I am writing to express my deep concern and disappointment regarding my recent experience with your Flexi Loan offering.
I was contacted multiple times by your sales team encouraging me to avail the overdraft (OD) facility. I was told that I could utilize the amount as needed, and interest would be charged only on the utilized portion. My eligibility was ₹24; lakhs, but I clearly requested and accepted a loan of only ₹3; lakhs. I was shocked to later discover that while the disbursed amount was ₹3; lakhs, the app reflected a ₹24; lakh limit, which I never agreed to.
This discrepancy has led to unexpected charges, particularly an Annual Maintenance Charge (AMC) of nearly ₹8;, 000 per year for 8 yearssomething that was never disclosed to me during the loan process. The sales representatives assured me there would be no charges at all, but I later found out about multiple hidden charges. This has caused significant financial stress.
As a responsible borrower and a parent of three children, I feel misled and trapped. I believe many customers across India may be facing similar issues due to lack of transparency and these sales person cheaters
Even customer care process has been frustrating. When I contacted wecare@bajajfinserv.in, a service ticket was created, and I was asked to submit proof. After submitting the required documents, a new ticket was generated without resolving the original one. This cycle repeated multiple times, with no clear resolution.
I fail to understand how such practices are allowed to continue. I urge regulatory authorities like the RBI to look into how AMC charges are being imposed on customers who have not utilized the full eligible amount. Setting a ₹24; lakh limit when only ₹3; lakhs were requested and disbursed is misleading and can negatively impact a customers CIBIL score and future loan eligibility.
Before taking the loan, I even contacted customer care to inquire about charges. I was told that the admin team had no information and that the sales team would provide details after the loan was processed. Once the loan was disbursed, I was informed of all the hidden chargestoo late to make an informed decision.
I sincerely request all customers to be cautious when dealing with Bajaj Finserv products. Please do not fall into this trap and risk your peace of mind and financial well-being.
In my case, the individuals involved were:
Ritesh Gupta880455xxxx (Delhi)
Raj Kumar938126xxxx
Please be careful when dealing with such representatives.
Thank you for your attention.