[Resolved]  Bajaj Finserv — interest charged for loan amount not disbursed

Address:

560102

Hello, I had availed a LOAN from Bajaj Fin Serv. The total LOAN amount was 61, 00, 000 including insurance (which BTW, I did not want). Initially, Rs.43, 00, 000 was disbursed in August. I was surprised to see EMI being charged for the entire 61, 00, 000 though I had not received the balance amount cheque. I was paying an additional Rs. 16, 000 EMI for the balance Rs.18, 00, 00, which I had not received.

I raised a complaint and I was told that the extra amount charged will be refunded after the entire amount is disbursed / or adjusted against the EMI. I have emails from Bajaj Fin Serv stating this

The same happened in November December and I was time and again assured that the amount will be reimbursed. Part LOAN amount was disbursed in December.

Again I was told the full amount will be disbursed at the time of possession and that the cheque will be made out in the name of the builder from whom I had purchased the apartment

Finally, The cheque for the balance amount (Rs.14, 20, 000) was made in the name of the builder and handed over directly by the lawyer of bajaj fin serv to the builder's representative on February 16 2018.

Now, when I checked for the refund of the amount that was paid, with me not having received the money, I am told that I had signed a document stating that interest can be charged even without me having received the amount.

Which ### would agree to such a clause??? Also, there were thousands of documents that we had to sign at the time of procuring the LOAN and this was never pointed out to us.

The extra amount charged is approximately Rs.95, 000 and Bajaj Fin Serv is not refunding the amount, though I was assured by their representatives (including the Area Sales Manager who dealt with me and the CUSTOMER CARE team) that I will receive the money. I have received this assurance from them 4-5 times.

This is thievery and cheating from Bajaj Fin Serv.
Yesterday, 28 March, When I called the customer service, (4.15 PM, think the CUSTOMER CARE executive’s name was shraddha)I was promised that some one will call me back within 24 hours and it has not happened.