying. It’s high time we raise our voice against such unethical behaviors of these big giant companies who are a part of every individual of the country. We see a large number o[censored]nsatisfied consumers of which many are helpless as they have better work to do and hence neglect the undoing. Trusting a company who was recently in news for fraud activities by senior officials was my bad luck, but we all know its human nature that it does not affect us until we experience it. Here’s my story, I see in my account an offer of a pre-approved loan and I showed my interest for an obvious reason that I was really in need of one. I get a call from a gentleman who informed me that because of my ‘good track record’ with Bajaj they are offering me a loan of Rs. 377000 at a rate of 1.35% flat interest over a period of 5 years with a monthly instalment of Rs. 11300 approximately. The gentleman didn’t seem to be gentle as he hung up the phone as soon I started questioning to clear myself on rate of interest, its duration and few more questions that I had in mind. I believe his work was done and probably that’s how much he is paid for. I didn’t get angry since I saw a ray of hope. I called the customer care and cleared all doubts. The flat rate of interest seemed to be very high but then when your necessity is even greater you are helpless, hence you ask them to start with the process. I was informed that they will require 4 blank cheque leaves, one cancelled cheque, a passport size photograph, an address proof and a proof of identification. How about an income proof? Well that was not required as this is a pre-approved loan. Two days later a representative named Savinay comes and collects the documents with 5 cheque leaves which I later confirmed with the customer care that he should have taken only four and was directed to write an email to [protected]@bajajfinserv.in. I did so but the excess cheque taken hasn’t been returned yet. I am still anxiously waiting and not yet angry. Next working day another representative came to my place for physical verification, asked me relevant questions and left. Next I got a call from another person for office verification and I informed that I work in an evening shift and can be available only then and at this, the representative informed that he will get someone to come to my house for the office verification as it’s not his working hours. I waited but nobody turned up hence I called the customer care the next day and was informed by them that my loan was pending approval. Cibil is clear and its pending only due to the office verification. Delayed by a week someone came for the office verification at my place and the next day when I called the customer care they no longer cared. I was informed that my loan was rejected and that they do not know the reason. They keep all the information about us, I never had to give any details when I called them. They knew who I am probably pulled the records from the mobile number I called from, but they do not have any information on why the loan got rejected. I was informed that I’ll be intimated in 24 hours. I am still waiting for the intimation, I rechecked the dictionary what intimation means, but I was unfortunate. I was starting to get angry. I wrote an email to [protected]@bajajfinserv.in and [protected]@bajajfinserv.in explaining them what happened and asking them for the reason behind the disapproval. I understand that there are so many credit policies, it could have been for any reason but I have a right to know why. I received a reply the next day stating “With reference to your below mail, we regret to inform you that your personal loan application is rejected in line with our credit policy stating employment stability criteria not meet. Further, we wish to inform you that pre-approved loan is offered to existing consumer durable customers basis previous credit history. However final personal loan approval decision is based on our credit parameters.” Now I knew the reason so I tried to explain them by writing another email. I asked a question what exactly the employment stability criteria is and I tried to explain that I am 24 years old graduate with a work experience of 30 months. I understand that I am working in my current organization for last eight months, but the reason I left my previous organization was because I was laid off as the process was shut down. I now work for a verification company and as per my knowledge, if we are laid off due to downsizing that does not hold a negative impact on our profile, moreover I didn’t stop earning for a single month. When the representative came to my place for the office verification he asked me irrelevant questions like how many rooms do I have, what is the rent that I pay and how many earning members are we which was asked by the person who came for address verification. He probably forgot that he came for the office verification. He never asked me why did I leave my last organization since I did tell him that my total experience is of 30 months. I mentioned “I would like to raise this issue further so kindly guide me whom should I email it to if you cannot help it. You say that the final personal loan approval decision is based on your credit parameters and trust me I have fulfilled them all.” I received a call in a day’s time from a lady informing me that my loan is rejected and that is how it stand. She tried to convince me with a monotonous speech which I declined to accept then and it is unacceptable as of today. After a while I received a reply to my second email which joked “With reference to our discussion, we regret to inform you that we are unable to process your loan application in line with our credit policy stating negative area and employment stability norms not meet.” And they assured me of their best services always in the signature field. Well though