High interest loan app k khilaaf kya action lena chahiye

783 votes

Do not make any further payment merely on the demand of the loan app without first verifying the actual lender. “Bright Loan” or “Bharat Loan” being an app name does not itself mean that it is RBI registered. Normally, the bank or NBFC actually providing the loan must be identified and its RBI status verified. Please check the loan agreement, sanction letter and Key Fact Statement (KFS). These documents should disclose the actual lender/NBFC, amount disbursed, processing charges, interest/Annual Percentage Rate (APR), repayment amount and grievance officer details. Charging 10% as processing fee and particularly 1% interest per day requires careful examination of the loan documents and applicable RBI digital lending requirements. Do not take another loan to repay this loan. Preserve all screenshots, bank statements, loan documents, WhatsApp/SMS communications and details of recovery calls. If the recovery agents threaten, abuse, blackmail, access contacts/photos or harass family members, preserve the evidence and consider approaching the police/cyber authorities. A written complaint can first be made to the concerned bank/NBFC and its grievance officer. If it is an RBI-regulated entity and the grievance is not satisfactorily resolved, the RBI Ombudsman mechanism may also be available. The exact legal position can be advised after checking the loan agreement/KFS and identifying the actual lender behind these apps.

Advocate Madhumita Chand LawRato

700 votes

Your husband should not panic or take another loan to repay this loan. A charge of 1% interest per day is extremely high, and we need to first verify whether the loan was actually given by an RBI-regulated bank or NBFC. Simply claiming that the loan app is “RBI registered” does not prove that the app itself is authorised. Please keep all loan documents, screenshots, payment records, messages and call details safely. We should check the loan agreement and Key Facts Statement (KFS) to see the actual interest rate, processing fee, penalties and the name of the real lender. If the lender is a genuine RBI-regulated entity, we can raise a written complaint with its grievance officer and challenge any undisclosed or unreasonable charges. If the complaint is not properly resolved, the matter may be taken further through the RBI complaint mechanism. If the app is not authorised, or if recovery agents are threatening, abusing, contacting relatives, misusing personal information or using other unlawful methods, we can consider a cybercrime/police complaint and other appropriate legal remedies. Before taking any legal step, I recommend checking the complete loan agreement, KFS and payment details so that we can identify the actual lender and prepare the strongest possible action.

Advocate Benjamin Sishu LawRato