Bajaj Finserv review: Misleading practices in overdraft flexi loan

Dear Bajaj Finserv Team,

I hope this message finds you well !

I am writing to express my profound disappointment and serious concern as a valued customer of Bajaj Finserv (Customer ID: [protected]), my Overdraft Loan (Account Number: LAN - P400PSA15041492) was opened on 24th October 2024, with a loan amount of ₹25,81,999 at an interest rate of 14.2% per annum.

Unfortunately, my experience with your team has been nothing short of frustrating and misleading, leading to unnecessary inconvenience not only for myself but, potentially, may be for many other customers who may be enduring similar issues throughout INDIA.

I am specifically referring to the coercive sales tactics employed by your employees just to meet targets, including Customer Care Sales Executive Swati (Contact: +91_7982317212), Team Lead Ravi Kumar (Contact: +91_8826406656), and Bajaj Finance Manager Mr. M Rameshvar Reddy (Contact: +91_8309281721). Despite my clear communication that I had six credit cards and don't need any additional overdraft facility, I was repeatedly contacted multiple times a day (5 - 6 times) and pressured into accepting this OD facility “just in case I might need it in the future.” I was assured that there would be no processing fees and no Annual Maintenance Charges (AMC) associated with the loan, and that I would only need to pay ₹1,200 as interest for every ₹1 lakh I borrowed from the sanctioned amount for every 30 days.

However, this is where the problems began:

Processing Fee Reimbursement: I was promised on 24th October 2024 that the processing fee would be reimbursed within 7 working days after disbursal. After multiple follow-ups and extensive communication with Mr. Ravi Kumar (Rupeeq team), I finally received the reimbursement on 23rd November 2024, a full month after the promised deadline. This delay, coupled with a lack of transparency, demonstrates a blatant disregard for your commitments to customers.

Annual Maintenance Charges (AMC): In mid-March 2025, I was informed that I owed ₹7,616 for AMC on a loan that I had only partially utilized (₹1 lakh). I repaid this amount in full, including the interest, within a month. However, these hidden charges were never disclosed at the time of the loan agreement as I need to pay this amount every year till the next 8 years 2032. This not only feels unethical but also deceives customers into accepting terms they were never made fully aware of.

When I contacted your associates for help, I received inadequate responses:

Swati, the sales executive, claimed she no longer works at Bajaj Finserv and could no longer assist me.

Ravi Kumar (Team Lead) dismissed my concerns, insisting that I must pay the charges. His way of speaking to a customer with an aggressive voice with no basic etiquettes to deal with a customer which is not at all acceptable.

Mr. M Rameshvar Reddy (Manager) has continuously delayed any resolution past 10 - 15 days even after multiple follow-ups and calls, offering false assurances that he will “check and get back to me,” but no follow-up has been made till today.

This entire experience has left me feeling deceived, regretful, and frustrated by Bajaj Finserv’s handling of my case. It is becoming increasingly clear that many customers are being misled into accepting loans with hidden fees, exorbitant interest rates, and surprise charges, such as AMC and processing fees, all of which were never disclosed at the time of agreement.

I urgently request that you investigate this matter and take corrective action immediately. If these issues are not resolved in a timely and transparent manner, I will have no choice but to escalate this issue to regulatory bodies consumer forums, the RBI Ombudsman, and various public platforms. Please understand that these actions could severely damage your brand's reputation and potentially spark a trend Abhi nahi to kabhi nahin #BoycottBajajFinserv, which would have a direct and lasting impact on your share market value. I am prepared to back my claims with call logs and detailed records to pursue this legally if necessary, protecting my hard-earned money.

As of today, please find the formal intimation letter to your team on (5th April 2025), I expect a resolution within 30 days—by 4th May 2025. If this matter is not resolved to my satisfaction by then, I will be compelled to file a legal case in the consumer forum against BAJAJ FINANSERV and escalate the issue to the RBI how your team are using the loopholes to mislead the customers, along with seeking legal compensation for lack of transparency, false commitments, bad service, harassment due to the incessant and last but not the least disruptive calls from your team during my busy schedule.

I would be more happy if my account in Bajaj Finserv would be closed completely without any foreclosure charges as I'm not satisfied with the service.

It's an open question to the whole BAJAJ FINANCE team. The companies’ tagline says we believe that our culture is the key to our success. It is what defines us as an organization. Does your company have the culture to misguide, mislead and cheat the customers? After all, Karma will hit Back.

Let this serve as a clear warning: the consequences of these unethical practices will not go unnoticed, and a small issue could turn into a massive wave of backlash, much like how a small hole sank the Titanic. The power of a common man and honest taxpayer should never be underestimated. Mark my words, after exploiting a middle-class family to build an empire, one day it will all come crashing down. No matter how much it grows, a foundation built on deceit and betrayal can never stand. The curse of those wronged will eventually catch up, because no cruelty ever truly goes unpunished.

I trust that Bajaj Finserv values its customers and will act swiftly to resolve this matter. Please let me know how you intend to address these issues and prevent such practices in the future.

Thank you for your immediate attention to this urgent concern.

Sincerely,
Debasis Sahu
Contact: +91_[protected]

[Customer ID: [protected]]