Bajaj Finserv — Bajaj finserv bajaj finance cheating in policy terms and changing loan foreclosure charges from 0% to 4.6% without any prior notification

Address:	560085
Website:	WWW.BAJAJFINSERV.IN

Dear sir/mam,

I am avinash from bangalore, and i have 2 personal loans with bajaj finserv.

The 1st loan account number is 404sal14495631. The loan was taken on 15th sep 2015 for the amount of rs.4, 65, 000 with a tenure of 60 months and interest rate of 13.5%. The 2nd loan account number is 404spl00440796 and the loan was taken on 29th march 2013 for the amount of rs.5, 00, 000 with a tenure of 60 months and interest rate of 15%.

I am a customer with bajaj finserv for more than 9 years and have been diligently paying emi’s for both these personal loans. I had also taken 2 consumer durable loans before this and have closed both the consumer durable loans upon the completion of tenure.

For both the personal loans, they had clearly told that there will be nil pre-closure charges and even my loan agreement reflects the same. While applying for loan, the bajaj finserv executive convinced me and committed me for the nil foreclosure charges benefit. They told me that due to nil foreclosure charges benefit bajaj finserv charges are high as compare to another bank.

I look both these loans for the benefit of nil pre part payment /foreclosure charges, and i was looking to close both the loans before july’2016.

On 1st june 2016, they sent mail/message that effective 1st june 2016, 4.6% charges applicable for foreclosure/pre-payment. So immediately called up customer care and they are also mentioning the same.

I visited bajaj finserv's bangalore residency road branch to clarify and close these 2 of my personal loans. I thought they will talk some sense compared to the customer care people, but sadly they are also sticking to the same information that going forward 4.6% will be charged for foreclosure above 25% of loan amount.

Now i have to forcefully continue the loans even though i have money to close these loans. Also i spoke to one of the agent who had coordinated with bajaj finserv when i bought these loans. She spoke to someone in higher management in bajaj finserv to understand why they are doing this. She got a response that, since other banks are offering attractive interest rates now (Hsbc - 11.99%, hdfc - 11.49%), it seems many are doing balance transfer of the bajaj finserv loans to these banks to avail attractive interest rates. So bajaj finserv is incurring huge loss as people are moving out to other banks after paying their first emi, by availing this 0 foreclosure policy. So to cut down on this, they have made the policy changes it seems, which is clearly unethical and cheating old customers.

If reputed company such as bajaj finserv are changing the policy terms they should notify customers at least 15 days prior, so that customers such as me can think of closing the loans before june 2016 to avoid foreclosure charges.

Please help me in this case, as they are cheating me on the basis of showing and removing of nil foreclosure charges benefit.