[Resolved] Bajaj Finserv — Modification in the terms and conditions of personal Loan with respect to foreclosure and pre-payment charges. | |
I have taken a loan from bajaj finserv at the fixed interest rate of 14.25% of 7, 25, 000. My loan account no is “PL 402SPL20152748”. As per loan terms and condition there is not supposed to be any charges on foreclosure and prepayment. I received an email notification on 1st June -2016 stating that - "Foreclosure charges of 4% (plus applicable taxes) will be applicable if you choose to foreclose your loan post clearance of first EMI. Foreclosure of the loan is only allowed post clearance of the first EMI. Part prepayment charges* will be applicable if you choose to prepay more than 25% of your current outstanding loan amount. However, no charges will be applicable for part prepayments done up to 25% of the current principal outstanding in last 12 months. This facility is allowed post clearance of your first EMI only." This is clearly a breach of agreement on the part of Bajaj Finserve and I want to know if I am entitled for legal protection against this arbitrarily made policy change . Was this information helpful? | |
Aug 5, 2021 Complaint marked as Resolved Bajaj Finserv customer support has been notified about the posted complaint. | |
 1 Comment | |
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Hi there, Greetings from Bajaj Finance Ltd! 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 & 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. For any other query or assistance, please feel free to write back to us at [protected]@bajajfinserv.in
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