Coimbatore Consumer Disputes Redressal Commission orders Bajaj Finance to pay compensation of Rs. 1 lakh with 12% interest to a customer for unfair trade practices and service deficiency.
Coimbatore: The Coimbatore Consumer Disputes Redressal Commission has directed Bajaj Finance Limited to compensate a customer for unfair trade practices and service deficiency. The order comes after a complaint filed by Kannan, a resident of Ganapathy in Coimbatore, against the financial institution.
In November 2015, Kannan had availed a personal loan of Rs. 2.32 lakhs from Bajaj Finserv, located at Race Course in Coimbatore. The loan agreement stipulated that he repay Rs. 3.07 lakhs over 48 months, with monthly installments of Rs. 6,409.
Kannan paid off the entire loan amount before the stipulated 48-month period. However, Bajaj Finance claimed that there was still an outstanding balance and fraudulently collected an additional Rs. 67,845 from him.
Aggrieved by this unfair practice, Kannan filed a case with the Coimbatore Consumer Disputes Redressal Commission. On October 1, the Commission, headed by Chairman Thangavel and other members, heard the case and issued its verdict.
The Commission ruled that Bajaj Finance must pay a compensation of Rs. 1 lakh to Kannan, along with 12% interest, for engaging in unfair trade practices and service deficiency. Additionally, the financial institution has been ordered to pay Rs. 5,000 as case expenses to the complainant.
This ruling serves as a reminder to financial institutions to maintain transparency in their dealings and adhere to ethical practices in their operations.
In November 2015, Kannan had availed a personal loan of Rs. 2.32 lakhs from Bajaj Finserv, located at Race Course in Coimbatore. The loan agreement stipulated that he repay Rs. 3.07 lakhs over 48 months, with monthly installments of Rs. 6,409.
Kannan paid off the entire loan amount before the stipulated 48-month period. However, Bajaj Finance claimed that there was still an outstanding balance and fraudulently collected an additional Rs. 67,845 from him.
Aggrieved by this unfair practice, Kannan filed a case with the Coimbatore Consumer Disputes Redressal Commission. On October 1, the Commission, headed by Chairman Thangavel and other members, heard the case and issued its verdict.
The Commission ruled that Bajaj Finance must pay a compensation of Rs. 1 lakh to Kannan, along with 12% interest, for engaging in unfair trade practices and service deficiency. Additionally, the financial institution has been ordered to pay Rs. 5,000 as case expenses to the complainant.
This ruling serves as a reminder to financial institutions to maintain transparency in their dealings and adhere to ethical practices in their operations.