Bajaj Finserv - Personal Loan Foreclosure Charges
Manikandan Nadimuthu filed complaint against Bajaj Finserv on May 20, 2020
I have secured a loan of Rs.** lakhs from Bajaj Finserv and they offered me Rs.** lakhs revolving credit and Rs.* lakhs as additional sanction as overdraft. I availed this loan on **th Jan **** and paying my EMI of Rs.** K monthly now within * months I repaid Rs.** lakhs and while checking what is the pending amount, I have been told Rs.* lakh balance principal and Rs.*,**,*** as foreclosure fee, thus total outstanding of Rs.*,**,***.
This fee is exorbitant and on total loan amount *.**% is unacceptable to any normal citizen. I was not de-briefed on such policy and even their website till date does mention *% on outstanding loan amount only. Incase of flexi loan (like overdraft, daily balance) I am not sure how they can charge on total loan amount firstly. On top of it this is one of the costlier loan **% interest rate and ***** processing fee.
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