Dispute Loan Ownership: Resolve Bajaj Finserv Loan Account Issues

Dispute loan ownership refers to disagreements or confusion regarding the rightful ownership or responsibility for a loan account. These disputes can arise due to unauthorised access, errors in loan documentation, or fraudulent activities.

Loan account ownership disputes are significant because unresolved issues can lead to long-term consequences, such as incorrect payment records, a drop in credit scores, and difficulties in obtaining future loans. For instance, if a loan is fraudulently taken in your name, it could impact your CIBIL score and lead to legal complications.

Resolving disputes promptly ensures that your credit history remains intact and avoids unnecessary financial strain. Bajaj Finserv provides a systematic process to help customers verify and resolve such disputes efficiently.

Several factors can lead to loan account ownership disputes. Here are the most common causes:

• Unauthorised use of personal details for loans: Identity theft or misuse of personal information can result in loans being taken in your name without consent.
• Errors in loan records due to clerical mistakes: Incorrect details entered during loan processing can cause confusion about ownership.
• Forgotten co-signed or joint accounts: Co-borrowers may dispute ownership due to misunderstandings or lack of communication.
• Fraudulent activity or identity theft: Cyber fraud or scams involving personal details can lead to unauthorised loans.
• Co-borrower-related disputes: Disagreements between co-borrowers or guarantors can result in ownership disputes.

How Bajaj Finserv verifies claims in loan account ownership disputes

Bajaj Finserv follows a robust verification process to ensure disputes are resolved fairly and accurately. Here is an overview of the steps involved:

1. Registered user authentication: Verification begins with authenticating the user through mobile or email OTP. This ensures that only authorised individuals can raise disputes.
2. Data and document checks: Bajaj Finserv reviews loan-related documents, transaction history, and ownership proofs to validate claims.
3. Validation of transactions and signatures: All transactions and signatures are cross-checked to confirm authenticity.
4. Specialised support team review: A dedicated team of experts analyses the dispute and provides resolution based on evidence submitted.

To initiate a dispute, customers can use the Bajaj Finserv chatbot or support request portal for seamless communication.

Documents needed to resolve dispute loan ownership with Bajaj Finserv

To resolve a loan account ownership dispute, you will need to submit specific documents. Below is a table outlining the required documentation:

Note: Ensure all documents are accurate and properly scanned before submission to avoid delays in the resolution process.

Step-by-step process to raise a loan account ownership dispute

Follow these steps to raise a dispute with Bajaj Finserv:

1. Log in to the Bajaj Finserv portal/app using your registered mobile number or email ID.
2. Navigate to the Service tab and select Loan Account Ownership Dispute.
3. Enter details such as loan number, issue description, and upload evidence.
4. Submit the request and record the service request number for tracking purposes.

Pro-tip: Use the live chat feature on the Bajaj Finserv portal for real-time assistance during the process.

RBI guidelines on resolving loan ownership disputes

The Reserve Bank of India (RBI) has issued clear guidelines to protect borrowers during loan ownership disputes. Key regulations include:

• Mandatory verification before loan disbursal: Financial institutions must verify borrower identity to prevent fraudulent loans.
• Timelines for resolution: Disputes must be resolved within 30–90 days, depending on complexity.
• Data protection: Sensitive customer data must be safeguarded during the dispute resolution process.

These guidelines ensure fairness and transparency for borrowers across India.

Bajaj Finserv strives to resolve disputes efficiently. Below is an overview of expected timelines for different dispute types:

Impact of dispute loan ownership on your CIBIL score

Unresolved loan ownership disputes can negatively impact your CIBIL score. Consequences include:

• Drop in credit score: Incorrect payment records or missed EMIs due to disputes can lower your score.
• Errors in credit history: Disputes flagged in your credit report can affect future loan approvals.

Pro-tip: Regularly check your credit report to identify discrepancies early and take corrective action.

Escalation options if Bajaj Finserv dispute is not resolved

If your dispute is not resolved satisfactorily, here are escalation options:

• Contact Bajaj Finserv grievance department: Raise your issue with the dedicated grievance team for further review.
• Approach the NBFC Ombudsman: Seek mediation from the Ombudsman for unresolved disputes.
• Seek legal assistance: If necessary, consult a legal representative to address complex disputes.

How to prevent future loan account ownership disputes

Here are actionable tips to avoid ownership disputes:

• Keep your contact details updated: Ensure your phone number and email are current for verification purposes.
• Enable account activity alerts: Set up notifications for loan-related activities.
• Regularly verify your CIBIL score: Monitor your credit report to spot discrepancies early.

Contact Bajaj Finserv support for dispute loan ownership

Bajaj Finserv offers multiple support channels for resolving loan account ownership disputes:

• Live chat: Access the chatbot on the Bajaj Finserv support portal for instant assistance.
• Customer care helpline: Call the helpline for personalised support.
• Online service request: Submit a scanned copy of the dispute form via the Bajaj Finserv portal.