Bajaj Finserv Complaints & Reviews

I have booked and obtained flexi personal loan from bajaj finserv and observed (After disbursement) that they are wrongly reducing my credit balance too. Upon inquiry, i was told that it is the process that we are deducting interest as well as reducing credit limits, but the same was never informed to me. Suppressing such material fact and selling the product is illegal. Hence, i should not be liable for the information deliberately suppressed by the representative as i would not have obtained loan if the said would have been informed to me.
Additionally, when certain documents were sent to me for acceptance, i had queried certain provisions where the representative informed that these provisions are for normal personal loans and not applicable to me, so i was relaxed. But he had misguided me and now, i am forced to follow the process. Hence, i would like some external intervention, so that bank will not cheat to the future customers.
Secondly, they have deducted more processing fees than informed to me with same logic that it is not applicable to me and if deducted, will be reimbursed to me. But even after lot of follow up, it is not yet refunded.
Thirdly, bank had given me insurance without asking me, if i would like to opt for it or not, breaching the provision of insurance “insurance is subject matter of solicitation”.

I naina tilwani, a resident of vadodara (Gujarat, india) would like to bring to your notice that on september 25 2015, i had purchased furniture on consumer loan by bajaj finserv, loan account number - 413sce14782871 with an emi of rs.7056 with a pay back period of 8 months.
As a genuine customer am fully aware of my responsibility to pay back loan
As per schedule but in past few months my financial situation had changed
Drastically due to which i could not arrange the funds and could not
Deposit a single emi as well to my utter regret.
In the month of october, a month after purchase my mother in law got almost bedridden and thus i had to manage my and job as well as my home with a 2year old kid this is where the problem started. I was unable to manage everything simultaneously since i used to have night shifts at my job and it led to destabilization of my financial situation as we had to manage my mother in law's medical expenses and job equivalently and no one being there to take care of my kid (Since my husband also works night shifts along with me) we both had to take leaves multiple times ultimately leading to low salary and unexpected expenses shooting up.
I immediately conveyed this to a bajaj finserv executive involved in dispersing my loan and infomed him that i won't be able to make payment of the first emi on time and am not sure about the second one as well and if he wants he can take the product back to which he said product once sold and loan being already used to get the same he cannot take the furniture back though he will escalate my concerns to his superiors so that i can get some time possible to make payments although with late fees applicable to which i agreed.
Meanwhile my 2 year old son suffered from acute diarrhea and this led to us being mostly on leaves as we had to take care of my mother in law at home, my son and at the same time manage office which became very difficult thus adding more troubles to already distressed situation. If this wasn't enough the cruel destiny made me encounter a miscarriage making me bedridden for few days and it became extremely difficult even to survive without basic needs.
Subsequently i and my husband were asked to quit the job due to excessive leaves and underperformance and we were almost clueless about how to go about.
At the same time one day in my absence an executive from bajaj finserv detailed out my entire loan information to my house owner and he asked us to vacate the house immediately.
However being educated we strived hard to bounce back by doing all we could but it took a considerable time for us to be back on job and turn things our way which by god grace appear to be almost on track now.
Meanwhile all through this period i was contacted by bajaj finserv executives who changed on monthly basis and they visited my place and saw my situation on their own. Couple of months back no executive from bajaj finserv collection department contacted me so i called the last executive who visited me and informed him that from july 15th onwards i can start my emi payments along with late fees applicable to which he said he would convey the same to his bosses.
Few days back now i received a call from an executive of bajaj finserv demanding payment to which i informed him that as agreed upon by his predecessor he can come at my place anytime on 15th july (Next month) and get the same collected however to my utter shock he rebutted that with rudeness and demanded a meeting on urgent basis to which i agreed. He (Chirag patel) came to my place reviewed all product items and demanded a payment immediately. I explained him all my situation and requested him just 30 days time to resume my payment which he rudely turned down and said that he wants me to pay immediately 30000/- as one time settlement towards the loan as he has been directed by the company to not accept emi. Now, had i been having 30, 000 rupees i would have instead paid emi quite earlier and i

My personal loan was sanctioned a year back on below terms & conditions for part payment/foreclosure charges, i have approval mail as a proof.

0% foreclosure charges after 1st emi
0% part payment charges after 1st emi (You can do 6times part payment in a calender year)

Now suddenly you are sending mail to me for 4% foreclosure and also part payment charges if part payment is more than 25% of outstanding amount. This is illegal practice as i chose you (Over hdfc) for loan on higher interest rate because of the 0% foreclosure & part payment charges and now you are forcing customer to pay these charges which is unfair.

