On February 20, 2025, I attempted to avail an OD against my mutual fund holdings via the Bajaj Finserv app. However, due to a technical glitch, the app failed to proceed with my KYC verification, preventing me from completing the process. I attempted multiple times, assuming it was a temporary issue, but the problem persisted.
Since Bajaj Finserv’s system was evidently dysfunctional, I decided to check with my bank directly, only to shockingly discover that my mutual funds had already been pledged to Bajaj Finserv, despite not receiving any credit facility or approval from them. At no point was I informed or given any confirmation regarding the pledging of my funds.
Shortly after, I received a call from a Bajaj Finserv customer service executive, who admitted that the app was facing technical issues. I was assured that my OD limit would be processed and available by Monday, February 22, 2025. However, today, on February 28, 2025—over a week later—there has been no update, no resolution, and no access to the funds that Bajaj Finserv has locked.
This is outright financial mismanagement and reflects a complete lack of reliability on Bajaj Finserv’s part. A secured loan—where the borrower provides collateral—should be the easiest form of lending to process, yet Bajaj Finserv has utterly failed to deliver on its commitments. Their misleading advertisements portray them as a seamless financial solutions provider, yet in reality, their service is unreliable, unresponsive, and outright deceptive.