The Beginning: A Business Loan in Delhi
Rahul started his business in a city like Delhi and to expand it, he took a business loan of ₹5 lakh from Indifi Technology NBFC for a tenure of three years. Initially, he paid his EMIs on time for one year, but later, his business started declining. He requested the company to reduce the EMI amount and extend the loan tenure, but all he received were false promises and excuses from customer care.
NBFC’s Irresponsible Behavior
Rahul followed up continuously for eight months, but the NBFC did not offer any proper loan restructuring plan. Instead, customer care kept giving him the same response:
"Sir, please deposit some capital, and we will try to restructure your loan."
But how long could Rahul continue borrowing money from others to deposit capital? Eventually, when his business ran out of funds, he emailed the company before his EMI was due, explaining his situation. However, no response was received, not even from RBI, where he had filed a complaint.
The worst part was that Indifi’s representatives never contacted him for an entire year. However, after a year, when a collection agent came to recover the EMI, Rahul explained his problem. Instead of understanding the situation, the collection agent started creating a scene in front of his neighbors.
Who is Responsible in This Situation?
1. NBFC – Indifi Technology
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Despite understanding Rahul’s financial condition, the company offered no relief.
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Even after eight months of follow-ups, they only gave false assurances.
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They did not respond to emails and their collection process was unethical.
2. Collection Agent
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As per RBI regulations, loan recovery must be done with respect towards the customer.
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Harassing the borrower in front of neighbors is illegal and a violation of RBI’s fair practice code.
What Should Rahul Do?
✅ File a Complaint with RBI & NBFC Ombudsman
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RBI has set a Fair Practice Code for NBFCs. Rahul can file his complaint on the RBI Ombudsman Portal.
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The NBFC Ombudsman is responsible for resolving such issues for customers.
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Rahul should also ask RBI to mediate a loan restructuring plan between him and the NBFC.
✅ Send a Legal Notice
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If NBFC continues to ignore him, Rahul should send a legal notice.
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He can also file a complaint in the Consumer Forum regarding the NBFC’s unethical collection practices.
✅ Be Mindful of CIBIL & Credit Score
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Since Rahul could not repay his loan, his CIBIL score will be affected, making it difficult for him to get a loan in the future.
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He should negotiate with the bank for a One-Time Settlement (OTS) to clear the dues. However, the NBFC already took whatever little funds he had left.
✅ Choose the Right NBFC for Loans
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Before taking a loan, always check the NBFC’s policies and restructuring options.
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Only borrow from NBFCs that offer customer-centric services and fair support.
Conclusion
Rahul’s situation highlights how NBFCs often fail to support customers after giving loans. When a business struggles, loan restructuring should be an option, but NBFCs tend to ignore borrowers and prioritize collection instead.
If you are planning to take a loan from any NBFC, make sure to research their policies carefully and don’t fall for false promises.
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