Guide: waiver for 4% loan closure charges & how to file complaints.

The 4% loan closure fee is a charge levied by Bajaj Finserv when a borrower decides to repay the loan amount in full before the end of the loan tenure. This fee acts as a compensation for the interest income that Bajaj Finserv would have earned if the loan had continued as scheduled.

For example, if you have an outstanding loan amount of Rs. 5 lakh and decide to close it early, the loan closure fee would be calculated as:
4% of Rs. 5,00,000 = Rs. 20,000

This fee is applicable across various loan products offered by Bajaj Finserv and is designed to offset the financial impact of early repayment.

Why this matters

Understanding this fee is essential to plan your finances effectively. If you intend to close your loan early, it is important to factor in these charges to avoid surprises and evaluate whether early repayment is financially beneficial.

Factors Bajaj Finserv considers for loan closure fee waiver

While the 4% loan closure fee is standard, Bajaj Finserv does offer waivers in certain scenarios. The decision to grant a waiver depends on the following factors:

1. Loan repayment history
   Borrowers with a consistent record of timely EMI payments are more likely to be considered for a waiver.
2. Loyalty with Bajaj Finserv
   Customers who have availed of multiple financial products, such as the Bajaj Finance EMI Network Card or Bajaj Finance Gold Loan, may have better chances of receiving a waiver.
3. Account tenure and relationship standing
   Long-term customers with a positive relationship history are more likely to be granted a waiver.

Why this matters

Being aware of these factors can help you strategise your waiver request. Maintaining a good repayment record and fostering a strong relationship with Bajaj Finserv can significantly improve your chances of getting a fee waiver.

The Reserve Bank of India (RBI) has issued guidelines to protect borrowers from excessive charges. While the RBI allows lenders to charge a loan closure fee, it mandates transparency in the disclosure of such charges.

What you need to know

• Borrowers have the right to request a detailed breakdown of fees and charges.
• Customers can challenge or negotiate loan closure fees if they believe the charges are unreasonable or not communicated upfront.
• Bajaj Finserv’s grievance cell is the first point of contact for such queries.

Why this matters

Understanding RBI regulations empowers you to question or negotiate charges confidently. If you feel the charges are unjustified, you can escalate the issue to higher authorities.

If you wish to raise a complaint regarding loan closure charges, follow these steps:

1. Login to the Bajaj Finserv portal
   Use your registered mobile number or email ID to access your account.
2. Locate the complaint form
   Navigate to the ‘Help and Support’ section and select ‘Raise a Complaint.’
3. Provide necessary details
   Enter your loan account number, the reason for your complaint, and any supporting documents such as your loan statement or payment proof.
4. Submit and track your complaint
   Once submitted, you can track the status of your complaint online through the portal.

Additional support channels

You can also contact Bajaj Finserv via:

• Live chat: Available on the official website.
• Call support: Dial the customer care number for immediate assistance.
• Email: Send your concerns to the official Bajaj Finserv customer care email ID.

How to get a waiver on 4% loan closure charges from Bajaj Finserv

To request a waiver on the loan closure fee, follow these steps:

1. Login to the Bajaj Finserv service portal or app
   Use your registered credentials to access the portal.
2. Select ‘Loan Closure Fee Waiver Request’
   Navigate to the relevant section under ‘My Requests.’
3. Upload necessary documents
   Attach documents such as your NOC (No Objection Certificate), loan account statement, and a justification letter explaining your reason for the waiver request.
4. Submit the request
   Once submitted, you can track your request status online.

Pro-tip

To increase your chances of approval, ensure that your repayment history is spotless. Additionally, include a detailed justification letter explaining why you are requesting the waiver.

Documents required for loan closure fee waiver request

Timelines for loan closure complaint resolution at Bajaj Finserv

Escalation if Bajaj Finserv rejects your loan closure fee waiver

If your waiver request is rejected, follow these steps to escalate the issue:

1. Contact customer support
   Provide your complaint reference number and request re-evaluation.
2. Escalate to a senior executive
   Request that your case be reviewed by a senior executive.
3. Approach a third-party ombudsman
   If the issue remains unresolved, you can escalate it to a third-party ombudsman for impartial intervention.

When Bajaj Finserv waives loan closure fees completely

Bajaj Finserv may waive loan closure fees entirely in specific scenarios, such as:

• Promotional offers: Limited-time offers that waive charges.
• Pandemic relief programs: Waivers provided during unprecedented times, such as the COVID-19 pandemic.
• Financial hardship cases: Borrowers facing genuine financial difficulties.

Alternatives if no waiver on 4% loan closure charges

If your waiver request is denied, consider these alternatives to minimise costs:

1. Opt for pre-closure
   Pre-closure charges are often lower than full closure fees.
2. Utilise reward points
   Use accrued reward points from your Bajaj Finance EMI Network Card to offset the charges.

Pre-closure vs full closure: Waiver differences

For instance, if you close your loan partially, you may only need to pay a reduced fee compared to settling the entire outstanding loan amount.