not the best but quite an experience I must say. Now their sentence had just one change. There was another reason added. I have three credit cards issued where I stay now and Bajaj has provided four consumer loans and now they realize that I stay in a negative area. The laughter that evolves when you are frustrated is something you would definitely like. Anger grew and to calm that I received another call the same day and this time a lady who spoke a little better than the previous one tried to explain the same thing but instead this time it was myself who explained her about their claims, my stability, and the joke that I stay in a negative area. She empathized and assured that it will be looked up again after I explained her all that I stated above. When I did not see any intimation again I wrote another email and to my shock I received a reply that stated “With reference to our discussion, we regret to inform you that we are unable to process your loan application in line with our credit policy.” If anyone at Bajaj Finserv Limited ever read the fair practices code point number 2 that explains their key commitments approved by the board of directors on 15 May 2013. I understand it’s a long time and hard to remember. I tried to relate my experience on these principle and see where they stand. 2. Key Commitments The Company's key commitments to customers: a. Act fairly and reasonably in all their dealings with customers by: • Meeting the commitments and standards in this Code, for the products and services the Company offers and in the procedures and practices its staff follows. “I do not know what procedures and practices your staff has been asked to follow but I’m pretty sure commitments and standards failed.” • Making sure that Company's products and services meet relevant laws and regulations “I’m no one to comment on this. I am hopeful respect the laws and regulation.” • Company's dealings with customers will rest on ethical principles of integrity and transparency. Ethical principles of integrity and transparency! I like the idea but it’s high time (almost two years now) you take an effort to adopt it. And by the way integrity means “The quality of being honest and having strong moral principles; moral uprightness.” And transparency means “as used in science, engineering, business, the humanities and in a social context more generally, implies openness, communication, and accountability.” b. Help customers understand how company's product work by: • Explaining their financial implications. “This is something I may not expect from Bajaj Finserv for another decade. The staffs lack knowledge, proper training and communicating ability.” c. Deal quickly and sympathetically with things that go wrong by: • Correcting mistakes quickly. “To correct your mistakes you first need to admit it. Office verification was substandard. By claiming that the loan was rejected due to employment stability, you should have stick to it answered me when I explained my job experience and not by adding another reason which was an insult to the locality I stay in. You called it a negative area. You lied, and when do people Lie?” • Handling customer's complaints quickly. “It’s been twenty days and this mess has not been cleaned.” • Telling customers' how to take their complaint forward if they are still not satisfied. In one of email I asked “I would like to raise this issue further so kindly guide me whom should I email it to if you cannot help it.” I got no acknowledgement whatsoever on this. d. Publicize this Code, put it on Company's website and have copies available for customer on request. “Publicizing the code does not mean you are endorsing it.” Don’t you think you need to be clear with the requirements and then offer such services? What was the use of one year relationship with your company? Didn’t you come up with the pre-approved loan basis the payment I was making i.e. Rs. 7845 from January 2014 to June 2014. Rs. 9969 from July 2014 to August 2014. Rs. 8944 from September 2014 to October 2014 and Rs. 2944 since then? What if I would have told you I have been working in my current organization since 3 years? You never asked me for any document relating to my work or income. Don’t you think it’s time to grow up and rationalize your theories? By creating all these mess you also messed up with my cibil report. You say that pre-approved loan is offered to existing consumer durable customer’s basis previous credit history. However final personal loan approval decision is based on your credit parameters so why wasn't I informed about these parameter when I was being informed about all other parameters or before taking the cheques. Again this would mean it could just have been some targets that you wanted to meet and that's why I was kept in dark. Now this also implies that you have certainly messed up with my cibil enquiries. This is really unacceptable. I am in need and due to your unpredictable expedition my chances of getting a loan elsewhere are zero because of the recent inquiry you must have made. The reason you gave was insupportable hence to cover that the way you hypocritically added another reason of the area I stay being negative showed your dishonesty with your own key commitments. It might just be a business for you, but we ask for your service when there is a necessity. You really think you can insult someone’s credibility. Don’t you think making false promises and making fake reasoning is unethical? You played a game, wasted my time, messed up with my credit eligibility and then just sit back and relax. I don’t have to remind the last email that I received from you as stated above. I asked for acknowledgment, reason and resolution. You provided none. Thank you for the consumer durable loans provided by you to the applicant who is the resident of the area which falls under negative parameters.