[Resolved]  Personal Loan — EXPLOITATION BY BAJAJ FINANCE LTD.

Address:

Khordha, Odisha

Dear Sir,
COMPLAINT REGARDING EXPLOITATION THROUGH OVER CHARGING OF INTEREST BY
BAJAJ FINANCE LTD.
This is to draw your kind attention on following items.
1. That long back I had taken financial assistance of Bajaj Finance Ltd. amounting Rupees 75000/-(Rupees Seventy-Five Thousand Only) with interest rate being 14% on account of doing business, in the form of PL(Personal Loan).
2. That, the Captioned Company, through assured me of charging just 14% of interest on the aforesaid amount but surprisingly without prior notice they were charging an interest @ 19% over a period of time and unknowingly I was repaying for it, however when I noticed the irregularity never the less the cheating activity of the company concerned here, I completely paid off the whole amount by borrowing from other private sources.
3. That, the Captioned Company nearly after two and half years of first loan called me, via phone, from its apex body situated at Pune and begged pardon for its previous mistake and offered me another PL amounting to Rupees 154000/-(Rupees One Lac Fifty-Four Thousand Only) almost double the amount I was being financed by them previously and this time they assured me no exploitation through over charging of interest like they did previously, it will remain 14% till the loan gets totally paid off. Since I was badly in need of money for my business thus at this juncture I got fascinated by such a lucrative offer during my crucial period and agreed to borrow again.
4. That, the Captioned Company in accordance with our mutual agreement disbursed Rupees 154000/-(Rupees One Lac Fifty-Four Thousand Only) on 31.07.2010 vide a/c no 4230PL00012389 in the form of a Personal Loan.
5. That, the Captioned Company is again charging an interest @ 19% violating our mutual agreement, without my consent and severely exploiting me, thus deteriorating my financial condition.
6. That, the Captioned Company had sent me a notice of repayment of the rest amount to be paid.
7. That, in fact I have paid off almost all dues, had the interest been calculated at 14%. Since the payment is being made via Electronic Clearing Service therefore I am unable to keep track of or stop the transaction in the concerned account from which debit is being processed every month. Repaying loan @ 19% has shaken my financial condition taking it through a miserable condition.
8. That, I am not amongst the people wishing to be willful defaulter without pay, but in fact I want the Justice in terms of my excess repayment to the Captioned Company or the exact amount to be repaid to the Captioned Company @ 14% of interest.
9. Therefore, it is my sincere request to you to Pend er over the details of financial transactions made by me with the captioned Company and take necessary actions.