Bajaj Finserve Unethical Company Zero Foreclosure Charges Misselling and Cheating
Complain ID : CCN021028 32
Loan Complaint
Complaint Date: July 10, 2016
Modified date: July 11, 2016
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.
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.
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