Nov 06, 2013 10:06 PM
4488 Views
I took the Personal loan from Bajaj Finserv and was offered 14.99 Interest rate as my Credit rating was good( CIBIL Score of 825) .( This was less than 2 percent than the market rate being charged at this time). The way they collect documents is super and its entirely online. It should ideally speed up the disbursal process. But they don't tell us the entire requirements on the website. For example, the need for Blank cheques favoring Bajaj Finance as collateral.( Of course you do write -Not Exceeding - on the cheque) . They don't tell you that you have take an insurance policy also at the same time from their Insurance company, ( for 25% more than the loan you have sought).
They asked me for my home loan document copy. By that time, about 10 days since you first sought the loan, you would have rejected other lenders thinking you will get this loan the next day everyday, and you would be really desperate to get this loan. You cannot reject them and have to go for them if you really need the money at this stage.
Loan agents who come to your home to get the loan agreement signed are the most crafty persons. They would never come to your home with the all the documents filled up.
I was told that the processing fees would be around 4k+ for a 2 lakh loan. The total deductions finally was around 12 k finally, but had to accept it at that stage as I had said no to all the other Banks! Never seek a loan from this company if you have a choice.
