Bajaj Finserv — Unofficial Subvention Charges Imposed on Consumer Loan | |||
The following mail has been sent to bajajfinance from my side regarding the consumer loan account number : 4040CD03586739. Bajaj finserv claims that the subvention charges are borne by them and not consumer but the EMI amount total sum comes to be exactly exceeding the loan amount equal to the subvention charges. Upon asking for the explanation, they are threatening in the name of CIBIL to negatively impact my cibil score. So I humbly request you to enquire about the matter and resolve the issue as early as possible and help me. _______________________________________________________________ Subject: Refund o[censored]ndisclosed Subvention charges From: SHAH DHWANIT Sun, Sep 13, 2015 at 11:00 PM To: [protected]@bajajfinserv.in Dear Bajaj Finance Team, The subvention charges are taken as part of loan. I checked with the bill from the shop keeper. As per the bill the hypothecation amount taken as loan is Rs. 56, 844/- . The sum total of repayment amount comes to be Rs. 57630/- which is Rs. 786 more than the actual hypothecated loan amount. I can see from my Bajaj account EMI statement that an additional of approximately Rs. 785 + Rs. 10 = Rs. 795/- has been charged as part of subvention charges and levied on the customer despite of the fact that Bajaj Finance claimed to be taking 0 % interest and Rs. 0 processing charges at the time of taking loan. Please revert the subvention charges from my account and upon confirmation of the same, I am ready to pay the remaining different amount Rs. 2945/- less Rs. 795/- = Rs. 2150/- due as part of my last instalment of the loan. PFA FOR THE BILL FROM THE SELLER : ADISHWAR INDIA LIMITED - ATTACHED WITH THIS MAIL FOR YOUR REFERENCE. Rs. 15656/- (paid as downpayment from the HDFC Credit Card) Rs. 56844/- (Hypothecated loan amount taken from Bajaj Finance) _____________ Total of Rs. 72500/- ONLY _____________ Kindly tally the ledger from your side and revert back at your convenience. Thanks and Regards, Dhwanit Shah ________________________________________________________________________ I have also attached the bill copy from the sellar for your reference. Was this information helpful? | |||
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Bajaj Finserv customer support has been notified about the posted complaint. | |||
 3 Comments | |||
Comments
Hello Bajaj Financiering
Today I have checked my Consumer Goods Loan Account number 403SCE18592327 from bajaj Financiering. In my Loan account statement they have added around 24000 thousand as a subvention charges. The dealer through which I have taken a loan is citing that he has not got the full loan amount money from bajaj financieing.
I request the bajaj Financieing to look into this. At the time of loan application, I was not informed about the subvention charges, I was only informed about the processing fees of 1000 Rs only. I reqest you to kindly look into it and rsolve the issue as fast as possible
Thanking you
Today I have checked my Consumer Goods Loan Account number 403SCE18592327 from bajaj Financiering. In my Loan account statement they have added around 24000 thousand as a subvention charges. The dealer through which I have taken a loan is citing that he has not got the full loan amount money from bajaj financieing.
I request the bajaj Financieing to look into this. At the time of loan application, I was not informed about the subvention charges, I was only informed about the processing fees of 1000 Rs only. I reqest you to kindly look into it and rsolve the issue as fast as possible
Thanking you
Dear Sir/Madam,
1) I write this email to seek redressal of my grievances arising out of my recent transaction done on 14th July, 2016 of getting a macbook air 13 inch laptop financed from Bajaj Financial Services. The details of the product & transaction are mentioned hereunder:-
- Product = Macbook Air 13 inch bearing Model No. - C1MRX56MH3QD
- Date of purchase = 14th July, 2016
- Retail store = iZenica M-62, Ground Floor. GK - 1 Market. New Delhi. 110048
- Sales agent concerned = Miss Geetika
- Bajaj agent concerned = Mr. Naveen
- Bajaj Card No. = [protected]
- Bajaj order no. = SF39004272
- Price of product = 80900 INR
- Discounted price offered by dealer = 65000 INR
- Down payment made = 25666
- EMI Amount = 7222
- No. of EMIs remaining = 06 (06 X 7222 = 43332INR)
- Processing fee = 749 INR
- Rate of interest = 0 %
- Subvention charges = 3250 INR
2) It is submitted that on 14th July, 2016 I purchased the above product and the MRP quoted to me was 65000 INR all inclusive and for the said purchase I availed financial services of your organisation i.e. Bajaj Finance. I informed the Bajaj agent concerned about my 0% interest free EMI Bajaj card and was informed that i will be charged 5 % interest inspite of having above mentioned card and also 749 as processing fee.
3) I payed 25666 INR as downpayment which has the following break -
7222 INR X 03 = 21666 (03 EMIs as advance)
750 ( processing fee)
3250 ( subvention charge)
————-
25666 INR
————-
Furthermore to clarify my payment details I made the above down payment by my SBI Debit card vide transaction no.[protected] for 14666 INR + 11000 INR by cash.
