False information while offering the personal loan.( Loan a/c. No.4040pl00130340)

Location/place: Bangalore

Name of company/service: Bajaj Finance Limited – Personal loan section

I have been cheated by Bajaj sales person by given false information while offering the personal loan on interest part.

I got a call from your Bajaj finance offered personal loan with 25%flate interest rates and they said i can pre close after 6months without any pre closer penalty and I can take any amount up to 1lac. So I shown the interest and i applied for the loan. Mr.Vishwanat, Personal loan section, Bangalore office contacted me and he told me the following things,
* Interest rate shall be 25% flat per annum.
* Loan can be closed any time after six months and only balance outstanding can be taken.
* If we pay EMI correctly for 6 months even we can preclose in 2 instilments.
Based on his confirmation I taken loan for 45,000/- and i signed the necessary documents and they have process my application. My loan got approved and it is credited around 41,000/- to my account and I check up that I have applied 45,000/- but I got only 41,000/- they said that around 4000/- is for some life insurance policy and we will send you the documents. I said them that this was never told to me during discussion and even your sales executive also not informed, so they said this is the standard terms we follow for all the personal loan like that, so i kept quit.

Every month I used to pay EMI correctly and I wanted to pre close the loan and went to their office. They said that the interest rate shall be 40.8766% reduced. They will calculate the 25% flat per annum interst rate and convert to 40.8766%reduced interst rate per annum.

Please look into the same and help me.

Regards,
Rajesh Naidu
E-mail : Rajesh21_naidu@yahoo.co.in
Mob : 9731423687