First I got a call from an Bajaj Finance Agent asking for if interested on 0% interest loan provided by Bajaj Finance. I showed my interest and an agent named Anshuman (quoted as Relationship Manager) contacted me on my WhatsApp on 09th May 2022. His WhatsApp number is +91-[protected]. He asked me my Aadhaar card, PAN card, bank statement and photo and other personal details which I provided. They checked my eligibility and mentioned that I am eligible till 18 Lacks limit. I opted for the 4 Lacks loan amount and they guided me to purchase Bharti Axa Life Insurance Plan of 40, 000 for 10 years mentioning the insurance premium amount will be the EMIs for the loan and all this invested amount will be refunded with the loan and I just have to pay 3, 334 EMI monthly. I did according to them. Before proceeding itself I made sure that loan disbursement should be within 20 days as insurance plan cancellation period is 1 month. He assured me the loan disbursement before 26 May 2022. Only then I agreed. Then later I got a call mentioning my profile got selected by Bajaj Finance for a subsidy where 25% off is given if I take loan amount of till 10 - 15 Lacks. For having the loan amount 15 Lacks I have to purchase Bharti Axa insurance plan of more 1, 10, 000 as both policies will sum upto 1, 50, 000. I was in need for large amount so I purchased insurance plan worth of 1, 50, 000 to get the loan amount of 15, 00, 000. Then they were doing lot of delays by mentioning various reasons. Now when my second insurance policy plan is going to finish it's free-lookup period, still the Agent Anshuman was asking me to hold and the loan is about to disburse. I demanded to have the application number otherwise I will cancel the policies right away, then they updated the loan application and I received the application number from Bajaj Finance. When I mailed the Bajaj Finance for the loan status, I received a mail from Bajaj Finance that my loan cannot be processed as my profile does not meet their criteria. They guaranteed before making me purchase for insurance plan of 1, 50, 000 that my profile is eligible and I will definitely get the loan.
This is a huge scam where first the Bajaj Finance Agent is asking to purchase the insurance policy from Bharti AXA, and while purchasing they asked not to mention the reason as a loan. Then making unusual delays for the loan till the free-lookup period of insurance policy from Bharti Axa should be finished. Then just mailing out that the profile is not eligible for the loan.
I have applied for the cancellation of both the insurance policies I have taken from the Bharti Axa but one of the policy has crossed free-lookup period. I don't know what all consequences I have to face now to get my all amount back without any charges.
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