On their excuse of prevailing market condition the company decided to apply foreclosure charges to all our customers who foreclose the loan. Everyone knows that market conditions are quite better now as compare to a year back and interest rates are coming down and it is 11.49% lowest now for pl. If you are introducing foreclosure/part payment charges then why not reducing interest rate as low as your competitors. Don"t make any excuse of market condition to legalize your unethical practices.

Still the fundamental question is terms & conditions at the time of loan sanction which you are going to change in midterm. It proves that bfl is not transparent and has dual characteristics to allure customer first with apple and after few months give him rotten orange.

I will lodge complaints to regulator for such unethical practice and take social media"s help to expose such illegal activities to increase awareness in prospective customers to re-think before going in contract with bfl

Salaried loan pl
Loan no: 401spl10057114
Name: sourish chatterjee
Loan amount: 4, 00, 000

I have written proofs of nil prepayment, part payment and foreclosure charges when i took pl from bajaj fin in may 2015. I was trying to pay off the balance outstanding last week, when i was told there has been a foreclosure charge of 4.60% introduced from 1st june. I am not sure if the nbfc can suddenly change their policy on the contrary to the written promises when loan was applied. Moreover, i was not informed through any communication channel about this.

I tried to contact the customer care, written emails to bajaj wecare & customer grievances, and even went up to their offices to talk in person, but all in vain. Even the relationship manager himself shrugging off and telling me to escalate the issue as he is not scared of the consequences of my complaints nor is he bothered about the fame of his company.

I have attached the important scans of the documents that mentions the promises of nil foreclosure charges and the latest details being handed over now.

If i go on paying this extra money to the company eventually, i will lose complete faith in bajaj finserv and stop availing any relationship with the company, and more than that i will end up getting the feeling of being cheated.

Please help me out of this trap.

Thanks in advance,

Sourish chatterjee
[protected]

Bajaj confirmed for zero foreclosure charges while taking loan.
Now that interest rates have fallen they have started cheating their customers, suddenly i got notification from them for charging 4% foreclosure charges.
No proper response from their customer care.

Bajaj finserv has recently revised charges on the loan and strangely applying it to already existing loan customers. This is truly ridiculous to see such unlawful fearless acts at national level. This company is tempting people with false promises and literally exploiting needy people. So called customer care saying they are charging 4.6% foreclosure but in foreclosure letter they are adding it under "other" section and very cleverly mentioning separate section which says 0% foreclosure charges. On paper they are not showing it as foreclosure charges. I am tired of contacting them.

I would say rbi should cancel license of such players and protect public interest. It is very serious to have such players in any kind of industry. One can imagine, we invest our money for our family future and such player's at the maturity or claims changing terms of an agreement so as to they have to pay out less.

Sebi should also delist such companies and should not allow to collect money from public.

Hi,

I had taken personal loan from bajaj finserv on 29th april 2016 because they promised me nil foreclosure charges post the clearance of first emi and zero prepayment charges while signing the loan agreement. I agreed to take the loan as i needed the loan amount of rs. 4 lakh only for a week and wanted to close the loan asap but as per the policy waiting till the first emi (2nd june) to be cleared. To my surprise, i got a mail from the company regarding the change of policy and now there will be a foreclosure charge of 4.06%. I was totally into shock!! I dropped a mail to the customercare: wecare @bajajfinserv.In, called the customer care, dropped a level 2 mail to [protected]@bajajfinserv.In however, they are adamant on the policy change and forcing the customers to pay this illegal charges.

Loan account number for reference is 405sal2223548.

I want to close the loan as per the loan agreement signed between me and company. And as per the loan agreement, i am not entitled to pay any foreclosure charges. So, please close my loan asap. I am ready to pay the outstanding principal amount by cheque.

Attaching the email communication before taking the loan in which they have clearly written nil foreclosure charges and zero pre-payment charges.

Thanks,
Ekata

I have made the EMI payments through the www.paynimo.com provided by Bajaj Finserve. Though i am getting regular call may around 8 to 9 call stating that i have not made the payment. I told the executive i have made the payment and i have received the acknowledgement from Bajaj Finserve towards the payment i have done. If i am trying to explain and asking them to update in their system, they are disconnecting the call and no one is bother to listen my problem. It is really ridiculous. I am a working women and i am getting calls in between the work and meeting that is really affecting my work and my day. I tried calling on different numbers but they are not behaving properly or it may be the situation that woman voice is not much appreciated for them and they are least bother and troubling me as i am female and they might be having a impression that i can not do anything. I am really looking for a action for these kind of behavior.

