| Name of Complainant | |
| Date of Complaint | July 24, 2023 |
| Name(s) of companies complained against | kailash auto finance limited |
| Category of complaint | Cyber Crime |
| Permanent link of complaint | Right click to copy link |
| Share your complaint on social media for wider reach | |
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On this money lending app called “AI Kredit – Peraonal credit loan” hosted by Kailash Auto Finance Limited, they are scamming people with illegal loan intrest rates of upto 40%, with a time limit of 7 days.
Although online they say that their intrest rates are betwee 10-24% with a loan period of 91 days, that is not true when you download the app.
In the app you are locked to a maximum loan duration of 7 days. And for a loan of – 5000 rupees. You receive only 3010 rupees and are expected to pay 1990 within the next seven days.
So basically for a loan of 3000 rupees you pay a intrest of around 70% 2000 rupees.
This is the same for their other loan plans for 10,000 rupees you received 6020 rupees and are to pay 10,000 rupees in 7 days. An absolutely illegal and fraudulent business runned by “Kailash Auto Finance Limited”.
Preying and scamming the innocent out of their hard earned money. Kailash Auto Finance Limited was also banned from the stock market for market manipulation.
Image Uploaded by Asumi (A person looking for Justice):