| Name of Complainant | |
| Date of Complaint | September 10, 2022 |
| Name(s) of companies complained against | |
| Category of complaint | Banking |
| Permanent link of complaint | Right click to copy link |
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Bajaj Finserv sells their OD flexi loan offers through sales executives who lures customers with attractive offers and statements mentioning that customers don’t have to pay a single penny if they don’t use their money from the OD account. But they never says the hidden charges which they charge from the loan money after the OD account is active. On this they charge interest to me for every day until not paid. They deduct processing fees, activation fees, insurance premium etc which they never mention to you and play with words, trick you and say they have already mentioned, because these different charges are almost similar amounts. They keep saying only a minimal amount like 5K I have to pay for a loan of 10 lakhs for example, but deduct 5K for processing, 5K for flexi feature, 4K for insurance etc. This is how they loot and say they already mentioned this. Even after asking, they never say that the money will be deducted from loan account instead of I paying is externally. They fool us. Customers can never pay off the whole outstanding amount as they will tactically keep 100 rupees minimum as utilised amount in our account and keep charging interest on it every day. You can never pay off this last 100 rupees. This they never mentioned.
When I try to foreclose the account as I was frustrated with their money lending policies, its showing that I have to pay an amount close to 45 thousand as foreclose charges. When I try to reach the Sales person Priya mob: +91 8447143169, she never replies and now I am trapped. Before selling the loan she/sales person will call you 100 times a day, but once its is done, they will beat around the bush. They use heap language with customers saying, why we think so much spending a little processing fees when we are earning so much. They are violating the privacy of my Salary slip which I have shared with them as per the policies. I was really shocked to know that they are judging customers from their salaries and giving unwanted advice.
The charges will be deducted to from our account with ECS and I cannot do anything to stop it. They have now charged me an AMC of Rs 2903 and it is directly debited from my bank account. When I try to reach to the same sales rep names Priya, she doesn’t bother. They never ever mentioned this before. Their customer service is pathetic and doesn’t care about us after the product is sold. They have tied my hands and closed doors from all sides and sucking money from me. Even after all these, almost every week I get calls from new sales reps who want me to open a new OD account again or topup of existing loan. When I raise complaint with them about the previous one, they say they will escalate and manager will call back, but I don’t get any such calls from them. They just trap customers and keep extorting money from them in the name of AMC, Maintenance fee, renewal fee etc etc. They keep arguing about the policies and never listen to customer issues. They even blame you for not knowing the policies. The policies are only available at the time of login in the loan which is a complete online process and they don’t give time to read the policies as they say they have mentioned everything over call. If I say I don’t want to apply unless I know the policies, they will reject the loan process online and pass it back to the sales rep and they will start nagging you again and again and reiterate the same stories without mentioning the hidden charges. They keep saying everything has been told what else is required and blah blah. This department is a fraud and I request your kind help on this to close this OD account and return my money back which they looted.
The reason I have used “they” is, when I receive new calls from new sales reps, I pretend to be a potential customer and ask the same questions and I get the same answers. Most of them don’t even know which customers already have existing loan account. This is a scam!
