Policy Bazaar — misleading information

I had filled in a request on Policy Bazaar for a personal loan for 2 lacs for 2yrs. Post this request I got a call from Mr. Javed from Policy Bazaar informing me on the options and then selling me the Bajaj Finserve Flexi Loan. Once i agreed for it - he arranged a callback from Mr. Naushad who informed me on the benefits of the loan.

My understanding as per the conversation with Mr. Naushad was that Bajaj will open a credit line for me in my Experia account and I can withdraw from there as and when required. I will have to pay the interest on the amount utilized. The pay back of the principal amount was upto me as and when i could do that.

However, to my surprise i see that the loan amount was transferred in full to my bank account without any intimation. This was not supposed to happen as I was never informed about it.

When I had received the welcome letter and EMI details - i had called back Mr. Naushad asking him to explain why the EMI showed 11K from the very first month. I was informed by Mr. Naushad that this was just an FYI stating if i utilized the full amount then thats the EMI amount which I had to pay.

This is where I was FOOLED - Bajaj transferred the whole amount to my account instead of offering me the credit line so that you can charge the EMI of 11K from my account from the veruy first month. This is CHEATING.

Today evening i reached out to Mr. Javed and enquired about why the funds were in my account. I was informed that I need to transfer this amount to my Bajaj Experia account and then start using it. This is absurd and does not make sense at all.

I am still waiting for a callback from Mr.Javed and Mr.Naushad despite several requests asking them to call me back.