[Resolved]  Bajaj Finance Ltd — Personal Loan unnecessary deduction during Loan processing (for Insurance)

Address:Chennai, Tamil Nadu

Hello, This is Gnanasekar from Chennai. I've applied for a personal Loan in Bajaj Finance ltd last week. earlier they informed me that the processing fee is 1.8% and Rate of interest is 14.5%. But while sending the confirmation email they mentioned Processing fee as 2% and Rate of interest as 14.75%. After my reply email i believe they changed it back to 1.8% & 14.5% and processed the same. Today i got the amount credited in my account. But they deducted additional amount of arround INR 2500 other than processing fee. I guess it should be for insurance. But I did not opted for insurance and hence not signed in that column. But they simply deducted on their own. In this case I'm not getting any proper response from the Bajaj Finance ltd. Im really depressed on these cheap / malfunctioning of Bajaj Finance Ltd. So i decided to not avail this loan and decided to move to consumer court If they didn't credit the unncessarily deducted amount. Very poor processing and malfunctioning at the start of the loan makes me un-comfort with Bajaj Finance ltd.
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Aug 14, 2020
Complaint marked as Resolved 
Jun 02, 2014
Updated by r.gnana
My Loan application number: [protected]
Complaint comments 

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Dear Gnanasekar.

Thank you for sharing your details. We have initiated the process of resolution of your query. You shall hear from us asap. During this time, should you wish to contact us, please write to us on [protected]@bajajfinserv.in mentioning your Loan Account Number in the subject.

With regards,

weCare
Bajaj Finserv Lending
Dear Gnanasekar.

With reference to our discussion, we request you to send us the scan copy of your bank statement on [protected]@bajajfinserv.in to assist you further.

With regards,

weCare
Bajaj Finserv Lending
Based on our discussion i've sent the statement which i got from Bajaj Finace. A customer care person contacted me and sent the split up of documents. I found that amount of INR 999 has been deducted in the name of "Credit vidhya". When i asked about it they sent me an email statement with Credit Vidhya report. It is just an advice to take loan and to determine how your cibil points will be rated. I don't need such study reports as i knew it already and there is no use of such reports. This seems to be hidden charges without informing the customer. I asked for the amount to be refunded in my account. The customer care person said he will take up this issue and arrange for refund. But again i got the same report in the name "financial Fitness report". I really don't need such useless reports for my RS.1000. Therefore it seems Bajaj Finance is Looting customers money by these hidden charges. Atleast this should have been informed earlier, if it is informed i would have not taken loan from Bajaj Finance. I've sent several emails but no proper response. Its almost 1 week now. Now i've to cancel this loan because of their poor actions. If they charge some amount for closure then i've to go to consumer court as no choice left for me. For other friends those who are planning to take personal loan, please take it from reputed banks (transparent charges) instead of these financial looters...I'm expecting a reply or response from Bajaj finance. I'll update in this forum untill my issue gets resolved.
Based on our discussion i've sent the statement which i got from Bajaj
Finace. A customer care person contacted
me and sent the split up of documents. I found that amount of INR 999 has been
deducted in the name of "Credit vidhya".
When i asked about it they sent me an
email statement with Credit Vidhya
report. It is just an advice to take loan and to determine how your cibil points will be rated. I don't need such
study reports as i knew it already and
there is no use of such reports. This seems to be hidden charges without
informing the customer. I asked for the amount to be refunded in my account.
The customer care person said he will take up this issue and arrange for
refund. But again i got the same report
in the name "financial Fitness report". I really don't need such
useless reports for my RS.1000. Therefore it seems Bajaj Finance is Looting customers money by
these hidden charges. Atleast this should
have been informed earlier, if it is informed i
would have not taken loan from Bajaj
Finance. I've sent several emails but no
proper response. Its almost 1 week now. Now i've to cancel this loan because of their poor
actions. If they charge some amount for closure then i've to
go to consumer court as no choice left for me. For other friends those who are
planning to take personal loan, please take it from reputed banks (transparent
charges) instead of these financial looters...I'm expecting a reply or response
from Bajaj finance. I'll update in this forum untill my issue gets resolved.

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