Bajaj Finserv has recently revised charges on the loan and strangely applying it to already existing loan customers. This is truly ridiculous to see such unlawful fearless acts at national level. This company is tempting people with false promises and literally exploiting needy people. So called customer care saying they are charging 4.6% foreclosure but in foreclosure letter they are adding it under "other" section and very cleverly mentioning separate section which says 0% foreclosure charges. On paper they are not showing it as foreclosure charges. I am tired of contacting them.

I would say RBI should cancel license of such players and protect public interest. It is very serious to have such players in any kind of industry. One can imagine, we invest our money for our family future and such player's at the maturity or claims changing terms of an agreement so as to they have to pay out less.

Sebi should also delist such companies and should not allow to collect money from public.

Hello sir / madam-

Bajai finance is forcing me to pay 4.6% foreclosure charges. I'm the old customer and at that time they told me that there is no foreclosure charges and part payment charges are applicable. That why i took loan even it is high interest rate.

And now i want to close this account with all outstanding balance, but now these guys are saying i need to pay foreclosure charges 4.6% (It's comes around 40 thousands).

New rules can applicable only for new loans not for old loans. As per the previous agreement i can pay total outstanding balance.

I keep on sending emails from 5th of june 3 times but no one is responding from bajaj finance, keep on dragging the issue unnecessary, how many days they keep on dragging those many days i need to pay interest unnecessary even communicated 10 days back.

But in bajaj official site stating that we can resolve the query in 2 days like below

Write to us at [protected]@bajajfinserv.In for all queries and concerns
We are committed to resolving your queries within two days

Attached is the email for reference as well as full details

Please resolve my issue.
Attachment is the emails

Hello,

Thsi is my customer Id 26138444, it's almost 6 months i have sucessfully paying my loan in bajaj sinserv for the products i took, but still i didn't receive my bajaj EMI card.please suggest what to do.

i was trying to reach customer care i don't get any response from them so please let me know what to do to get my card from bajaj.

Sheshank

Mai dharmendra sahani
Mere pitaji ne 6 mahina pahele bajaj finsev se mobile loan pe liya tha unhone sath me insuranse bhi liya tha
Unhone ne 2 emi bhara tha aur tesare emi ke bad unki death ho gai
Aur ye log paisa maang maang ke mentally harrasment kar rhe hai
Maine insurance claime kiya 3 mahine bad paisa mila
Mujhe itna detail chaiye ki insurance ka bhi paisa bharna padta hai kya 652 ka 4 emi insurance ka
Maine to suna hai ki jab death ho jati hai to emi maaf ho jata hai aur jo claim hota hai wo mil jata hai aur baki emi bharna nhi padta hai
Aur mobile ke emi ka kya karu kaun bharega maine settlement ki baat ki to bolne lage pura bharna padega
Ye bajaj company kya hai gundde hai kya dhamki dete hai ki hum log nikal lenge
Matlab in log to mere mataji ko maar dalenge dhamki deke mentally harrasment karke...
Aur iska sara zimmedar bajaj company hoga pyar se baat karne ki tamij nhi hai
Pls solve my isse aapka customer care no hi nhi hai fon lagata hu to khali ivr ke log account ka detail dete hai koi executive hai hi nhi baat karne ke liye
Aur yaha office ki to baat hi alag hai kya batau mai jane do
Mujhe contact kijiye settelement kijiye
Aur ye recovery wale bande se mere ghar me kuch bhi problem hogi to uska zimmedar bajaj hi hoga.

Dear Sir/Mam,

I am Mahammadrafik Inamdar from Bangalore. I am having personal loan from your bajaj finance about 6 lac. I took this loan in March 2016.When i applied for this loan they offer me nil (0) foreclosure charges benefit and charged me 13% rate of interest and 1.5 % processing fees. However at the same time i was getting offer of low interest and 0%processing fees from another bank. But Bajaj have changed the policy terms which is effective from 1 June 2016 so now you have to pay 4.60% foreclosure charges on outstanding loan amount also they removed online prepayment facility have to physically visit branch to repay the money
.
Please suggest.

