My Bajaj Finserv personal loan was approved in February 2016 for ₹5 Lakhs. They assured me in an email that there would be no foreclosure charges if I repaid the loan early after the first EMI. Now, I want to close the loan but they’re asking for a 4.6% foreclosure charge. The customer care representative told me their policy changed in June 2016. What should I do?

Apni Law
Apni Law
Law Forum › Category: Banking / Finance › My Bajaj Finserv personal loan was approved in February 2016 for ₹5 Lakhs. They assured me in an email that there would be no foreclosure charges if I repaid the loan early after the first EMI. Now, I want to close the loan but they’re asking for a 4.6% foreclosure charge. The customer care representative told me their policy changed in June 2016. What should I do?
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Apni Law Staff asked 4 months ago

My Bajaj Finserv personal loan was approved in February 2016 for ₹5 Lakhs. They assured me in an email that there would be no foreclosure charges if I repaid the loan early after the first EMI. Now, I want to close the loan but they’re asking for a 4.6% foreclosure charge. The customer care representative told me their policy changed in June 2016. What should I do?

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Best Answer

Apni Law Staff answered 4 months ago

You can contest the foreclosure charge based on the email communication from Bajaj Finserv in February 2016, which promised no foreclosure charges. You can file a complaint with the Banking Ombudsman or approach the consumer forum, highlighting the inconsistency in their policy and the written assurance provided to you.

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