Bajaj Finance — personal loans emi incorrect calculation

Address:

Hyderabad, Telangana, 500008

Dear ALL,

First of all don't take any loan from Bajaj Finance why because before they are told no preclosure & Insurance changes but when will you go for preclose at bajaj branch they do dramas with words of "your signed documents like already signed the document of all terms & conditions.."

and All companies EMI calculation include Bajaj also using formula like
E = P * r * (1+r)^n / ((1+r)^n-1) plz refer below link https://www.bajajfinserv.in/personal-loan-emi-calculator

If you ask customer care we got hight EMI monthly their formula like below

suppose if you take 299000 loan with ROI of 11.79% for 5 years

Yearly interest on loan amount = loan amount * Flat ROI / 100= 299000*11.79/100=Rs:35252.1/-

5 years interest = Yearly interest * Tenure=35252.1*5=176260.5

EMI amount = 5 years interest + loan amount / tenure =176260.5+299000/60 = 7922.00

If you check in EMI calculator actual EMI as Rs.6, 673, So u think how much they take from customers..

Please let me know if any one have the same problem then we will raise to consumer forum or if any one faced like this and how u solve this problem