Bajaj Finance Limited

CITIZEN’S CHARTER

A Charter for Customer Services

February 2025

Ver.6.0

Index

Sr. No.	Particulars	Page No.
1	Vision	3
2	Mission	3
3	Application of Charter	3
4	Commitments of the Company	3 to 9

1.       Vision  

To promote fair financial practices by maintaining transparency in various financial products and services offered by the Company to deliver an enriching experience.

2.     Mission

·         Achieve excellence in customer service.

·         Foster transparency and ethics in dealings with customers.

·         Offer innovative financial products and services to various segments of the society.

·         Contribute towards growth in economy through multifarious activities/services.

3.     Application of Charter

Disclaimer:

The Company has framed this Citizen's Charter and it does not by itself create new legal rights, it aims in enforcing existing rights of the customers.

This Charter applies to all products and services of the Company whether provided by branches, subsidiaries and agents acting on behalf of the Company, across various delivery channels.

Information given in this document is as of September 2024 and is subject to change/ revision.

This document should not be considered as a legal document creating rights and obligations. It is for promoting better understanding between Customer and The Company. The Citizens Charter does not by itself create new legal rights, but it surely helps in enforcing existing rights.

For further details/ information, please visit our website https://www.bajajfinserv.in/corporate-bajaj-finance

4.     Commitments of the Company

a)     To act fairly and reasonably in dealings with the customers.

b)     Ensuring that the products and services are in compliance with relevant laws and regulations in letter and spirit.

c)     Ensuring dealings with the customers are based on ethical principles of integrity and transparency.

d)     To maintain privacy and confidentiality of personal information of the customer.

e)     To deal promptly and sympathetically with customer grievances.

f)      To display on Company’s website:

            i.     Fair Practices Code;

ii.     RBI’s Integrated Ombudsman Scheme dated 12th November 2021, It’s Salient Features, Details of Principal Nodal Officer;

iii.     Grievance Redressal Mechanism and Name of Grievance Redressal Officer;

iv.     Interest Rate Policy;

 v.     Citizen’s Charter of the Company.

g)     To publicize the Citizen’s Charter-

 i.     Provide a copy of the Citizen’s Charter on request of customer.

ii.     Ensure training to the staff to put the Charter into practice.

h)     SMS/E-mail alerts / Notifications

Send alerts for certain financial and non-financial transactions on the customers registered mobile number and/or registered email id or thorough App notifications

i)        Interest on Fixed Deposits

 i.     Pay interest on Company’s fixed deposits as per its deposit schemes and publicize changes in the interest rates whenever revised

ii.     Revised interest rates will be applicable to the fresh deposits and renewed deposits, the existing deposit will continue at the contracted interest rate. However, the customer may be offered an additional interest rate on a case to case basis (within the scope of regulatory guidelines) at the discretion of BFL management.

iii.     Interest rates quoted are per annum and the number of days in a year are taken as 365 /366 (actual / actual basis).

iv.     Interest on deposits is subject to Tax Deduction at Source (TDS) at the rates stipulated by the Income Tax Authorities.

v.     The company will issue TDS certificates for the tax deducted at source.

vi.     Premature withdrawal of fixed deposits will be allowed as per the regulatory guidelines.

j)        Nomination Facility for Fixed Deposits

i.     In compliance of RBI Master Direction - Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 2016, the company offers nomination facility on all fixed deposit accounts. Individuals and proprietors can avail nomination facility for their accounts.

ii.     In the event of death of the depositor, the nominee would receive the balance in the account/s, as a trustee of the legal heirs, in case of prematurity of the deposit or at the time of maturity of the deposit. This would be done upon receipt of requirement documentations as prescribed.

iii.     Nomination can be made/cancelled/changed at any time during the tenor of the account.

k)     Loans and Advances

 i.     All terms and conditions of loans, pricing and others will be in compliance with the applicable regulatory and statutory guidelines.

ii.     Customers will be communicated about any changes in interest rate or charges, and such changes will be effective on prospective basis. Such changes shall be notified to the borrower by updating the same on the company website- https://www.bajajfinserv.in/all-fees-and-charges . 

 iii.     The Company will make the loan statements available on self-help digital channels and will also share at the request of customer.

l)        Standards of Services

 i.     Customers will have access to multiple channels to avail services and obtain information.

ii.     Customers can obtain information about services and/or place a request or lodge grievance at any of the channels (branch, email, etc.).

m)  Customer Reparation 

 i.       The company should reasonably offer reparation as per the approved “Reparation Policy”, where there has been a financial loss due to deficiency in the services offered by the company.

