Bajaj Finance — Non trasparent process / Illogical rules

medatwal

from Kolkata, West Bengal

Address:	Bangalore, Karnataka, 560078
Website:	bajajfinserv.in

I'd like highlight company's non transparent policy and illogical pilicy of charging processing fee on loan approved amount.

My original salaried loan request was for 2 Lac and the loan amount was approved as 2 Lac only however I've received only 1, 94000/- in hand and remaining amount was charged by Bajaj as processing fee worth of 6000.

Ideally, customer to pay EMI on the amount received in hand therefore EMI should be calculated on 1.94 Lac but to my surprise they have added processing back to the principal amount and calulated future EMIs on the same. Also they have added insurance amount to principle amount which was tagged to the loan to secure it. Needless to say that thing increased ny monthly EMI exorbitantly...when asked to cancel the insurance, they had adjusted the amount very badly...when asking for calculation they said to contact HDFC...WHY should i ask then if you have sold the product????

Bajaj didn't take responsibility regarding transparency of possible charges tagged with the loan...and customer service representative are there to give most ridiculous services you'd ever received from any service industry...

I'm going to foreclose my loan and would suggest to all that please do not go to Bajaj for loan services at all...they are cheaters of the industry...

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Nov 18, 2016

Updated by medatwal Is any help is provided here ?

Nov 18, 2016

Updated by medatwal I'd like to highlight company's illogical policy of charging processing fee on approved loan amount.

My original salaried loan amount was approved for 2 Lac however I'd received only 1.94 Lac in hand stating that 6K was charges due to processing fee. (That's alright as of now) Later they had tagged on Insurance also to the loan to secure the future loan amount...however to my SURPRISE that they had added these two amounts to my principal amount and increased in unnecessarily resulting increased EMI per month...

I have been trying to get logical answer to my only question that if Bajaj has already charged processing fee while not giving my requested amount of 2 Lac in my hand then why they are again adding this charges to the principal amount...It is utterly ridiculous that they also understand that its wrong and still cant do anything about it...exceptions are made in this world all the time but certainly not for common people but only for powerful ones...

Also when I asked to cancel the Insurance for 10271 which was given for 5 years, It was settled only for 3500/- for using it for only 5 month...when asked about the calculation they said to contact HDFC...WHY THE HELL I SHOULD CONTACT THEM WHEN YOU SOLD ME THIS RIDICULOUS POLICY ????

And top of that their customer service representatives are superbly ridiculous...they talk to you like today they are going to resolve any of your Issue but doesn't even bother as soon as they hung the call up...

I'd like to say to beware of these CHEATERS...DO NOT GO TO BAJAJ for any kind of loan...its a Non Banking Financial Company and will charge more than what regular bank charges...BAJAJ SUCKS...