Reserve Bank Of India [RBI] — bajaj finserv flexi loan product-upfront processing fee charge

Address:

PRESTIGE SHANTINIKETAN, ITPL ROAD, WHITEFIELD, 560048

I would like to bring to your kind notice that bajaj finserve limited is selling flexi loan product and confusing it with personal loan terms and conditions. Flexi loan is a product where they allocate a limit to customer based on credit verifications and customer pays for only the amount used for that period. They are charging upfront processing fee for entire loan amount irrespective of the fact that its used or not used.
Its a blatant daylight robbery. There team (Sales and marketing) explains the concept as different from personal loan product. When a customer is not using mony why should he pay for processing fee for entire loan which is parked in bajaj finserv account only. Beyond that they forcefully activate insurancce policies without clearly mentioning about it. They send a cluttered confusing information to customer and sell on that. Its hurting millions of customers.
They have issued me lona on my mobile no. Ref. [protected] and loan acccount number 404spfep032677.