 ii.      The company shall offer compensation to customer as prescribed in RBI circular dated 20th Sep’2019 on harmonization of TAT for payment systems

n)     Customer Obligations 

 i.     To check statement of account regularly and highlight discrepancy, if any, within 15 days of transaction

 ii.     Not to sign any blank document or blank cheque

 iii.    Ensure confidentiality of password/OTP at all times and not respond to any phone calls or emails asking for password/OTP

 iv.     Beware of ‘phishing’ websites with enticing content or e-mails soliciting personal/confidential information

 v.     To exercise caution against fraudsters who may use fake email IDs, fake profiles on Social media (WhatsApp, Facebook etc.,) domains, websites, telephones and advertisements in newspapers/magazines, etc. by impersonating themselves to be from Bajaj Finance Limited and/or its Group Companies and claim to be offering loans at lower rates of interest, collect customer account details, ask for advance money to process loans, etc.( https://www.bajajfinserv.in/infosec-pages )

vi.     Ensure maintenance of sufficient balance in bank account for honoring loan EMI on due date

vii.     Promptly inform the Company about any change of address, telephone number, etc., with a valid proof of document

 viii.     Provide honest feedback on services of the Company and bring deficiency in services, if any, to the notice of the Branch/ contact center

 ix.     Follow Know Your Customer (KYC) guidelines at the time of opening the account and updation from time to time as per RBI/ Government guidelines.

x.     Avail nomination facility for their fixed deposit accounts

xi.     Pay applicable charges for various services prescribed by the company including charges such as EMI bouncing charges, cheque bouncing charges, etc. The details of charges are available on the company’s web site

xii.     Pay the loan dues / Surrender the hypothecated asset to designated staff of the company with acknowledgement

xiii.     Update FATCA information to BFL at all times

xiv.     Ensure that the source payment instrument is active for receiving any type of refund(s)

xv.     User should properly check the account number and IFSC details while adding the beneficiary for transferring the funds from the digital wallet to bank account

xvi.     Small PPI (or Minimum details PPI) users should enter genuine document details while getting onboarded on digital wallet platform

xvii.     Bajaj Pay Wallet to be adequately funded in order to avoid transaction declines

xviii.     Go through FAQs, T&Cs and feature document shared at the time of onboarding so as to make an informed decision and get answers to your queries. For any further concerns or queries, reach our service team through various digital channels like Bajaj Finserv App, Bajaj Finserv customer portal and dedicated service channels.

o)     Time Norms for Various Services/Transactions:

Sr. No.	Particulars	Time Taken*
1	Response to request raised through e-mail	2 Days
2	Updation of EMI in loan statement & digital channels	14 Days
3	Updation of part pre-payment and other payments in loan statement and digital channels	10 Days
4	Refund of excess EMI received post loan closure/cancellation	15 Days
5	Refund of charges/fees as confirmed to the customer	15 Days
6	Change of demographic post receipt of adequate documents	10 Days
7	Drawdown disbursement post successful receipt of request	10 Days
8	Booking of Fixed Deposit post receipt of documents & receipt of amount by the Company	20 Days
9	Statement of Account and Interest Certificate	10 Days
10	Payment on Pre-Mature Withdrawal of Fixed Deposit	10 Days
11	Closure of loan and Issuance of No Dues Certificate post - receipt of outstanding amount by the Company	14 Days
12	No Objection Certificate (Form 35) to remove hypothecation post closure of Auto finance loans	21 Days
13	Correction of commercials / demographic details in loans and deposits	21 Days
14	Cancellation of loan and / or re-booking	21 Days
15	Issuance of EMI network card after successful receipt of payment	15 Days
16	EMI network card - Limit updation/reinstatement post receipt of EMI/payment	10 Days
17	Refund against failed Bill payment & Recharges transaction(s)	12 Days
18	Refund against failed Wallet load/ Wallet to wallet transfer/ Wallet to bank transfer transaction(s)	12 Days
19	Refund against failed UPI Person to Person & Person to Merchant transactions	12 Days
20	Refund of the excess amount received towards sale of repossessed vehicle at the time of loan closure	30 Days
21	Updation of loan status in Credit Bureaus	21 Days
22	Release all the original movable / immovable property documents after full repayment / settlement of the loan	30 Days
23	Cooling off / Free Look Cancellation period	3 Days

  *All days/hours are actual business days/hours

p)     Grievance Redressal

We have multiple channels available for our customer service and information. Customers can obtain information on services and/or place a request at any of the channels. Additionally, easy, and convenient self-service options are available for instant service.

 i.      The various service channels of the Company are given below:

