July 19
The Under Secretary
Ministry of Finance
Department of Banking & Insurance
Sub: Exorbitant interest rate charged by Bajaj Finserv from gullible customers for
Personal Loan
Sir,
I have to bring to your kind notice the following facts by which I want to draw your attention to the exorbitant rate being charged by Bajaj Finserv from hapless poor customers who have to take loan for their immediate needs, as they cannot approach the nationalized banks which do not have such facility. The facts given below will be an example of the ruthless way of fleecing the customer by Bajaj Finserv on the loans sanctioned by them.
I have been sanctioned a loan of Rs.52, 000/- (whereas in reality I got only Rs.48, 000/-, balance Rs.4, 000/- being deducted as administrative and filing charges. For taking this loan I have to repay the amount in 36 equal instalments of Rs.2398/- which comes to Rs.86328/-, at a rate of interest of 36.55%, which is too exorbitant. I do not know in which law a finance company is given the authority to charge this exorbitant rate of interest? The finance company is cheating the poor customers who are forced to pay this exorbitant amount.
Originally I was a customer of Bajaj electronic goods and because of this I was told that I had been sanctioned this loan being a regular Bajaj Customer. At that point I never knew I would end up paying my fortune for a paltry sum. Sir, please enlighten me whether this kind of exorbitant charging is permitted by the Ministry of Finance, Department of Banking & Insurance. I had already paid a sum of Rs.21, 582/- being EMI for 9 months. When I made an inquiry from the finance company, in case I want to square up/extinguish the loan, how much I have to pay in one lump sum, for which the concerned officer had informed me that for one lump sum payment still I have to pay a sum of Rs.44, 343/-, that was as on 17th July. Thus, for a loan of Rs.52, 000/ -sanctioned (in actual I got only Rs.48, 000/-), after paying 9 instalments of Rs. 21582/- and I want to square up the account as of today, I would have paid Rs. 65925/-, i.e. for a loan of Rs.48, 000/- I would have paid a sum of Rs.17, 925/- as interest for 9 months.
I would request you to please investigate the matter and take necessary legal actions against the company.
Thanking you,
Yours truly,
(H.N. NAGARAJA)
Address
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