“I intend to take them to the civil court or to a consumer court for the humiliation they have caused. The only communication I had was them asking if I could pay at least pay one month’s EMI,” says Shrikar, who says he now has no intention to repay the loan after the humiliation. “But I never received any communication about this via SMS. Kissht on April 24 tweeted that customers could avail a moratorium by requesting for one through an email or a DM on Twitter. Only given 6 days time name of morotorium and threatning about legal case ,what is this /fpnHF24TJg- Ravi Dutt April 24, 2020 He was eligible for the moratorium but claims that he was never informed about the moratorium option being available by the company. “I was told that my credit score was good and so am eligible for a Rs 50,000 instant personal loan with a one-year tenure,” says the businessman. Shrikar says he had all the intention to pay back the loan taken from Kissht, an app that provides instant personal loans payable through EMIs, once his business returned to normalcy. The moratorium service was never communicated About 64% of the total finance apps downloaded in the country were lending apps. In a 2020 report, AppsFlyer, a marking platform for apps, noted that India has the largest number of installations of finance apps in the Asia Pacific region, with loan apps dominating the number of downloads. #OperationHaftaVasooli Samita Shrivastava April 24, 2020 This is total fake information being published, In reality there is no Moratorium provided. However, these lending apps are among the most downloaded in India. LiveMint reported that these credit lending fintech apps are not regulated by the Reserve Bank of India and guidelines on how they operate are ambiguous. Users of several instant loan platforms have taken to social media over the course of April and May to highlight the various ways that they were threatened and harassed by these app-based loan firms. Kissht #EMIWithoutCreditCard April 24, 2020 This was then extended for another three months up to August 31, 2020. This includes all forms of retail loans and EMIs. In March, RBI announced that all banks and lending institutions can allow a three-month moratorium on all term loans outstanding as of March 1, 2020. The company is one of the many such instant loan apps available on google play store and was pushed to Shikar through Makemytrip, the travel aggregator service as part of an exclusive tie-up between the two companies.Īpplications that provide Instant loans come under the Non-Banking Financial Companies (NBFCs) category which, like the banks, were allowed to provide borrowers with a three-month moratorium. Apart from instant loans the company also provides instant credit on interest. Shrikar had taken a loan for Rs 50,000 from Kissht, a company that provides instant personal loan payable through EMIs. They defamed me and my reputation everywhere,” he adds. The firm told my contacts that I had given their names as a reference while taking the loan,” alleges Shrikar, who claims that the firm had made over 200 such calls to his contacts. “They invaded my phone, got access to all my contacts and made calls to everyone on my contact list.
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