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Cancellation Bajaj Finserv: Easy Method
What is Bajaj Finserv
Overview
Bajaj Finserv is an Indian financial services company offering loans, EMI cards, insurance broking, digital wallets and health & wellness subscriptions such as the Good Health Membership.
Why a cancellation guide
This guide explains how to cancel common Bajaj Finserv products (loans, app account, insurance, wallet transactions and consumer-durable EMIs) and what to expect about refunds, charges and escalation routes.
How to cancel Bajaj Finserv
Consumer durable loans (in-store / Bajaj Mall)
- Open the Bajaj Finserv app or website and locate the order/loan under My Account.
- Initiate cancellation within seven business days of disbursement for in-store or Bajaj Mall purchases.
- A cancellation fee (up to ₹2,360 tax inclusive), accrued interest, stamp duty and pre-payment charges (up to 4.72%) may apply.
- After request, a Bajaj Finserv representative contacts you within 48 business hours; no branch visit is required.
- Reference: Cancel your consumer durable loan.
Other loans and foreclosures
- For non-digital personal loans where funds are already credited, cancellation typically requires foreclosure as per the loan agreement.
- Charges already applied are generally non-refundable; cancellation normally will not affect your credit score.
- See loan cancellation grievance guidance: Loan cancellation & grievance.
What happens when you cancel
Access and product status
For consumer-durable cancellations the loan is closed and any applicable charges are applied. Active financial products (other loans, cards) remain accessible through your Bajaj Finserv account unless separately closed.
Data and account effects
If you delete your Bajaj Finserv app account, you will be logged out after the process completes and certain app-specific data (MPIN, consents, UPI‑ID bindings) are deleted.
Device data may be retained for fraud prevention even after app-account deletion.
Will I get a refund?
Insurance (Life & Health)
Under IRDAI rules you have a 30-day Free Look Period from receipt of the policy to cancel and obtain a refund.
Refund is the premium minus allowable deductions such as medical test costs, stamp duty and mortality charges; exact deductions depend on the insurer.
Loans, wallet and other refunds
- Charges levied for cancellation or closure of loans are not refundable in most cases.
- Failed, returned or cancelled Bajaj Pay Wallet transactions are refunded back to the wallet as per applicable law.
- Processing times vary by product; some customers report payouts taking multiple days to weeks.
- Reference: Terms & conditions (includes IRDAI clause).
Bajaj Finserv plans and pricing
Key pricing points
Officially published: a one-time joining fee for the Insta EMI Card of ₹530 (inclusive of applicable taxes).
User reports indicate a possible annual fee in some cases; see table for both items and notes below.
Pricing table
| Plan | Price | Period | Features |
|---|---|---|---|
| Insta EMI Card - one-time joining fee | ₹530 | One-time | Joining fee to activate the Insta EMI Card; inclusive of GST and applicable taxes |
| Annual Fee (user-reported) | ₹117 | Per year | Reported by some users/third-party platforms when no loan is taken within the year (not clearly published officially) |
Your consumer rights in India
Insurance Free Look and regulator rights
You have the right to cancel life & health insurance policies within 30 days under IRDAI's Free Look Period and receive a refund subject to allowable deductions.
Loans, refunds and grievance escalation
- If a loan is cancelled after disbursement, foreclosure conditions under your loan agreement apply and charges may not be refundable.
- Unresolved complaints can be escalated via the app/website and to the company’s Nodal Officer; for NBFC issues you may approach the RBI NBFC office if unresolved after statutory timeframes.
- For insurance disputes, escalate to IRDAI or the Insurance Ombudsman as applicable.
- See Bajaj Finserv guidance: Loan cancellation & grievance.
Customer experiences
Positive feedback
Some users praise the app and services - examples include positive Trustpilot and SiteJabber reviews highlighting convenience and fast approvals.
Reference examples: Trustpilot (positive) and SiteJabber review.
Negative feedback and common issues
Other users report hidden charges, poor support, long refund times and difficulty cancelling certain products online; some review pages show primarily negative ratings for particular services.
Examples of negative feedback: Trustpilot (critical) and Justdial (local reviews).
Documentation checklist
Documents to have ready
- Order details or invoice for the purchased product.
- Loan account number or EMI card details and application ID.
- Policy number for insurance cancellations and copy of the policy document.
- Transaction IDs, bank statements and screenshots for failed wallet transactions or refunds.
Communication records
- Save chat logs, emails and reference numbers given by customer service.
- Note dates and names of representatives who contacted you; this helps escalation if needed.
Common mistakes
Missing cancellation windows
Not initiating cancellation within specified windows (e.g., 7 business days for consumer-durable loans or 30 days for insurance Free Look) can forfeit your entitlement to full refunds.
Expecting refunds that are not due
Assuming all charges will be refunded is a frequent error - loan cancellation charges and applied fees are often non-refundable per the loan agreement.
Also, not keeping transaction IDs or proof of communication causes delays in refund resolution.
Comparative recap
At-a-glance comparison
| Product / Service | Cancellation window | Refunds & charges | How to cancel |
|---|---|---|---|
| Consumer-durable loan (in-store / Bajaj Mall) | Within 7 business days of disbursement | Cancellation fee up to ₹2,360 (tax inclusive), accrued interest, stamp duty, pre-payment charges up to 4.72% | App or website - request; representative contacts within 48 business hours |
| Non-digital personal loans (funds credited) | Subject to loan agreement (no simple 'cancel') | Foreclosure may be required; applied charges are generally non-refundable | Contact customer support; follow foreclosure process in loan agreement |
| Insurance (Life & Health) | 30 days Free Look Period from receipt | Full premium refund minus permitted deductions (medical tests, stamp duty, mortality) | Request cancellation via insurer/Bajaj platform within 30 days |
| Bajaj Finserv App account | Request processed within 7 working days | App-specific data (MPIN, consents, UPI‑ID) deleted; device data may be retained for fraud prevention | Help & Support → New Request → "Delete my Bajaj Finserv app account" |
| Bajaj Pay Wallet failed transactions | Depends on transaction and law | Refunds processed back to wallet per applicable law | Raise a wallet grievance via app/website |
After cancelling
Follow-up actions
Keep cancellation reference numbers and monitor the refund timeline. Check bank or wallet statements and reach out if amounts do not arrive within expected timeframes.
Useful official links
- Cancel consumer durable loan (Bajaj Finserv)
- Loan cancellation & grievance information
- Close Bajaj Finserv app account
- Terms & conditions / policy terms
Address
Registered office
Bajaj Auto Limited Complex, Mumbai - Pune Road, Akurdi, Pune 411035, India.
Submitting postal requests
If you prefer postal correspondence for membership or product cancellation, include your full name, account/loan/policy number, contact details and a clear request statement, and send to the registered office above.
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Written by Aditya Mehta
Postclic editor · 8 years experience
Editor at Postclic for 8 years, I turn complex registered electronic mail procedures into clear, actionable English.
FAQ
To cancel your Good Health Membership, you can initiate the process through the Bajaj Finserv app or website. Ensure you follow the specific cancellation guidelines provided in your membership agreement.
While specific cancellation fees for the Good Health Membership are not mentioned, it's important to review your membership agreement for any potential charges that may apply upon cancellation.
Typically, you should check your membership agreement for the exact cancellation window, as it may vary. Many memberships have a specific period during which cancellation is allowed without penalties.
Refund eligibility depends on the terms outlined in your membership agreement. Generally, if a refund is applicable, it will be processed according to the guidelines provided by Bajaj Finserv.
Yes, you can cancel your membership in writing, either through email or registered postal mail. Be sure to keep proof of your cancellation request for your records.