LIVE Online Course on NDPS by Riva Pocha and Adv. Taraq Sayed. Starting from 24th May. Register Now!!
The Indian Constitution Courses

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Vinil Dias   23 May 2022

bajaj personal loan 30%

Dear sir, i have taken 3 lakh personal loan from bajaj Finserv for 48 months i already paid 15 month emi, my question is they are charging 30% per annum, is this leagal, or is there any new rules came about interest, if there can i apply to reduce emi

Loan Type LOANS
Frequency Monthly EMI
ROI 18.21

Agmt. Mode
Advance EMI
Annualised Rate of Interest 30.01


 5 Replies

G.L.N. Prasad (Retired employee.)     24 May 2022

First, issue a registered legal notice and get a certified copy of the statement and copy of such agreement or documents executed by you.  After receiving get the same verified by a competent chartered accountant and obtain a certificate from him about the actual interest charged as per statement and actual amount due after applying agreed interest.  Equipped with evidence file a consumer complaint for recovery of excess interest paid with such compensation for harassment.

P. Venu (Advocate)     24 May 2022

You can, as well, take up the issue with the Reserve Bank of India.

Dr J C Vashista (Advocate)     25 May 2022

Did you agree to pay 30% interest when you availed loan ?

Mainsh   31 May 2022

It is never about how much % of Interest you have to pay. By any means you havee to pay more than principal amount.

So, try to open e-Nidhi or Nidhi Company that saves mny tax implications and makes money gorw for you.

You can check the complete Information on Nidhi Company registration page.

Dr J C Vashista (Advocate)     01 June 2022

Most of the NBFCs (registered with RBI) charge interest @ 3% per month from defaulters, check terms and conditions of the agreement executed by you with your financer.

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics

View More

Post a Suggestion for LCI Team
Post a Legal Query