Suggestion Complaint Remedies सुझाव / Suggestion शिकायतें / Complaints निराकरण / Remedies

Bajaj Finserve Unethical Company Zero Foreclosure Charges Misselling and Cheating

Complain ID : CCN021028   49  

Loans Complaints Complaint Date: July 10, 2016
Modified date: July 11, 2016
  • State :  Gujarat
  • City :  Ahmedabad
  • Address: Near Star Bazaar, Satellite Road
Bajaj Finserv Ltd made false marketing campaign "Zero Foreclosure Charges" to lure customers on various websites like paisabazaar.com etc.

Within one year of availing the loan - Loan No: 418SPL10992793 (June 2015), the company started backtracking from its promises. The company has sent out a message saying it will now charge 4.6% on preclosure of loan to all customers who fell prey to this misleading / false advertisement campaign.

It seems, Bajaj Finserv started this campaign with an only motive of cheating the customers later.

In my case the loan was offered at 14% interest saying there won't be any charges for part payment or pre-closure. I applied for this loan because of this "advantage" otherwise I was eligible for loan at interest rate 11% from other banks.

Though the company finally replied after multiple calls and followup mails, the solution was no less pathetic. They asked me to pay the entire loan amount within one week to get "Zero Foreclosure" charges. In addition they added additional "one installment amount" in the final payable amount and also wrongly appropriated one of the previous payment.

How shameful? a group company of "Bajaj" is behaving like this.
My loan agreement is for 5 years and "Zero Foreclosure" charges holds good till the last installment.

I would not accept anything less than a letter assuring me of "Zero Foreclosure" till the tenure of my loan.

Till then, my appeal to all other loan consumers / investors / shareholders is "Please beware of Bajaj Finserv", this company can change any rule any time to cheat the customers.

Regards,
Sujay Suresh Shet.

Share Now Ask Question Reply Now Contact Submit Complaint

Related complaints

Complaints

    Service issue | Complaint | Query | Feedback | Suggestion | Reply

    eConsumer Court (Online Upbhokta Forum) take the complaint directly to the escalation team of the company, which has the power to resolve your grievance. We send a well-drafted letter to the company, explaining the details of your complaint along with the inconvenience caused to you. Jago Grahak Jago is specially to help consumers to redress their issues and grievances. We ensure to take quick actions on every complaint filed by the customers. We work hard and tirelessly to resolve the case.