Bajajfinserv — Foreclosure charges 4.6% of loan a/c no: 13937580 | |||||
Dear Sir, I had taken this Personal loan of 10 lacs from Bajaj Finance because of the exclusive offer from Bajaj giving part payment facility & foreclosure facility at 0% charges. That was the only reason I took this loan from Bajaj at a comparatively higher rate of interest in spite of me getting better rate offers from other banks/NBFCs. A major part of Interest has already been recovered from Bajaj in the last 30 months. Now when I wanted to close this loan Bank is levying a pre-payment charge of 4.60% on the outstanding amount without any notice to the customer. The change in any policy or terms & conditions can be understood for new customers but how can sudden changes be applicable for old customers. This is clearly cheating the customer. The officers of Bajaj never show the agreement to the customers stating that all the loan details & terms and conditions of the loan will be given to on Email for which we have to reply as our consent. I had received from Bajaj in the Email sent from Bajaj it is clearly mentioned that Foreclosing charges are Nil, and there is no such condition that terms & conditions are subject to change any time during the loan tenure. I took a balance transfer loan from ICICI to close this loan which got disbursed on 31st of May, I received a cheque on 2nd but on 2nd I came to know the pre closing conditions have changed from 1st onwards. I was helpless and I had to forcefully close the Bajaj loan since I was been charged interest from both ICICI & Bajaj. I was supposed to travel out of India but I have cancelled that too because of this. I have faced a huge monetary loss in the following manner Fore closing charges @4.60% - 27100/- Interest to Bajaj From 1st to 14 June - 3332/- Interest to ICICI bank - 3332/- Apart from the monetary loss I have lost on my travelling & cancellation charges and most importantly mental trauma in all these process. Kindly do Justice me Thanking you Sir, Regards, Rajini [protected] Was this information helpful? | |||||
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Bajaj Finserv customer support has been notified about the posted complaint. | |||||
 2 Comments | |||||
Comments
Hi Rajini, Greetings from Bajaj Finance Ltd! With reference to your query regarding foreclosure charges, we would like to submit that BFL was amongst the first between all Financial Institutions to start with the practice of zero foreclosure charges whilst competitors were charging the same to all customers. In line with the policy we offered the above facility to you with zero foreclosure charges. However, basis the prevailing market condition the Company decided to apply foreclosure charges to all our customers who foreclose the loan. Bajaj Finance always strives to maintain best possible balance between the customer's interests & current economic conditions. All practices hence adopted are keeping in mind our aim to achieve better customer service with a competitive edge. In view of the above fact, we wish to inform you that we would not be able to waive off the said foreclosure charges. For any other query or assistance, please feel free to write back to us at [protected]@bajajfinserv.in.
Reply
Hi Bajaj Finance Team,
This is not the best way to maintain balance it. If you want meet market conditions then you should have applied for new customers. However, you should not apply the charges on existing customers. How can you change the policy features in between without prior intimation? Is this how you trick your customers after serving the loan? I believe this is not best practice to achieve better customer service, I would not recommend my colleague to adopt any of your service in future.
This is not the best way to maintain balance it. If you want meet market conditions then you should have applied for new customers. However, you should not apply the charges on existing customers. How can you change the policy features in between without prior intimation? Is this how you trick your customers after serving the loan? I believe this is not best practice to achieve better customer service, I would not recommend my colleague to adopt any of your service in future.
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