Hi friends, I would like to share my experience with "Bajaj Auto Finance Ltd (BAFL)", now Bajaj Financial Services.
I bought a Bajaj Bike (discover 125CC) in 2005 January. Since full cash was not available immediately, I decided to go for an auto loan. And the dealer immediately linked me to BAFL, the sister concern of Bajaj group.
They sanctioned Rs: 40000/- as loan, to be repaid in 10 installments(EMIs) and took 10 post dated cheques from me. The loan was duly repaid monthly till the last installment through cheque clearance.
After the loan repayment, I requested for NOC from M/s BAFL, for conversion of RC documents fully into my name. To my surprise, M/s BAFL claimed that I did not pay the last installment and it has to be paid to issue the NOC.
I talked with the nodal person who sanctioned the loan and talked with their head office in Pune also. After 15 days of arguments, they issued NOC and I made necessary corrections in my RC paper too.But they never gave my spare key despite requesting for months together (This happened in 2005 December).
But an un usual thing happened in 2010. When I applied for a loan from a bank in 2010 June, they made and observation that in my CIBIL (Credit Information Bureau of India Ltd), a default amount of Rs: 4000/- is appearing on account of M/s BAFL.
The bank termed it as a blot on my credit history and rejected my loan application.(Any default of loan/credit is reported to CIBIL by lending institutions and any financial institution, before sanctioning loans/advances, examines the applicant’s credits history through CIBIL now a days).
On inquiry with CIBIL, it was learned that M/s BAFL reported a default from my side for the auto loan taken in 2005 to CIBIL in august 2009.
I was surprised by this false claim of M/s Bajaj. It was also learned from one of my friend that it happend with him also with M/s Bajaj. This action of M/s Bajaj spoiled my credit history. Now I am taking all possible steps to correct this false claim by M/s Bajaj.
My advice to the readers.
Never take auto loan or any other loan from NBFC (Non banking financial companies).
It is their common regular tactics of bogus claim of default of EMIs.
NBFC will delay in granting the NOC/to return the original documents.
Always take loan from scheduled commercial banks only.