[Resolved]  Bajaj Finserv — branch officer miss guided me

Hello Team,


I am writing this email to highlight one of the issues I am facing with Bajaj Finance.
Due to lack of training and lack of Knowledge of your employees on your own policies & products I lost my 24000Rs.

I took a personal loan of amount 5, 40, 000Rs under Flexi loan scheme on Aug 2017 with an intention of paying out the loan in couple of months.
-Before taking the Loan from Bajaj Finance, I had made this very very clear to your representative & the customer representative explain me the clauses/benefits as mentioned below:-
I can close the loan at any point of time.
Foreclosure charges are applicable
Insurance can be surrender at the time of closing the loan.
Part payment can done and no charges will be applicable.
And she also explained me how to close the loan to avoid foreclosure charges as below:-
For Example:- If my Principle amount left is 5, 20, 625Rs, I have to pay maximum amount as part payment that is 520, 000Rs or more which is not chargeable, and lesser amount or remaining amount like 625Rs or 100Rs as foreclosure which will be charged for service charges.

With this clear understanding that I can close the loan anytime without any additional charges for closing the loan (except for some minimal service charge as explained above) I opted for the loan.

Now I approached Bajaj finance Hyderabad Somajiguda branch office to close the loan, I was begin told that it is not possible to go for part payment option as explained above. The only option available is to close the loan as forecloser & same would be charged for around 24, 000Rs and I had to pay the same to get the loan closed.


After this I called the call center regarding this. The representative confirmed to me that it’s possible to do part payment and there will be minimal service charges applicable (as mentioned by me above).

Then I contacted your team again to get the refund of 24, 000Rs as it was not necessary for me to for forecloser instead I could have done part payment . I had to go for forecloser as your Hyderabad Somajiguda branch office executives were not aware / were not educated with the details of your scheme.

I have been following up with your team to resolve this issue but nothing seems to be moving forward. Their argument is it cannot be refunded as I did forecloser instead of partpayment. But my issue is the branch office did not allow me to do the part payment & forced me to do forecloser saying this is the only way to close the amount.


I see a major lag in communication / training across your teams the Hyderabad Somajiguda branch office seems to be either unaware or not being trained for these details.
If required you can check your call records to authenticate if what I am saying is right & what was communicated to me during these calls.


If you check your records you will know I took loan 540, 000Rs but got only 500000Rs in hand remaining 40, 000Rs were charger for insurance and processing fee.
Apart from that I also paid four month interest to you, plus forecloser charges; so in all I have paid Bajaj finance more 1Lakh towards interest/service charges within four months.

My question to you is, do you think what has happened in my case is it fair. I was told one thing, I took the loan, then during closer I am being said what was told to me initially was wrong, then having no other option I go for forecloser by paying a heavy amount as service charge, when I call the call Center again they say yes its possible what was said initially before taking loan is correct, now when I as for the refund they say I choose a wrong method to close the loan.

Due to lack of communication in between your organization I am the one who is suffering now & knocking doors to get the refund.

Hope there is someone at Bajaj finance who think for the customers. Looking forward to early resolution of this issue. Please let me know if you need any further details from my side.

Reply with action awaited.

Thanking You,
Arun kumar
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