NBFC Loan app Repayment Issues? Need Legal Advice in Chennai

Frequently Asked Legal Questions and Answers › Category: Loan issues › Facing NBFC Loan app Repayment Issues? Need Legal Advice?

0 Vote Up Vote Down

Prajeesh Menon asked 1 year ago

I'm taken loan on a RBI registered NBFC Loan app I'm unable to repay that due amount due to financial problem and also no proper job 3 months before the collection agents calling like we are calling from police department Chennai Police Control Room SI like I have all evidence like call record I raised a complaint on that NBFC Loan app official mail id they are not provide me a proper solution.

Facing NBFC Loan app Repayment Issues? Need Legal Advice?

What is NBFC Loan app in India?

An NBFC Loan app in India is a mobile application of a Non-Banking Financial Company (NBFC) that allows you to apply for and manage loans directly from your phone. These apps are becoming increasingly popular in India as they offer a convenient and paperless way to access credit.

Here's a breakdown of NBFC Loan Apps in India:

What they are: Apps from RBI-registered NBFCs that provide personal or small business loans.
Benefits: Easy application process, quick approvals (often within minutes), paperless experience, manage loans on the go.

Examples: CASHe, moneyview, Stashfin, IndiaLends, mPokket, MoneyTap, NIRA, etc.

Important things to keep in mind:

Interest rates: NBFC loan apps may have higher interest rates compared to traditional banks due to quicker approvals and smaller loan amounts.
Eligibility: Eligibility criteria can vary depending on the app and your creditworthiness.
Borrow responsibly: Only borrow what you can afford to repay on time.

Before using an NBFC Loan App:

Research: Compare interest rates, fees, and repayment terms offered by different apps.
Credibility: Ensure the NBFC is registered with the RBI.
Transparency: Understand all loan terms and conditions before applying.

Use a responsible lender and borrow wisely!

1 Answers

0 Vote Up Vote Down

chennai legal firm Staff answered 8 months ago

Legal Advice - Response to Loan Repayment Issue with Nbfc Loan app

Background Information

Based on the provided inquiry, it seems that you have taken a loan from a Loan app, an RBI registered NBFC app. However, you are facing difficulties in repaying the loan due to financial problems and a lack of proper employment. Additionally, you have experienced harassment from collection agents who have misrepresented themselves as police officers.

Legal Options for NBFC Loan app Repayment Issues

In this situation, it is important to understand your legal rights and options. Here are some recommended steps to consider:

1. Gather and Preserve Evidence

Keep a record of all communication with Nbfc Loan app and the collection agents, including call records, emails, and any other supporting evidence.
Document any instances where the collection agents misrepresented themselves as police officers.

2. Consult with an Advocate

Seek legal advice from an experienced advocate who specializes in consumer protection laws and debt collection practices.
Share the evidence and details of your case with the advocate for a thorough evaluation.

3. File a Complaint

Consider filing a formal complaint with the appropriate regulatory authorities, such as the Reserve Bank of India (RBI), against that Nbfc Loan app for their harassment and failure to provide a proper solution.
Provide the authorities with all the evidence you have collected to support your complaint.

4. Explore Debt Resolution Options

Discuss potential debt resolution options with your advocate, such as negotiating a repayment plan or exploring debt restructuring alternatives.
Ensure that any agreements reached are legally binding and protect your rights as a borrower.

Conclusion

It is crucial to take immediate action to address the loan repayment issue and the harassment you have experienced. By consulting with an advocate and following the recommended steps, you can navigate this challenging situation more effectively and seek a fair resolution. Should you have any further questions or require additional legal assistance, please do not hesitate to contact our law firm.

Read More