•   For Consumer Finance Loans

·       Raise a Request - https://www.bajajfinserv.in/myaccountlogin?Source=RAR

·      IVR (Interactive Voice Response) and Call center number – 8698010101 (call charges apply)

·      Online Service Portal: https://www.bajajfinserv.in/myaccountlogin

·      Mobile App - https://bit.ly/Bajaj-Finserv-App

·      Branch walk-in- www.bajajfinserv.in/branch-locator

• For Auto Finance Loans

·         Email - bflcustomercare@bajajfinserv.in    

·         IVR (Interactive Voice Response) and below state wise helpline numbers:

State	Number	State	Number	State	Number
Maharashtra	92258-11110	Karnataka	93794-33222	Madhya Pradesh	74894-33222
Gujarat	85301-33222	Rajasthan	93516-33222	Uttar Pradesh	74995-33222
Tamil Nadu	93450-33222	Punjab	93576-33222	Jharkhand	93045-33222
Kerala	93870-33222	Delhi	74289-33222	West Bengal	93784-33222
Chhattisgarh	93026-33222	Orissa	93378-33222	Andhra Pradesh	93901-33222
Bihar	85308-33222

·         Online Customer Portal- www.bajajautofinance.com

·         Mobile App - MyBAFL on Playstore https://bit.ly/2l9UgEl and App store https://apps.apple.com/in/app/mybafl/id1330146887

·         Self-service Chatbot ‘BRO’ on our Website and Mobile App

·         Bi-directional SMS Service (SMS @ 92231-92235), Keywords (NOC/FC/DUE/SOA/LASTPAY)

·         Missed call number – 97177 52222

·         Avail service on WhatsApp on 9607200770

·         Branch walk-in- https://www.bajajautofinance.com/contactus

ii.      Grievance Redressal Mechanism

If the response provided by any one the above mentioned service channels is unsatisfactory or inadequate or breaches defined timeline, the customer can escalate the matter to below mentioned grievance redressal channels/

The Company is committed to resolve customer grievance and queries promptly. 

• For Consumer Finance Loans

If the resolution provided by our customer service team does not meet your expectation, you can approach our grievance redressal officer at grievanceredressalteam@bajajfinserv.in  or can call on 022-41803901 (call charges apply) on all working days from Monday to Friday between 9:30 am to 5:30 pm. Alternatively, you can reach the Principal Nodal Officer at https://www.bajajfinserv.in/finance-corporate-ombudsman

•  For Auto Finance Loans

If the resolution provided by our customer care team does not meet your expectation, you can approach our grievance redressal officer at grievanceredressal@bajajfinserv.in  or can call on 022-41803901 (call charges apply) on all working days from Monday to Friday between 9:30 am to 5:30 pm. Alternatively, you can reach the Principal Nodal Officer at https://www.bajajfinserv.in/finance-corporate-ombudsman

•   For Payments (PPI)

LEVEL 1

We are committed to resolving your queries / issues, you need to follow the below steps to raise your request. o   Bajaj Finserv App > Menu > Help and support > Raise a Request o   Bajaj Finserv App > Menu > Help and support > View all > Wallet  > Reopen the request if not satisfied with the response, also there is option in case customer wants to escalate.

 

LEVEL 2

We are committed to resolving your queries / Issues within 7 working days, if you do not hear from us within this time, or you are not satisfied with our resolution of your query, the customer may go through the below steps:   o   Bajaj Finserv App > Menu > Get in Touch > Raise a Request History > Reopen the request if not satisfied with the response, also there is an option in case customer wants to escalate. o   Customer may reach to our grievance redressal officer at grievanceredressalteam@bajajfinserv.in

 

LEVEL 3

If the customer is not satisfied with the resolution provided at Level 2 within the customer may post his / her complaint / query to the nodal officer /principal nodal officer as per the region defined. Can get the Nodal officer / Principal Nodal Officer details from https://www.bajajfinserv.in/finance-corporate-ombudsman

 

  iii.      Integrated Ombudsman Scheme, 12 November 2021

In case customer grievance is not redressed or resolved to the customer’s satisfaction within a period of one month, he can appeal to RBI on their CMS portal – https://cms.rbi.org.in or send the complaint form to the below mentioned address:

Centralized Receipt and Processing Centre,

Reserve Bank of India,

4th Floor, Sector 17, Chandigarh – 160017

Toll Free No. 14448

q)     The Company will not entertain anonymous complaint/ grievance.

r)       This Citizen Charter, inter-alia, provides the customers with promised time frame for various services offered by the Company and in order to have a better perspective about the customer’s rights and obligations.