Bajaj Finserv — Foreclosure Charges | |||||
The Below mail i have written to the Company, also note the TAG mails also Dear Sir/ Madam (Mail Dated 20th June 2016) Greetings! My Name is Jullian Bharat N and I would like to confirm that my loan A/C number 404SPL07339448 is active and i have been paying the EMI regularly without a single bounce payment, today i had visited your office in residency road, Bangalore to pay some part payment, but i got to know that i should pay the foreclousure charges which is not fare, the very reason i took loan from Bajaj finance because i can pay as per the convineance, but you folks are cheating us i guess, i request you not to charge any kind of charges. Kindly confirm the same so that i can work towards Part Payment. I lost confidence in your company too unlike other Banks there is NO difference I would like to know how will you address my issue Note: Kindly note the TAG Mails too, I have also not received the Prompt repayment Benefits Reply from Bajaj Dear Customer, Greetings from Bajaj Finserv! We wish to inform you that currently we have stop online part payment process and foreclose process for all unsecured loans. If you wish to make payment against your loan for part payment or foreclosure, we request you to visit our nearest branch. With reference to your query regarding foreclosure charges, we would like to submit that BFL was amongst the first between all Financial Institutions to start with the practice of zero foreclosure charges whilst competitors were charging the same to all customers. In line with the policy we offered the above facility to you with zero foreclosure charges. However, basis the prevailing market condition the Company decided to apply foreclosure charges to all our customers who foreclose the loan. Bajaj Finance always strives to maintain best possible balance between the customer's interests and current economic conditions. All practices hence adopted are keeping in mind our aim to achieve better customer service with a competitive edge. In view of the above fact, we wish to inform you that we would not be able to waive off the said foreclosure charges. Foreclosure charges of 4% + (Service tax15%) i.e. 4.60% will be applicable on balance principle amount. For Partpayment if you will make part payment above 25% then charges are applicable i.e 4.60% on balance principle amount. For any other query or assistance, please feel free to write back to us at [protected]@bajajfinserv.in. Assuring best services always. Thanks & Regards, Bajaj Finance Team My Loan Approve Details Below(This Clearly Says NO Fore Closure Charges) On Jan 6, 2015 7:58 PM, "Sathish Kumar S" wrote: Dear Mr. JULLIAN BHARAT NANDYALA Greetings from Bajaj Finserv, Please find the loan details, Please acknowledge the same. Total Loan Amount 368809/- (Including insurance premium) Approved Loan Amount 350000/- Loan Type Normal term loan Insurance Product Loan Protector insurance with top up ( LI & HI) Insurance Amount 18, 809.00 Rate of Interest 15.99% Processing Fee (12.36% service tax applicable for PF ) 2.99% Pre EMI details Nil EMI 8967.00 Tenure In Months 60 First EMI Date 2-Feb-15 Last EMI Date 2-Jan-20 Credit Card Yes Credit Card Type ( BAJAJ FINSERV- STANDARD CHARTERED, CO-BRANDED FREE CREDIT CARD) Platinum Free (Joining fee Nil) Financial Fitness Report Yes (Rs.999 will get deducted from disbursement) Prompt Repayment Benefit Bajaj finance offers an exclusive benefit to the customers who pay their EMIs on time. Subject to timely clearance and no delays of EMIs for the payment period, BFL would reduce customer"s rate of interest by 20 bps in 2nd year and 20 bps in 3rd year respectively. BAJAJ FINANCE LOAN FEATURES • Nil Foreclosing charges – Any time post 1st EMI Clearance • Part Prepayment (Normal term loan) - Post Clearance of 1st EMI customer is allowed to pay 6 times in a Calendar Year (Minimum amount of part payment is EMI * 3 = and no Limit on Maximum amount) Rgds, Sathish Kumar.S Regional Sales Manager | Salaried Personal Loans | Mobile +91 [protected] Bajaj Finance Limited | 8th Floor, Prestige tower | Residency Road | Bangalore– 560025 | KAR| INDIA.| Direct[protected] www.bajajfinserv.in [Bajaj-Finserv-New-Logo] Was this information helpful? | |||||
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Bajaj Finserv customer support has been notified about the posted complaint. | |||||
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4th Floor, 271 Business Park, Model Industrial Estate, Goregaon East, Mumbai, Maharashtra, India - 400063
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Problem -1 :Now Bajaj Finserv asked to pay 4% + Taxes on outstanding Principal for Foreclosure. I denied to pay because "0" Foreclosure charges was one of the main feature of this loan. To which they said that management has modified the terms and starting 1st June 2016 they are charging for foreclosure.
Problem-2 : How come they enforce any such change on a single day. I argued with them at their ABangalore Office, but they asked me to send concern to [protected]@bajajfinserv.in : i did and got the same reply "it's a management decision and nothing can be done", now i sent another email to [protected]@bajajfinserv.in : got the same reply "it's a management decision and nothing can be done", Now what? i had no other option than foreclose the loan as my New bank has already disbursed the cheque.