Regards
Mahammadrafik Inamdar

My personal loan no with bajaj finance is 404spl19261021. They have suddenly introduced 4.60% of foreclosure charges on personal loan. I even fought with their customer care support on phone. I complained to their customer care service by email and received reply from their wecare service. They straight forwardly refused to waive off the suddenly introduced foreclosure charges. They had offered me the loan on nill prepayment charges. It is written on my loan letter. So i did not have any option other than paying a huge amount of foreclosure charges to close my loan. Today i paid the foreclosure charges of 60, 000 and closed the loan. They are cheaters. My mail id is - ayaskant. [protected]@gmail.com.

Dear sir,

I am getting calls from bajaj finserv everyday. I get about 5~6 calls per day. Its an automated call regarding offering me loan. I have blocked about 20-30 numbers from bajaj finserv till date and everyday i get call from a new number.

My number is [protected]

I am not interested to take any loans. I need these calls to be stopped immediately. Please help me with a solution on this

Thanks
Vinay naik

Hi bajaj finserve team

My loan number is 401sal05104799, i have a loan running at 14 % with zero foreclosure charges and nil prepart payment charges . How can you change unilaterally to 4.60% .

Other banks have been offering at 11.49%, only reason i gave 14 % was to prepayments partially and 0 % foreclosure . You even forced me to buy insurance also .

If you change it please reduce it to 11.49 % from beginning and refund excess amount at 14% only for all the payment done . This demands explanation. Kindly revert, awaiting answer.

The decision is unilateral you cannot take it for existing customers. I have paid you 14 % rate of interest and other banks are at 11.49 % . If foreclosure is chargeable reduce the rate of interest to same for total loan value for existing customers .

New customers any how will not come to you at this rate . Its a clear case of cheating .

Hi,

Greetings for the day!!!

Loan No: 404DPF15616733
Customer Id: 25895523
Mobile: [protected]/[protected]

Kindly find the above mentioned account details

[protected] The records which is updated as a payment received towards the same of Rs1900/-
And again says the records dated[protected] cheque has been bounced

How the payment updated, and how the cheque will get bounced while maintaing the balance on time to time.

I have not yet bounced any checks with every merchants whom i dealing with

This will not be a fair on the same which is mentioned on the account statement

Please team please check and please do a call back and do the needful

Please find the account statement attached

Regards
Shashank Raj
[protected]

Respected Jewry.

I have bought one Samsing J7 Mobile from Infiniti Retail Ltd ( CROMA ). and i have made loan on this phone from Bajaj Fiserv. that time My Down payment were 5001 rs. and 999 rs. refundable deposit.and bajaj finserv executive clearly told that it's 999 rs is refundable.and u will get it when your loan emi will be finish.my loan is closed.and i went to bajaj finserv office. there i met to mr pratik and he said my it was not refundable deposite. it was a file charge.so u will not get it back, further i have try to convince them and tried to contact with branch manager.(2 times) he is not eaven ready to pickup the phone. Branch Manager Name :- Mr.Vishal.

So Kindly Request You Pls Help Me in it.
i have mentioned my details below.

Dhaval Tamakuwala
[protected]

Loan No :- 428CDD16879929.

I took 6 lakhs 7 thousands loan no.404spl22065643 on 26th april 2016 from bajaj finserv company with 11.5% rate of interest, i preferred this bank only because of no charges for part payment and foreclosure.
I took the loan and closed other banks personal loan because those banks are charging fore closure charges. But suddenly they changed policy on 1st june saying that 4% charges applicable for both part payment and foreclosure.
I was misguided and cheated by this company with thsi sudedn changes. During loan availed tiem theyu cl;eraly informed me there is no fore closure charges.

Bajaj finserv — bajaj finserv cheating customer with sudden changes in policies.

Thanks,
Hemadri

I got one consumer loan 2 years back and I think my mobile number is stored in compnay database. This is the biggest mistak I did.

Till then I am getting Customer care call for offering loan when I opted for DND I am getting automated call from # [protected]. Now I am not able to stop it I am not sure where to go for stop this call, very iritating. Please help!!

Hi all,

I tried 4-5 times to register online for emi card... But my application got rejected every time saying "thank you for applying for your bajaj finserv emi card. We regret to inform you that your application has been rejected...". Also dropped an email to we care but no response. It's being two days now but no response from their side.
If bajaj finserv is monitoring this, please get back to me.
My contact...