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NBFC loan interest and harassment on students for delaying loans
20-Aug-2023 (In Banking / Finance Law)
Mpokket is a NBFC , gives loan for college students. I didn't paid loan during lock down , I took a sum of ₹10000/- and total interest amount is ₹12775/-, they penalized for daily ₹16/- and including penalty charges total sum is around ₹22,000/-. Loan interest is high for example I taken loan ₹2000/- and time gap will be 3 months with single repayment on 3rd month due date with charge of ₹2550. Is it genuine interest for an NBFC?
Hi,
what is your source of income? without income , how can you pay an EMI every month ? is it a good practice? It's not a good idea. ok.
good practice.
1.please go through the company website and read the terms and conditions.
2. you're already singned electronically through KYC.
3. No need of physical signature
4. You are liable to pay all the due amount.
results:
1. You are a defaulter as per CIBIL score.
2. Your credit score depends on your repayment.
3. You are not eligible for any other loans in future.
4. Interest rates are increasing
conclusion: If you are able to pay the EMI, please pay regularly otherwise your CIBIL score reflects you credit history. So, try to pay on time for bright credit score future.
have a nice day. good luck.
what is your source of income? without income , how can you pay an EMI every month ? is it a good practice? It's not a good idea. ok.
good practice.
1.please go through the company website and read the terms and conditions.
2. you're already singned electronically through KYC.
3. No need of physical signature
4. You are liable to pay all the due amount.
results:
1. You are a defaulter as per CIBIL score.
2. Your credit score depends on your repayment.
3. You are not eligible for any other loans in future.
4. Interest rates are increasing
conclusion: If you are able to pay the EMI, please pay regularly otherwise your CIBIL score reflects you credit history. So, try to pay on time for bright credit score future.
have a nice day. good luck.
Helpful?
Adv. Syam Charan Godi
Hyderabad | 100+ Answers
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What is the highest borrowing limit in mPokket?
Loan amounts range from 500 to 30000 and can be paid back within 61-90 days.
Is mPokket a Chinese app?
mPokket: What you need to know
The company was founded in India in 2015.
Does mPokket follow RBI guidelines?
The Company has adopted the following Interest Rate Policy to determine Interest Rates in order to maintain its high standards of transparency. This policy is in accordance with the RBI Regulations, as well as the Fair Practices Code that the Company adopted.
How do I file a complaint against mPokket?
Email Support Write to us at [email protected]. (Please include your loan account number as well as contact information in the email). The team will respond to the customer within 7 working days, but in some cases it may take even longer.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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