[Resolved] Bajaj Finance — Foreclosure charges on personal loan - 402sal19152996

 
15 Reviews
Pune, Maharashtra, India
 Arun Nambiar
Bajaj finserv have offered salaried personal loan with the below benefits:

*nil foreclosure charges*
Any time, post clearance of your first emi
*part prepayment (Term loan)*
*post clearance of the 1st emi, the customer is allowed to pay up to 6 times in a calendar year (Minimum amount per part payment is = emi x 3 and no limit on the maximum amount per prepay transaction)*

After 1st of june'16 they have decided to levy 4% foreclosure charges hence violating the loan agreement. No prior communication was sent to us before june 1st.

Their customer care has been responding with the below standard reply. Also muted response from their grievance redressal team and customer experience head.

Greetings from bajaj finserv!
We wish to inform you that currently we have stop online part payment process and foreclose process for all unsecured loans. If you wish to make payment against your loan for part payment or foreclosure, we request you to visit our nearest branch.
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 and 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.
Foreclosure charges of 4% + (Service tax15%) i. E. 4.60% will be applicable on balance principle amount.

For partpayment if you will make part payment above 25% then charges are applicable i. E 4.60% on balance principle amount.
For any other query or assistance, please feel free to write back to us at [protected]@bajajfinserv.In.
Assuring best services always.

Thanks & regards,
Bajaj finance team
Complaint marked as Resolved Jul 5, 2016
After complaining to their Grievance Redressal team and Customer head, they finally sent me a Foreclosure letter with zero additional charges. I have paid them the outstanding balance and have initiated loan closure.
Complaint comments  14 Comments     Updated: Share0Tweet0

Comments

This is criminal on the part of bajaj finserv.
I am also facing the same issue, just when I was about to foreclose.
From zero percent they have increased to 4.6% suddenly.
I am considering taking legal action
Same thing is happening with me.

Please suggest how did you got a response from the Grievance redressal team.

I am not able to get any response from them, and they have also told that they will keep charging the interest on daily basis.

Please help.
Same this happen to me also. What action should i need to take.. Please help
Same is the case with me, . Please suggest how to get this issue resolved.
Any contact number to escalate the issue
Same is the case with me, . Please help me how to resolve this.. Please
I want to foreclosure now they are saying 4.60% additional. That is cheating. Police should intervene into it. If agreement is prior 1 june 16 then they should not charge. First they say 0% charge and once loan started they saying 4.60%.

Government Police Ministry of Company affairs Law Board Income Tax and ROC should look into it. Otherwise remove the permission to do the business of Bajaj.
can we take any legal action for this foreclosure charges
I am facing the same issue. Even if we go any legal, we can't win. They have drafted their T&C in such a way that always favour them. The best we can do is not to take any loan from Bajaj and also should educate all our friends, relatives, colleagues not to avail any form of loan from Bajaj.
vikram77vik's reply, Jun 24, 2019
That is absolutely right their collection team reach to your home if you fail to pay EMI without your intimation and harassed them too.Better lets educate and inform to our beloved one and friends not to dealt with this company if you really want peace in your life.
That is right. I am one of the victims now.
Same think happen with me
When i m looking online foreclcharges is 0% and in nearest barnch it adding 4% plus gst.
What i can do
Yes we have to go legally. Tomorrow any bank can increase any charges at any time.

Middle class like us only suffers. Already paying the prescribed & planned EMI amount it self a big task. Where can we go for this huge extra charges?

Pl. all o[censored]s should join in one voice, so that we could understand what is going on in loan lending...
Guys,

Don't go for foreclosure, go for part payment as the charges of part payment are half than foreclosure charges.
Do the maximum part payment and let the loan gets matured/close automatically in one or two months only. You will get the 50% benefit in charges.

Foreclosure charges : 4% + GST = 4.72%

Part Payment charges: 2% + GST = 2.36%

Maximum limit of Part Payment : Outstanding Principle - 1 EMI

Hope this will be helpful for you.
Bajaj Finserv is a NBFC and there is an RBI notification in 2014 or so directing all Banks and NBFC not to levy foreclosure charges.

But despite repeated requests Bajaj Finserv is adamant in not waiving off the foreclosure charges. They are not even willing to reduce it to 2%.

Very unprofessional company, which refuses to be bound by even RBI directives.

RBI should intervene

Srinivasa Ramanujan
Hello everyone,
Pravin K Shinde, thanks for the suggestion on making part payment instead of the foreclosure.
I was going through many legal sites to see if consumers can made to pay any amounts by builders, shops or any other merchants etc.
I found one interesting point in case of builders mentioning in the agreements that if the bookings are cancelled full booking amount will be forfeited.
There was a ruling from Nation Consumer Forum, mentioning that no builder can forfeit amount more than 10%.
http://www.thelogicalbuyer.com/blog/booking-cancellation-can-the-builder-forfeit...
DLF Ltd. Vs. Bhagwanti Narula, Revision Petition No. 3860 of 2014, decided on 06.01.2015

Read more at The Logical Buyer's blog: Booking cancellation – can the builder forfeit Earnest Money? http://www.thelogicalbuyer.com/blog/?p=1382

I am relying on the above ruling from the NCF and Mr. Srinivasa Ramanujan's point mentioning the RBI notification in 2014 or so directing all Banks and NBFC not to levy foreclosure charges.

I think if we make up a team and file a case against BFL in the consumer court and share the costs, we might win the case.
But before that can some one verify if that 2014 RBI notification is still valid?

We could make a whatsapp group to discuss this matter further.
My whatsapp number is +91 [protected]. Vikram you can take the initiative if you feel so.

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    Bajaj Finance - Foreclosure charges on personal loan - 402sal19152996