| Name of Complainant | |
| Date of Complaint | May 17, 2025 |
| Name(s) of companies complained against | GSD Trading & Financial Services Pvt. Ltd. |
| Category of complaint | Cyber Crime |
| Permanent link of complaint | Right click to copy link |
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I, Piyush Chauhan, am filing an official complaint against GSD Trading & Financial Services Pvt. Ltd., an NBFC, for imposing unethical loan charges, hidden deductions, and lack of transparency, violating RBI’s Fair Practices Code.
Complaint Summary:
• Borrower Name: Piyush Chauhan
• Loan Agreement Number: 0946550
• Sanctioned Loan Amount (as per app): ₹17,000
• Actual Amount Credited to Bank Account: ₹13,000
• Total Repayment Demanded: ₹22,260
• Repayment Period: 14 days
Key Issues:
1. Though the loan agreement shows a principal of ₹17,000, only ₹13,000 was disbursed to my bank account. The difference was deducted as hidden upfront charges without my consent.
2. The company is demanding a repayment of ₹22,260 within 14 days, which is excessively high and includes:
• Interest: ₹476
• Service Fee: ₹1,674.07
• Service Fee Tax: ₹301.33
• Telemedicine Fee: ₹2,808.40
3. The Telemedicine Fee was never disclosed or agreed upon at the time of application.
4. There was no transparency or proper loan agreement copy provided to explain these deductions.
5. Such practices are in violation of RBI’s guidelines for NBFCs, especially on transparent lending, fair practices, and customer protection.
Relief/Resolution Sought:
1. RBI’s intervention to investigate this NBFC for unethical loan practices.
2. Rollback of unjustified charges and adjustment of the repayment to a fair amount.
3. Ensure the company stops coercive or harassing recovery tactics.
4. Initiate regulatory action against GSD Trading & Financial Services Pvt. Ltd.
This is a clear case of predatory lending practices disguised under small personal loans, which financially exploit borrowers.
I request the RBI to kindly take strict action to protect consumer rights.
Image Uploaded by Piyush Chauhan: