[Resolved]  Bajaj Finserv — loans - wrong practice by bajaj finserv

Address:

Pune, Maharashtra, 400610

Recently, i went to vijay sales to buy a new refrigerator. They had a tie up with bajaj finserv and provided me with a great interest free emi option. Great so far. I was asked by the bajaj finserv representative that they will need blank ecs mandate signatures. No way jose! When i insisted that i will not sign any blank ecs mandate, after a lot of push, they accepted to write the amount on the ecs mandate form.

I thought i had won the battle, but failed to realize the idiocy of the processes followed by bajaj finserv.

Two days later, i got a call from bajaj stating that the ecs had not gone through and i should come to the branch with a cancelled cheque and sign a fresh set of mandates.

I went with the cheque today (Saturday – 13th jan) and a bajaj finserv representative sent me a fresh set of forms to sign. Here are the problems with their process:

A) they refused to give me the earlier ecs mandate forms – potentially could end up with both ecss being active and clerical error could cause double debits to my account. Their response – trust us sir

B) they refused to give me a letter and only after i stood my ground and hollered did i get through and now they are in the process of preparing a letter for me – their response – trust us sir

C) once again – they want me to sign blank ecs mandate forms – when i raised the issue of it being an illegal act, you just cannot get someone to blank sign any ecs form and then say trust us – we will fill the right amount, i think the message didn’t get across.

My request to the md/ceo of bajaj finserv. Can you examine your process, i will help you with a sample process flow and actual case data for your proof of concept. Fix this before this becomes another major scandal.

Ps – i haven’t signed anything blank.. But millions of customers in india don’t insist on this and end up signing blank forms under pressure.