Bajaj Finance — Overdraft Loan converted to Personal Loan

Address: Thane

I am writing this with a heavy heart, burdened by financial hardships that have become overwhelming. I recently received a second reminder for EMI payment from Bajaj Finance Limited (BFL), and I am at a point where I can no longer continue making these payments.

After losing my job in June 2022, my financial situation severely deteriorated. Here’s an overview of the measures I’ve taken to manage my debt since then:

I had a car loan with ICICI Bank, which I settled for approximately 17 lakhs by selling my car.

I owned a house that I was forced to sell in a distress sale for 89 lakhs to settle a home loan of 70 lakhs.

I had a personal loan with HDFC Bank that I negotiated and settled from 17.50 lakhs down to 6.75 lakhs, paid in four installments.

Due to the continuous financial strain in 2022 and 2023, I was compelled to pledge my wife’s and sister’s gold with a jeweller to fund EMIs. To retrieve the gold, I need to repay 6 lakhs, which I am currently unable to manage.

I ventured into freelancing in hopes of a financial recovery, but the business failed entirely, leaving me struggling to find stable job opportunities in the market.

In May 2023, BFL offered a restructuring plan with a three-month EMI holiday, providing temporary relief. Despite this, I did my best to make advance EMI payments whenever possible. However, my financial condition has worsened since, and I am now at a breaking point.

To add to my burdens, my wife and I recently welcomed our first child, a baby boy. The delivery expenses were substantial, and as I had no insurance coverage, my family had to cover the costs, creating additional debt that I now owe them.

Tragically, our baby boy has been diagnosed with a malfunction in his left kidney. The doctors have recommended immediate surgery, which will cost around 5 to 6 lakhs, followed by extensive post-surgery care. I do not have the funds for this critical procedure and may have to seek help from NGOs or charitable trusts.

Despite all these challenges, the collection team visited my home recently, and one agent insensitively asked how I manage expenses and even suggested that my wife should pay the EMI. I find such behavior unprofessional and distressing, especially during a time of crisis. Additionally, the agent was hesitant to show his ID card and only presented a virtual version, which was unclear. I later had a detailed discussion with Mr. Jahangir, who seemed to understand the severity of my situation.

I humbly request a settlement with a waiver of 50-60% on the pending principal amount. This would provide much-needed relief and allow me to focus on my family during this incredibly difficult time.

I am prepared to submit any supporting documents that can strengthen my case, including the last six months of my current and savings account statements, and a cost estimate from Jupiter Hospital for the surgery. I am sharing my experience here in the hope of a compassionate and swift resolution.