• NBFC fraud

I took a loan from an NBFC based in Chennai , they in turn processed the documents and disbursed loan through another Online Lending NBFC based in Mumbai/Gujarat. Before the LOan disbursal, we had got in writing the interest paid will be in FLAT BASED ONE ,NOT REDUCING TYPE as we where planning for early closure. But after the loan got disbursed , we got a new EMI schedule which was reducing type. And this was not the agreed one.Immeditely I sent mails to both NBFC and asked them to send the revised EMI Schedule which you had agreed upon and had given in writing. They kept on giving vague reasons and kept on delaying, we tried calling the...but they attended the call once and then blocked our numbers. We went to their office and found no one in Office except an admin.Now its due for my EMI Payment and still haven't received my Revised EMI Schedule...Please advise what can i do further
Asked 3 years ago in Criminal Law
Religion: Other

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9 Answers

Issue legal notice to lender to furnish revised Emi schedule as agreed upon by them at time of application for  loan 

Ajay Sethi
Advocate, Mumbai
95373 Answers
7641 Consultations

5.0 on 5.0

Issue a lawyer's notice  seeking  rescheduling of payment  on agreed terms . After that file a complaint in District Consumer Forum  under new Consumer Protection Act, 2019 under which  proceeding are very fast. Seeking direction to lender for rescheduling emis, the consumer forum has power under new Consumer Protection Act, 2019 to issue such direction to lender bank, a direction will be issued ordering payment  compensation for mental harassment, cost of complaint and lawyer’s fee to you.

Ravi Shinde
Advocate, Hyderabad
4081 Answers
42 Consultations

5.0 on 5.0

Dear client, 

You can first send a legal notice intimidating the payment on agreed terms and then simultaneously, file a complaint in District Consumer Forum. 

Thank you

Anik Miu
Advocate, Bangalore
9318 Answers
111 Consultations

4.9 on 5.0

Hi, you just informed to them in writing that EMI schedule was not in agreed terms and  you are not liable to pay the same as per reducing terms.

Pradeep Bharathipura
Advocate, Bangalore
5607 Answers
336 Consultations

4.5 on 5.0

- As per RBI , the financial agency is bound to give proper information and guidelines to the consumer before the sanction of loan amount . 

- Hence , the said the said acts of NBFC is against the norms of banking rules , and a compliant can be filed before the RBI. 

- You can file a compliant before the RBI and banking ombudsman against the Nbfc , and also can send a legal notice and instruct for sending a revised EMI schedule. 

- If , no response then you can also approach the consumer forum on the ground of deficiency of services. 

Mohammed Shahzad
Advocate, Delhi
13651 Answers
206 Consultations

5.0 on 5.0

Dear Sir,

The bankers acts are uncontrollable as the borrowers unable to approach any Court or Debt Recovery Tribunal thus the bankers using their rules and regulations. You may file a case before High Court or above Courts and get justice. You may also get issue a legal notice and try to solve your problem.

Kishan Dutt Kalaskar
Advocate, Bangalore
6136 Answers
489 Consultations

4.8 on 5.0

You may better send a legal notice to the NBFC mentioning the terms which was agreed for grant of loan and the same was reduced to writing. you may attach the copy of the agreement to this effect and demand to modify the scheme of repayment, if they do not respond, you may better stop the loan repayment and drag them to consumer forum for their unfair trde practice and get the desired relief through the forum./

T Kalaiselvan
Advocate, Vellore
85572 Answers
2253 Consultations

5.0 on 5.0



Under these circumstances, you don't need to pay your EMI. Keep your emails & other communications with lending companies safe with you. 

It's advisable to you to send a legal notice to both the NBFCs. For more details contact me. 



Adv. Aftab Patel,


Whatsapp number: [deleted]

Email: [deleted]


Aftab Patel
Advocate, Aurangabad
23 Answers

Not rated

You can approach RBI through ombudsman or can file complaint before consumer court

Prashant Nayak
Advocate, Mumbai
32228 Answers
187 Consultations

4.1 on 5.0

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