I have a personal Loan from Bajaj Finserv of 720000, since November’2015 , I was comminicated Bajaj will not be charging any foreclosure charges, aftre first installment , that led me go for them inspite of high charges.

I have regularly paid Installment without any delay.

Now I am trying to close amount account, however I have been asked to pay 4.60% Foreclosure charges out of the blue, citing “Policy change due to prevailing market condition”

I have communicated witrh bajaj via Phone & mail, however they are not ready to waive it off. I feel I am not obliged to pay them this because:

1)I was not contractually obligated(as per agreeement)
2)The Policy was sold to me stating ther is no Foreclosure charges
3)It should not be applicable to the old customers
4)The change in policy was not communicated to me , prior my request to close it.

Its a matter cheating & mal practices in business. moreover lacks ethics. Requesting you to help filght it out with them on this.

Sayan Basu
Gazipur, New Delhi 110 096
Email: sxxxxxxxxxu@msn.com / 13/06/2016 / 11:40 am

This article has 10 comments

  1. same is happening with me as well.How can they ask for foreclosure charges.They have sent an email as well in which they said nil foreclosure charges.This is really unprofessional.

  2. Dear sayan basu and deepakji, same is happening with me.i think we need to take some legal action on this, please share your contact details with me 9722409949

  3. I also take personal loan from bajaj finvest in may016. At that time bajaj tele caller and representative clearly said that there will be no foreclosure charged to you, whenever you repay outstanding amount, but now they are asking me to repay loan with 4.6% foreclosure charges. This is very embarrassing and a case of cheating. Plese suggest me what legal action should be initiated against bajaj.

  4. iam also facing the nsame problem, they haven’t communicated and also it should not be applicable for the old customers who got loan before 2017.

  5. Seems this is their practice. I too am facing similar issue, they are saying “due to the prevailing market condition” they have decided to charge the foreclosure fee.

    We need to find a solution as this seems to be the practice. While giving loan they say zero foreclosure after first EMI and we fall in the trap. This should be complained in the consumer court and they should face the trial for harassing the consumers.

    I take the pledge to never make any transactions with my bajaj card or anything of bajaj. I will make sure that none of my friends and relatives fall trap.

  6. Hi all,

    we have initiated legal proceeding against this practice of Bajaj Finserv. They have cheated my friend. We have sent legal notice against the foreclosure charges and the insurance policy offered to my friend against the loan.

    There is a provision given in consumer protection act, that a ‘Class Action Suit’ can be initiated for similar case.

    I request you all (those are having individual loan with floating interest rates) to share your case with us to see if the ‘Class Action Suit’ can be done with them.

    You may contact me.


  7. My contact number is eight nine nine eight five nine nine five zero mail id tradetushar at gmail dot com

  8. Hi Tushar, I have a personal loan which fits the description of the initial complaint on this thread. Let me know how do you plan to pursue this. I can get in touch with you separately

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