4) It is submitted that I received the email from Bajaj containing my approved loan receipt which clearly stated that my interest rate is 0 % and the amount of downpayment to be collected from me should be 21669 INR and loan amount shall be 43331 INR which shall be payable by me in 06 EMIs of 7223 INR. Processing fee being 749 INR.
5) I thereupon contacted Mr. Naveen about this receipt from Bajaj Finance and demanded an explanation on why was i made to pay more for the down payment and consequently Mr. Naveen or the officials at the retail store still haven't given me any convincing explanation.
6) Mr. Naveen forwarded me a copy of ‘delivery order’ which precisely stated that the down payment to be collected from me shall be 22418 INR and further clarified that the amount of 3250 INR charged from me was not the interest rate rather its the subvention charge and this amount should have been paid by the retail dealer to Bajaj Finance (under Vanilla scheme).
7) Thus i request you to kindly look into the matter and kindly revert 3250 INR an amount which has been wrongfully charged from me and for which i have not been given any invoice either by Bajaj or the retailer i.e. iZenica, which makes the transaction of 3250 INR not only illegal but also fraudulent on the ground of partial disclosure and misrepresentation.
8) Looking forward to an amicable and speedy resolution of my grievance and no further escalation of this issue on account of inaction on your part. Thank you.
I hereby attach the copy of
a) Sale invoice
b) Bajaj approved loan receipt
c) Delivery order
1) I write this email to seek redressal of my grievances arising out of my recent transaction done on 14th July, 2016 of getting a macbook air 13 inch laptop financed from Bajaj Financial Services. The details of the product & transaction are mentioned hereunder:-
- Product = Macbook Air 13 inch bearing Model No. - C1MRX56MH3QD
- Date of purchase = 14th July, 2016
- Retail store = iZenica M-62, Ground Floor. GK - 1 Market. New Delhi. 110048
- Sales agent concerned = Miss Geetika
- Bajaj agent concerned = Mr. Naveen
- Bajaj Card No. = [protected]
- Bajaj order no. = SF39004272
- Price of product = 80900 INR
- Discounted price offered by dealer = 65000 INR
- Down payment made = 25666
- EMI Amount = 7222
- No. of EMIs remaining = 06 (06 X 7222 = 43332INR)
- Processing fee = 749 INR
- Rate of interest = 0 %
- Subvention charges = 3250 INR
2) It is submitted that on 14th July, 2016 I purchased the above product and the MRP quoted to me was 65000 INR all inclusive and for the said purchase I availed financial services of your organisation i.e. Bajaj Finance. I informed the Bajaj agent concerned about my 0% interest free EMI Bajaj card and was informed that i will be charged 5 % interest inspite of having above mentioned card and also 749 as processing fee.
3) I payed 25666 INR as downpayment which has the following break -
7222 INR X 03 = 21666 (03 EMIs as advance)
750 ( processing fee)
3250 ( subvention charge)
————-
25666 INR
————-
Furthermore to clarify my payment details I made the above down payment by my SBI Debit card vide transaction no.[protected] for 14666 INR + 11000 INR by cash.
4) It is submitted that I received the email from Bajaj containing my approved loan receipt which clearly stated that my interest rate is 0 % and the amount of downpayment to be collected from me should be 21669 INR and loan amount shall be 43331 INR which shall be payable by me in 06 EMIs of 7223 INR. Processing fee being 749 INR.
5) I thereupon contacted Mr. Naveen about this receipt from Bajaj Finance and demanded an explanation on why was i made to pay more for the down payment and consequently Mr. Naveen or the officials at the retail store still haven't given me any convincing explanation.
6) Mr. Naveen forwarded me a copy of ‘delivery order’ which precisely stated that the down payment to be collected from me shall be 22418 INR and further clarified that the amount of 3250 INR charged from me was not the interest rate rather its the subvention charge and this amount should have been paid by the retail dealer to Bajaj Finance (under Vanilla scheme).
7) Thus i request you to kindly look into the matter and kindly revert 3250 INR an amount which has been wrongfully charged from me and for which i have not been given any invoice either by Bajaj or the retailer i.e. iZenica, which makes the transaction of 3250 INR not only illegal but also fraudulent on the ground of partial disclosure and misrepresentation.
8) Looking forward to an amicable and speedy resolution of my grievance and no further escalation of this issue on account of inaction on your part. Thank you.
I hereby attach the copy of
a) Sale invoice
b) Bajaj approved loan receipt
c) Delivery order
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At the outset, please accept our apologies for the inconvenience caused. We have already initiated the process of resolution of your query. You shall hear from us soon. During this time, should you wish to contact us, please write to us on [protected]@bajajfinservlending.com mentioning your Loan Account Number in the subject.
With regards,
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Bajaj Finserv Lending.