Bajaj finance cheating in policy terms extra withoutprior notific
I am Salman Naidu from Mumbai. I am having personal loan from your bajaj finance about 2.75 lac. I took this loan in Oct 2015.When i applied for this loan they offer me nil (0) foreclosure charges benefit and charged me 14.5% rate of interest and 2 % processing fees. However at the same time i was getting offer of 12% interest and 0%processing fees from another bank. But the bajaj finance"s executive convinced me and committed me for the nil foreclosure charges benefit. They told me that due to nil foreclosure charges benefit bajaj finance charges are high as compare to another bank. So due to only this benefit i accepted their loan. But Bajaj have changed the policy terms which is effective from 1 June 2016 so now you have to pay 4.60% foreclosure charges on outstanding loan amount. I have asked to bajaj Finserv reg. change of Trams, they have replay to me following mail.
Greetings from Bajaj Finserv!
As discussed on call [deleted] ,
With reference to your query regarding foreclosure charges,
We would like to submit that BFL was amongst the first between all Financial Institutions to start with the practice of zero foreclosure charges whilst competitors were charging the same to all customers. In line with the policy we offered the above facility to you with zero foreclosure charges.
However, basis the prevailing market condition the Company decided to apply foreclosure charges to all our customers who foreclose the loan.
Bajaj Finance always strives to maintain best possible balance between the customer's interests & current economic conditions. All practices hence adopted are keeping in mind our aim to achieve better customer service with a competitive edge.
Foreclosure charges of 4% + (Service tax15%) i.e. 4.60% will be applicable on balance principle amount.
In view of the above fact, we wish to inform you that we would not be able to waive off the said foreclosure charges.
Also, request you to please visit the nearest branch for further assistance.
For any other query or assistance, please feel free to write back to us at [deleted]
Assuring best services always.
Thanks & Regards,
Bajaj Finance Team
Please help how resolve this quire?
Salman Raju Naidu