| Name of Complainant | |
| Date of Complaint | March 31, 2025 |
| Name(s) of companies complained against | Rupee 112 |
| Category of complaint | Banking |
| Permanent link of complaint | Right click to copy link |
| Share your complaint on social media for wider reach | |
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Hello RBI in Rupee 112 loan NBFC they have been charging high interest where in website they have mentioned as monthly 2.96 charge and annual interest of 35% APR fixed but once you apply loan in need of money while approval they will tell the interest rate charge is 1% on daily basis.If you apply for loan of 30000 along with process and other charges net disbursement will be 26000 and repayment on loan amount will be 38400 for 1 month after that there has been delay of payment from my end as on now by 26days and I have requested my salary to be credited after that I’ll clear the payment but they have provided waiver for last day today to clear with 38400 orelse with daily 2% penal charges I need to clear the amount surpassing 54k for 2 month loan if we follow that company is charging annual rate of 720%.So if you get net disbursement for loan of 26000 if you calculate annual amount will be 216000 in cibil as they are continuously charging the intrest.After loan amount is credited to account they provide sanction letter where they mention the penal charges will be levied by 1% on daily basis and I recieve email from associate that penal charge is 2% on daily basis via email on 2 day delay.They do not follow any rules set by RBI they have harassed the referral number provided stating they are bank account number and branch if they do not make the payment then amount they need to pay.I have only provided the reference number but don’t know how they has tracked the bank account details of the reference.As per conversation they are indirectly threatening that if payment is done it will be transferred to other agent and there are not responsible.RBI please look into it these applications because these app is making same mental harassment as Chinese loan application they can go any step in recovery first they started with reference number I think they will start sending goons to residential and office for recovery pleas requesting you to provide help where they issue can be resolved extending time for repayment and practice fair recovery practice
Your faithful
Indian citizen
