I have taken personal loan from Bajaj Finance from 23.07.08 for a period of 36 months with an interest @ 11.88% (flat) per annum. Now I want to close the account; but the forecloser amount specified by M/s Bajaj is too much higher than the actual amount. As per M/s Bajaj Finance, the rate of interest is 21% on reducing balance; while as per loan term it is 11.88% (flat). They are saying 11.88% flat is equivalent to 21% reducing. I am not agree with that. I have asked them to show me any document where it was written earlier. But they are not responding. Now I want to stop my EMI. Pl give me the legal advice.


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