Bajaj Finserv Loan Cancellation

Taking a loan/ financial assistance is a commitment undertaken by the customer that requires careful planning and aligning monetary resources accordingly to avoid difficulties during repayment.

Typically, there are two types of loans -

  1. A loan taken for the purchase of an asset, availing a service or against an existing asset - Eg. - Mortgage loan, consumer durable/ goods purchase/ product purchase loan or loans towards availing a services (education, medical treatment, etc)
  2. A personal loan through credit of cash in the bank account

Both loan types have different journeys.

For the first type of loan, the customer would need to take an informed decision for selecting the suitable product, asset or service by engaging with the dealer or seller. The financial lender does not guarantee or warranty on the product/ asset/ service quality or efficacy. The financial lender’s role is in facilitating finance as per terms mutually agreed upon.

For the second type of loan, the customer engages with the financial lender and agrees on the terms and conditions including the loan commercials like – interest rate, tenor, EMI amount, fees and charges, etc. The financial lender is obliged to honour the agreed commitment made with the customer.

Loan applications get approved based on the acceptance of terms and conditions by the customer as laid down by the financial lender. The process involves consent through a loan agreement/ loan term sheet in physical or digital form. The loan details are shared with the customer through the welcome letter which is sent via SMS or email. If the customer is not satisfied with the product or service and wants to cancel the loan, the customer will need to contact the dealer for the return of the product or cancellation of the service. Once this is done, they can reach out to us or visit the nearest branch. The loan cancellation will be done basis the confirmation of product return/cancellation of the service from the dealer and at the sole discretion of the company.

For personal loans, where the customer’s bank account has been credited with the funds and the loan is booked based on the agreed terms, the customer will have to foreclose the loan as per laid terms in the agreement.

If there is a variance in the loan booked terms and commercials from what was agreed or committed, the customer reach the company at wecare@bajajfinserv.in or visit the nearest branch for redressal and corrections.

Ways To Apply For Loan Cancellation Grievance

Frequently asked questions

How do I cancel a loan in Bajaj Finance Limited?

If you are not satisfied with the product availed or have a concern on the loan offered, you can raise his/ her grievance with nearest dealer/ relationship manager/ sales manager. However, if you are still not satisfied with the resolutions provided by these channels, The customer can reach out to us at wecare@bajajfinserv.in or visit the nearest branch

Does a loan cancellation impact my credit score?

No, loan cancellation will not impact your credit score. For more clarification, you can reach out to the respective credit bureau.

How can I cancel my loan?

To cancel your loan, please raise a request/ query with us by following these steps:

- Log in to your Experia Customer Portal
- Go to the ‘My Profile’ section at the top right part of the screen
- Click on 'Raise a Request'
- Select ‘Product/ Service’
- Select 'Product Type'
- Select 'Product Description'
- Select 'Query Type'
- Select 'Query Description'
- Type your query details
- Attach supporting screenshots/ files
- Provide your alternate email ID and mobile number and
- Click on 'Submit'

After submitting the request successfully, your Service Request Number (SRN) gets generated instantly, and our customer support representative connects with you within 2 business days to resolve your query.

Alternatively, you can also raise your concern with the nearest dealer/relationship manager/ sales manager or visit your nearest Bajaj Finance Ltd branch. To find your nearest branch, please click here- www.bajajfinserv.in/branch-locator

To go directly to the ‘Raise a Request’ page now, please click here. Pls give the link.