Bajaj Finance — innovative (unethical) strategies of bajaj finance

Address:	411003
Website:	www.bajajfinserv.in

Dear all,

I am regularly following the bajaj finance stock price as well as its financial performance through stock market. It is amazing that while most of the nbfcs are struggling, bajaj finance is posting blockbuster financial results quarter on quarter and year on year.

Recently, i had some financial dealings with bajaj finance. Therafter, i began to sense the causes of their blockbuster performance. I observed their modus-operandi and unethical business practices. Below are some of these practices / strategies universally applied on all of their clients:

1. They will lure the customers for loans, emi cards and other financial products through fake promises viz. Nil foreclosure charges, lowest interest rate, no hidden cost, no-cost emi card, overdraft facility etc.

2. Once you are trapped (Loan is sanctioned). If you are not alert enough, you shall lose significant amount at the loan disbursal stage itself.
(Varoius names have been invented by bajaj to lighten your disburse amount)

3. Once, loan is disbursed, they shall start with emi card. The card shall be sent as free and without your consent, however the hidden charges shall be debited to your account quitely.

4. They shall give undertaking about nill foreclosure charges. However, when you will go for foreclosure, they shall immediately impose the 4% charges ingoring their earlier commitments.

5. If you send them an e-mail to resolve the grievences, the bajaj fianace shall reply only when they are legally correct / followed proper procedures or if the offences are minor in nature.

6. They have also invented a way to loot the customers, who try to contact them at the customer-care helpline. The cc executive shall ask you about 4 to 5 unnecessary personal questions, just to ascertain your identity. He will assure you about the heritage and ethics of bajaj finance. If you ask him about some mischievous activities of bajaj, then he will request you to hold - on. After 6-7 minutes, he shall emerge with an incomplete / unsatisfactory reply. Thereby, a phone call to bajaj finance will typically last for 14-15 minutes. Please be informed that this is a call with special charges. The revenues out of such calls are shared with bajaj finance by the telecom operator.

In view of above, now i am not surprised that companies with strong ethical values (Tata capital, sbi etc) are struggling and bajaj finance is doing exceptionally well.

Regards

Hariom sharma