| Name of Complainant | |
| Date of Complaint | June 11, 2022 |
| Name(s) of companies complained against | Eulavt loan app |
| Category of complaint | Internet Services |
| Permanent link of complaint | Right click to copy link |
| Share your complaint on social media for wider reach | |
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Hello, I am R. Bhattacharya I need to complain against Eulavt Loan App.
June 2, 2022,
I downloaded the Eulavt Loan App. I uploaded my details, including my PAN Card, Adhaar Card, and bank account number, to check my eligibility. There was a notification that said that I had passed the “Loan Exam” and I would receive my loan in my bank account in two hours.
This was the first time that I felt sceptical since Eulavt did not give me any loan agreement letter to sign, and did not inform me of the repayment process or what the interest rate was. I was still hoping it would get fixed.
Meanwhile, the app showed I have Rs. 7,000 as “amount due” with a button for “repayment”. But at that point, I didn’t get any money from them. At first, I thought it was the amount I was eligible to borrow. There was no option in the app to proceed or get information.
I was checking the loan app constantly to see if the information changed if I got the loan agreement letter or any justification for why the app said “amount due” of Rs.7000 with a repayment button. After three hours, I checked the loan app. There was only one Gmail address for customer support. I emailed them saying I had passed the exam but received no loan. I never got a reply. Shortly after that, in the app, there was a notification: “loan failed”. So I did not bother anymore and let it be.
June 3, 2022,
In the afternoon, I received Rs. 3800 in my bank account from an unknown source. There was no email, no text message, no agreement letter, and no loan sanction letter from Eulavt. At first, I did not realise the amount was sent by Eulavt, I thought it was sent by a family member.
June 4th, 2022.
When my family confirmed that they did not send the money, I checked the app and it still showed that I had Rs. 7000 as “amount due”. The notification area that showed “loan failed” disappeared. I clicked the repayment button to see its function and it took me to a payment gateway. Which looked very unsafe. So I was sure that I had to pay that amount. I emailed them again, stating that I had not received any letter from them. They never replied.
June 8, 2022
I received a WhatsApp message from Eulavt about loan repayment. I asked them for the documents. They sent me screenshots of my documents and a screenshot of a white page with a table containing my name, my bank account number, and the amount I am supposed to pay. There was no name of Eulavt, no mention of RBI, no credentials, and no official signature from the lender.
I called the WhatsApp number, and a man picked it up and kept saying that I had to pay 7K. The loan repayment system is such that the repayment amount increases every day, and within 5 days (from June 3rd to June 8, 2022), the repayment amount has become Rs. 7,000 with an annual interest rate of 40%, which does not match RBI guidelines. And even the calculation of 40% of 3800 does not match the amount of Rs. 7,000. 40% of 3800 is 1520, so 3800+1520=5320. I have no explanation why I have to pay Rs. 1680. Moreover, the app immediately showed that I owed them Rs.7000 right after I uploaded my details, as I have mentioned earlier. When I checked the app several times a day, there was no sign of the day-by-day increase in the amount. It was 7,000 from the beginning.
The man called me all day, using the same WhatsApp number, and refused to call my phone number. The man continued to threaten to share all my details with my contacts. They even shared a screenshot with my contacts list.
I have constantly asked for the loan agreement letter and the important legal documents that justify Eulavt’s legitimacy in asking for this amount, but they have only met my requests with hostility. The man on the phone even said to me that he does not know what a loan agreement letter is and that the “Company” says that I, the customer, know everything and am just asking silly questions to evade the repayment. The man also said that they don’t owe me any answer and that I have to pay the 7K immediately or face consequences. The money is 7,000 against Rs. 3,800 within five days of loan disbursal.
Finally, by the end of the day, the man was talking on a very personal level, giving excuses that he hasn’t eaten and that his company is pressuring him to close the deal with me. I asked to speak to the manager, but the man said that the managers never speak to the customer. At this point, the man said that if I “don’t want to pay 7,000” I can pay the amount loaned to me using the “extension” button next to the “repayment” button in the app. So I rechecked the app and found the button. It took me to another payment gateway, which asked for an amount of approx. 2900+. The man said this amount would close my deal. But I suspect “extension” means only partial payment and it won’t close my deal.
I am very scared., but I am not repaying them without taking legal action. Please help me. I acknowledge that it was my mistake that I trusted this app so reluctantly. I am not denying repayment. I am ready to repay the lender as is legitimate. I’m only holding it because I’m afraid that the unsafe payment gateway will allow this fraudulent organisation to transact with my bank without my consent. And also I don’t want Eulavt to get away with their crime and continue cheating others. I intend to help others through my case. Please help.
Thanks and Regards,
R. Bhattacharya.
