3 Answers
Dear Client,
Firstly, you should download your Sanction Letter, Loan Agreement, Repayment Schedule and Key Fact Statement from the Bajaj Finance portal. If these show 48 months, Bajaj cannot unilaterally extend it to 60. If they show 60 months, your remedy is to prove misrepresentation. You can file an application to the Grievance Redressal Officer of the Bank/NBFC. And in order to do so you should collect any evidence of the agent’s oral promise such as messages, emails, call recordings and witnesses.
Secondly, you can instruct your bank to put a stop payment on the specific blank cheques given to the agent, but this can still lead to dishonour and a possible Section 138 NI Act case. The better way is to get the tenure dispute resolved and keep written proof that the cheques were security only and that you dispute any demand beyond 48 EMIs.
Next, email Bajaj Finance’s Grievance Redressal Officer with your account details, the agent’s 48-month promise, and a demand for written confirmation that the loan will close after 48 EMIs and that remaining cheques will be returned. Keep copies of all communication.
Lastly, If Bajaj does not resolve the issue within 30 days or replies poorly, file a complaint on cms.rbi.org.in under the RBI Integrated Ombudsman Scheme for mis-selling and unfair practices, and attach your complaint to Bajaj and their reply. You can also approach the District Consumer Disputes Redressal Commission for declaration of tenure, closure after 48 EMIs, return of cheques, and compensation. Send a legal notice through a lawyer, and continue paying EMIs as per your understanding while undertaking these remedies to avoid recovery or cheque-bounce cases.
I hope this answer helps, if you have any other query kindly do not hesitate to contact us. Thank you.
Dear Client,
In case, your loan agreement and repayment schedule do indeed indicate a tenure of 48 months, but the internal records maintained by Bajaj Finance indicate a tenure of 60 months, this is a grave matter which needs to be immediately brought to notice. Initially, you need to obtain the copy of the loan agreement, sanction letter and repayment schedule from Bajaj Finance in order to determine the sanctioned terms. This way, you can determine whether the mistake is in your documents or in the internal records of Bajaj Finance. Further, file a written grievance against the company at the office of the Grievance Redressal Officer at Bajaj Finance under the RBI's Fair Practices Code for NBFCs with respect to both the tenure problem as well as the practice of collecting blank signed cheques from you as a field representative of Bajaj Finance. In the event that the above case is not settled within 30 days, bring the matter before the Ombudsman for NBFCs under Reserve Bank Integrated Ombudsman Scheme, 2026.
I hope this answer helps. If you have any further query kindly do not hesitate to contact us. Thank you.
Dear Client,
Based on your legal query, I suggest you my legal opinion. That Firstly, you should Log into the Bajaj Finance Portal using your credentials , then you should check the Loan Agreement and Key Fact Statement given for your taken loan and see for how many months is the loan sanctioned for.
Then you can file a complaint in the Bajaj Finance Redressal Portal for correcting the tenure month to your mentioned tenure month as the tenure month has been extended without your consent.
If your been force to pay the amount for the extended tenure then you can file a police complaint for criminal intimidation against the recovery agent who appeared from the side of Bajaj Finance.
If you get no response from the side of Bajaj Finance within 30 days of contacting them then you can approach the RBI Complaint Management Portal and file a complaint against Bajaj Finance for violation of Fair Practice Codes, and for harassment by recovery agents along with the proof of such harassment.
You can also file a consumer case in District Consumer Forum for Deficiency in Services and for Unfair Trade Practice.
Hope this answer helps!
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