Ha’more’a Bajaj? Finance firm fleecing us, say customers

Chennai: Bajaj Finserv is facing allegations from its customers who have raised red flag against the company for not abiding the moratorium announced by the Central government.

Customers said that the organisation has been pressurising them to pay the EMI even after they opted for moratorium.

Customers alleged that they have been asked to maintain sufficient balance failing which they would be made to pay check bounce charges.

“I bought a new smartphone with Bajaj loan. I paid my EMI without any dues till the lockdown was announced. Then I opted for moratorium. However, I received a call from the company asking me to pay the EMI. When I informed them that I have availed the moratorium, they refused to accept it and asked me to pay the EMI along with the fine amount,” said a customer on condition of anonymity.

Another customer said that the amount which he had saved for medical expenses has been debited by the company.

“They are refusing to refund it and there is no proper response as well,” he said.
Another customer said, ‘My moratorium request was accepted for the first three months. But when I applied for moratorium for the second time after an announcement in this regard from the government, the company did not accept my request and attempted to take EMI from my bank account. I had to personally visit Bajaj Finserv branch to sort out the issue.’

Bajaj Finance officials said that the company is offering moratorium to customers with consistent loan repayment track records.

“To become eligible for moratorium, customers should have no more than two-EMIs overdue in any of their loans as of 29 February,” an official said.

The official also said that the company is in compliance with the RBI directive and that the check bounce charges are being waived off for customers who have availed moratorium.

“Bounce charges were levied for customers who did not avail the moratorium earlier. However the charges have been refunded based on request,” the official said.

The official also clarified that interest will be applicable for the no-cost EMI consumer durable loans too for this moratorium period.

“The customer will be communicated on the interest applicable for your moratorium request,” the official added.

 

NT Bureau