[Resolved]  Bajaj Finserv — Personal loan preclosure charges

Address:

Hyderabad, Andhra Pradesh

Bajaj finserv was attracting customers by saying there are no foreclosure charges on personal loan after pay 1 emi and they are also mentioning the same in service guide. They are also charging higher processing fee and selling some insurance.
Once the loan is disbursed and customer approach for forclosure, then they are adding forclosure charges of 4.0% and service tax of0.6%, which is 4.6% of ourstanding loan amount, without informing customer.
This is simply cheating and unethical practise. If at all if they want to charge, they should mention that upfront.
And when we approach branch, there is no one to answer except a cashier who give an email id to send email.
So, don't get into this trap and educate all your collegues and friends to be aware of this.