Mungeli, Chhattisgarh | A formal complaint has been filed against the Lormi branch of Bajaj Finance after a borrower alleged that he was misled into accepting a loan through promises of a low interest rate, only to later discover significantly higher repayment obligations and an alleged demand for an additional ₹20,000 loan foreclosure (closure) charge.
The complaint has been submitted to the Lormi Police Station by Pitambar Tandon, a resident of Budhwara village, Post Nawadih, Mungeli district. Copies of the complaint have also been forwarded to the Superintendent of Police (Mungeli), the District Collector, and the Lead District Bank Manager, requesting an impartial investigation into the matter.
Allegations of Misleading Loan Offer
According to the complainant, he received a phone call from representatives of Bajaj Finance informing him that he was eligible for a special loan offer worth ₹103,000. He claims he was assured of a low interest rate and easy repayment terms, which persuaded him to visit the company’s Lormi branch, where the loan was approved.
However, Tandon alleges that the actual interest rate, total repayment amount, processing charges, and other loan terms and conditions were not fully disclosed before he signed the loan documents.
Claim of Nearly ₹80,000 in Interest
The complainant stated that after the loan amount was credited to his bank account and he reviewed the repayment schedule, he discovered that he would have to pay approximately ₹80,000 in interest over a three-year loan tenure.
He claims he had initially been informed that the interest would be around 1.5%, and says he would never have accepted the loan had he been given complete and accurate financial details in advance.
Alleged ₹20,000 Foreclosure Demand
Tandon further alleged that when he requested to close (foreclose) the loan immediately, officials associated with the Lormi branch—identified in the complaint as Sanjay Sonwani and Yogendra Yadav—allegedly demanded ₹20,000 for loan closure.
According to the complaint, no clear explanation, policy, or official basis for this amount was provided.
Investigation Sought into Branch Officials
The complaint specifically requests an investigation into the role of Branch Manager Sanjay Sonwani and employee Yogendra Yadav regarding the alleged irregularities in the loan approval process and foreclosure demand.
The complainant has urged authorities to determine whether banking rules, consumer protection norms, or financial disclosure requirements were violated.
Similar Complaints Allegedly Raised by Other Customers
According to the complainant and certain local sources, similar grievances may have been reported by other customers.
It is alleged that Bajaj Card holders are contacted by phone and invited to the branch under the promise of special loan offers, while the complete financial obligations, including the effective interest rate, total repayment amount, and additional charges, are allegedly not explained beforehand.
These claims have not been independently verified.
Company Response Awaited
The reporter contacted Sanjay Sonwani and Yogendra Yadav by phone to obtain their response regarding the allegations. According to the report, neither provided a clear explanation and instead gave general responses.
As of the time of publication, Bajaj Finance had not issued an official statement regarding the complaint.
Investigation Will Determine the Facts
Authorities are expected to examine the complaint and determine whether the allegations have merit and whether any laws, banking regulations, or consumer protection guidelines were violated.
The outcome of the investigation will clarify whether any wrongdoing occurred or whether the dispute arose from a misunderstanding of the loan agreement.
Editorial Perspective
The case highlights broader concerns regarding transparency in consumer lending. Financial institutions are generally expected to clearly disclose interest rates, annual borrowing costs, processing fees, foreclosure charges, and all other material terms before a borrower signs a loan agreement.
If customers are not provided with complete and understandable information, the issue may raise important questions regarding consumer rights and fair lending practices.
At present, all allegations remain claims made by the complainant. Their accuracy can only be determined after an investigation by the police, banking authorities, or other competent regulatory bodies. If Bajaj Finance provides an official response, it should also be published to ensure balanced and fair reporting.
Disclaimer: This news report is based on the written complaint submitted by the complainant, the allegations contained therein, and the reporter’s attempts to obtain responses from the individuals named. The allegations have not been proven, and their authenticity will be determined only after investigation by the competent authorities. Bajaj Finance’s official response was not available at the time of publication.
