Bajaj Finserv - Misguided Loan Application of Rs 9 Lakhs and Misrepresentation of Foreclosure Charges by Bajaj Finse

I am filing this complaint regarding my recent experience with Bajaj Finserv, which involved applying for a short-term loan of Rs. * lakhs under misleading circumstances. Initially, I contacted Bajaj Finserv seeking a loan of Rs. * lakhs for one month. A Loan Banking executive recommended their Bajaj Overdraft (OD) option, assuring me of flexibility with interest-only payments and the ability to close the loan without additional charges.

Despite my clear request for Rs. * lakhs, the executive proceeded to process a loan application for Rs. * lakhs without my consent. This decision was made unilaterally by Bajaj Finserv, misrepresenting the product and misleading me throughout the application process.

Furthermore, undisclosed charges surfaced during the application process. Upon reviewing the e-mandate form, I discovered Processing fee charges amounting to nearly Rs. **,*** Rs. which were not disclosed upfront and significantly exceeded my expectations for a loan of Rs. * lakhs.

When seeking clarification on foreclosure charges, I was assured multiple times via WhatsApp that there would be no additional charges. However, upon reviewing the welcome letter, I found a clause outlining a foreclosure charge of *.**% + tax, nearly Rs. **,***.

Despite my efforts to obtain written confirmation regarding zero foreclosure charges, my inquiries were ignored. During a subsequent conference call with a Bajaj Finserv manager, there was a clear attempt to dissuade me from closing the account, further highlighting the lack of transparency and misleading information provided.

In response to these issues, I promptly reversed the entire loan amount of Rs. *,**,*** within ** hours of disbursement and formally requested cancellation. I emphasized that I did not utilize any funds due to the misleading information provided and the lack of transparency throughout the process.

I have documented evidence, including WhatsApp messages, email correspondences, and the e-mandate form, clearly indicating my original request for a Rs. * lakh loan and seeking assurances regarding charges.

This complaint seeks resolution for the misrepresentation of loan terms, undisclosed charges, and the overall lack of transparency exhibited by Bajaj Finserv during this transaction.