Bajaj Finserv — Personal loan: levy of foreclosure and part prepayment charges

praveenmalviya

from Mumbai, Maharashtra

Address:	Mumbai City, Maharashtra
Website:	www.bajajfinserv.in

My personal loan was sanctioned a year back on below terms & conditions for part payment/foreclosure charges, i have approval mail as a proof.

0% foreclosure charges after 1st emi
0% part payment charges after 1st emi (You can do 6times part payment in a calender year)

Now suddenly you are sending mail to me for 4% foreclosure and also part payment charges if part payment is more than 25% of outstanding amount. This is illegal practice as i chose you (Over hdfc) for loan on higher interest rate because of the 0% foreclosure & part payment charges and now you are forcing customer to pay these charges which is unfair.

On their excuse of prevailing market condition the company decided to apply foreclosure charges to all our customers who foreclose the loan. Everyone knows that market conditions are quite better now as compare to a year back and interest rates are coming down and it is 11.49% lowest now for pl. If you are introducing foreclosure/part payment charges then why not reducing interest rate as low as your competitors. Don"t make any excuse of market condition to legalize your unethical practices.

Still the fundamental question is terms & conditions at the time of loan sanction which you are going to change in midterm. It proves that bfl is not transparent and has dual characteristics to allure customer first with apple and after few months give him rotten orange.

I will lodge complaints to regulator for such unethical practice and take social media"s help to expose such illegal activities to increase awareness in prospective customers to re-think before going in contract with bfl

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Comments

Arun Nambiar

from Pune, Maharashtra

People who have complained about the foreclosure charges have been sent the standard reply you have attached. Also to make matter worse they have stopped online payment. So I think just complaining to the customer care wont help. Do you know how we can lodge the complaint to the Govt. regulator?

Raghu12345678

from Bhimunipatnam, Andhra Pradesh

I'm also facing the same issue. My loan was sanctioned two year ago with same terms and conditions and now I was charged with 4% foreclosure charges. I received irrelevant reply when I mailed to customer care.

This is wrong practice and we should all fight against this legally. I'm planning to lodge a complaint at district level consumer forum.

Rajeev1985001

from Delhi, Delhi

I have also received the same standard reply. they are making the excuse of forcing the foreclosure charges as "per prevailing market condition the company decided to apply foreclosure charges to all our customers who foreclose the loan."
On customer care helpline they are saying they have agreement in which it is mentioned they can change term any time they want. In future also they can do such thing as per them. I seriously disappointed with this kind o[censored]n-professionalism. Not going to refer any one to go to Bajaj Finserv.

Daruru

Hi, I'm also facing the same issue. Another thread is going on in Gmail, can you join that group and we can fight with this fake / cheating company. My Id is : [protected]@gmail.com.

Gather ids if possible we can add it in gmail thread and raise the complaint against Bajaj

Regards
Sarath

Siva Kri

from Bengaluru, Karnataka

I'm facing the same issue too. BTW, the customer service of Bajaj finserv is PATHETIC !!!...they cut the call midway and do not provide clear cut answers.

Brahma_V

from Bengaluru, Karnataka

I have also faced same situation. Can I expect a justice through this forum or do I need to go to Legally and approach consumer court and raise complaint against Bajaj finserv

anand_a

from Mumbai, Maharashtra

I too am a victim of bajaj finance. I think if they do not rectify, we should take to facebook/twitter to warn others from not falling into their trap. I was misguided thrice by them:

1) I was told insurance is mandatory with personal loan, but on clarifying this with customer care after sanction of loan, i got it refunded.
2) The executive gave me wrong information on rate of interest.
3) Foreclosure issue as above.
4) And the customer care is such that i call them to ask for foreclosure detail, and there reply is:
You do not have any offer currently, as and when the offer is generated for you, we will inform you. And the call is disconnected!!!