Bajaj Flexi Loan tele caller / area manager mis-guide the people and trap.
I am capturing below the common practices used to cheat in detail -
1) Even if you are not in much need to money they will irritate you by calling and sending SMS. You will get so many tele calls explaining its just backup corpus money and no interest to be paid if you don’t use money.
2) Initially they will tell, you will be charged interest on the money you will be using. Later they will ask for processing fee. And bargain for higher interest rate.
3) At the time of signing the agreement copy they will have so may other charges included. Like insurance and so many other charges. You will completely ignore other charges while saying No to these insurance charges and many other chanrges.
4) They Unnecessarily approve bigger amount with higher interest amount so that they can get more money on processing fee and Annual Maintenance Charges.
5) They will completely hide the Annual Maintenance Charges. That will be written in your mail and agreement copy, Still you will miss to notice it. Below lines I copied from my agreement/mail -
-
D. "Annual Maintenance Fee" for products offered:
In order to continue with the Line facility for the new term each year, you need to pay the following annual fee
• Line of Credit(LOC): 25bps AMC would be applicable on sanctioned amount.
• Flexi Loan: 25bps AMC would be applicable on Flexi Dropline limit.
• Personal Line: 25bps AMC would be applicable on available limit. Activation fee of 999/1999 as per slab on fresh line disbursement"
-
6) Later when you get message for Annual Maintenance Charges after one year, if you say "I want to close this loan and don, t want to apy Annual Maintenance Charges", they will tell pay pre-closure charges of 4% and close it, so you will end up paying Annual Maintenance Charges.
7) Its just completion of first year not sure what and all surprises on the way:(
8) Better go for personal loan of National banks.
9) with below clause they can close your account at any time
-
"E. Instances under which Line facility(Personal Line of credit/ Personal line/ Flexi Loans) can be modified/blocked:
• Bounce in BFL EMI
• Drop in CIBIL Score
• Change in organization/occupation"
-
Even after reading all negative reviews if you want to go for this loan keep below points in mind -
1) My friend got this loan with 0% processing fee, so agree to loan only for zero processing fee.
(Later if your friend tells he got with zero processing fee, you will feel very very bad. Like me:( feeling sad/cheated.
2) Definitely say no to annual maintenance charges. Or be aware of the amount you will be paying for this. Later when you get message for Annual Maintenance Charges and if you say "I want to close this loan", they will tell pay pre-closure charges of 4% so you will end up paying Annual Maintenance Charges.
3) Pay attention to each word in the mail you will get if not possible to read complete agreement.
4) Never ever agree to insurance which is unnecessary.