I took a loan from Americal express and they wound up the loan business transferring it to Standard chartered, who also decided to hand over the loan to Bajaj Finance.
Of all of them Bajaj Finance seems to be the least organized and the biggest cheat. Their collection agent started bothering me and family for collecting EMI cheques when there is already an ECS mandate for the payments.
Thy have not taken care of the paper work at their end to transfer the ECS mandate with Citibank and they want me to help them. First time I said OK and gave them the cheque. Second time, I saked them that I would not like to continue the loan since I prefer not to be bothered by Collection agents, who have no formal letters for giving the cheque and the account statements.
To the foreclosure request, of my loan outstanding value 4 Lakh Rs, they wanted me to pay 4.69lakh to close the loan. I even have a formal quote for the closure amount from this Guy called Srikanth. Call center says 5% is the penalty.
First why shuld I pay penalty for a deficiency in their service. Second, the figure of 4.69L where does it come from. On confronting the Associate manager of Bajaj finance at Bangalore, with the facts, he has no answers and syas that is the figure he has been given by his accounts department.
I cannot trust an organization which gives different amounts of the loan outstanding and closure on every call and query. Can anybody!