[Resolved]  Bajaj Finserv Lending — Falsified Equated Monthly Instalments being charged

Address:

Bangalore, Karnataka

Recently I purchased a LG LED television from Tata croma, JP Nagar, Bangalore. The TV was worth 28,000 for which I made a downpayment of Rs.8,000 and the balance of Rs.20,000 was taken as a loan from BFL. However, when I received my login id and pw from BFL to access customer portal (experia), to my surprise the loan amount was shown as Rs.28,000 and EMI as Rs.2,334 instead of Rs.20,000 and EMI Rs.1,667 respectively. BFL did charge my account directly with the wrong EMI. In the interim, I have sent many communications to BFL via customer portal regarding this mistake but no response. The only was left for me was to hold the second instalment so that BFL would reach me for collection and that's when I could get the issue resolved. As planned BFL executives started reaching me on mobile and at my residence for collection. None of them were having any clue on the transactions and they were only concerned about collecting the instalment. In turn, I was advised by them that I should contact their branch here in Bangalore if I want to get the issue resolved though they have goofed-up. I pity the organization. Recently I walked into the CROMA shownroom where the purchase and loan transaction was made and met Mr.Gopi who was very adamant to say that BFL numbers was accurate. I was forced to explain Gopi as if I was explaining a primary school kid on numbers. Gopi's debate was that the initial downpayment of Rs.8,000 was adjusted towards advance EMI. It was sounding so illogical since 8,000 was not summing upto any number of EMIs. Finally after a prolonged debate, Gopi did raise a request on their official portal for a change in loan amount and EMI details. Its been 3 days and I haven't heard yet from BFL. I have logged onto the customer portal at 11:45 AM today to take a snapshot of the contents which is attached. BFL may make a change on the portal since they own and manage it. SOA (statement of account) shows that BFL has charged Rs.350 towards bouncing charges. From my point of view, holding the payment was the only way left since they weren't responding to calls or communications. Charging an EMI more than the due amount is illegal and BFL has already done it in my first instalment. My concern now is that - 1. BFL has to refund the excess EMI charged in first instalment. 2. BFL has to reverse the Rs.350 debited towards bounce charges. 3. BFL has to ensure that this falsified transaction will not happen in future with any of their customers. 4. Most important is that the bouncing has caused me reputational/credential damage to me and I demand BFL to compensate accordingly at the earliest. 5. BFL has to take responsibility, mention their mistake with CIBIL and ensure it is not impacting my credibility. 6. I demand BFL an apology letter detailing the erroneous transaction since that would be a base document for me to suffice the bounce transaction in my bank statement. I'm reachable on [protected] if you need any further information or details. Regards, Raghunath