Bajaj Finance customers allege penalty on EMI deferment during lockdown


Tension prevailed as hundreds of borrowers gathered and protested at Bajaj Finance company‘s office in Coimbatore on Saturday. The borrowers alleged that the company did not extend moratorium on EMIs and charged penalty for the lockdown period non-payments.

They said that the company did not follow the Reserve Bank of India’s guidelines for financial institutions to defer loan EMI recovery during the lockdown. The protestors alleged that Rs.450 was charged as penalty by the company for every borrower.
The protesting borrowers and the company staff reportedly engaged in an altercation over the matter.

Even those who had completed all their EMI dues were penalised said some of the borrowers who had come with the loan repayment documents. The police intervened and advised the company officials to engage the people in peaceful talks.  As a large number of people were gathered the Race Course Road witnessed 2 hours of traffic blockade.

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