FundoBaba Lent One Borrower the Same ₹60,000 Seven Times in Seven Months

FundoBaba, the lending app of U.Y. Fincorp Limited, gave a salaried borrower his first loan on 31 March 2026. By 28 September it had lent him ₹60,000 seven times. Each time about ₹53,000 reached his account, and about a month later ₹74,000 to ₹79,000 fell due. Every new loan arrived within three days of the last one's due date.

The six loans that have fallen due put ₹3.19 lakh in his account and were repayable at ₹4.63 lakh. The difference, ₹1.44 lakh, is what it cost him to keep about ₹53,000 borrowed from one app for six months.

He is the borrower at the centre of Oquilia's investigation 84 Loans, 30 Lenders, Seven Months: a salaried engineer who took 84 short-term loans from 30 RBI-registered companies between March and October 2026, almost all of them to repay each other. FundoBaba was where it started.

Seven loans, one app

Every loan was sanctioned at ₹60,000. Before the money reached him, ₹7,080 was deducted from four of them and ₹6,372 from the other three: 11.8% and 10.6% of the loan. 11.8% is what a 10% processing fee comes to once 18% GST is added to it.

How it began

He says an agent for FundoBaba called him on 31 March, the day his salary arrived, and offered a loan of ₹60,000 for a year at 28% interest, with a single repayment at the end. He was asked for his bank statements and the phone numbers of two colleagues as references.

His loan record shows a term of 27 days, not a year, and an annual rate of 569%. He says he was not sent a Key Facts Statement, the one-page summary of a loan's rate and charges; when he asked, he was told to look it up on the lender's website. He says he later downloaded Key Facts Statements for his loans; Oquilia has not seen them. RBI rules require the Key Facts Statement, the sanction letter and the loan's terms to be sent to the borrower's registered e-mail or phone automatically when the loan is signed (Credit Facilities Directions, para 9(3)).

Before the month was out, he says, agents demanded full repayment and began calling the colleagues he had named. Oquilia has not heard those calls. RBI rules bar lenders and their agents from acts "intended to humiliate publicly or intrude upon the privacy of the debtors' family members, referees and friends" (Responsible Business Conduct Directions, para 100).

What his bank statement shows

All seven loans appear in his HDFC Bank statement as payments from U.Y. Fincorp, to the rupee and on the day his record gives. Two of his repayments to FundoBaba appear there too. On 27 August he paid ₹78,605; two days later FundoBaba lent him ₹53,628. On 28 September he paid ₹78,005, and FundoBaba lent him ₹53,628 the same day. He paid the four earlier loans from a second bank account, whose statement Oquilia has requested.

The company

U.Y. Fincorp Limited is a listed company, registered with the RBI as a non-banking financial company under the RBI's Kolkata regional office. Its registration is valid, and the RBI's press releases since January 2025 record no penalty against it. In the RBI's directory of digital lending apps, its filing of 18 September 2026 lists one app, FundoBaba, which it describes as its own.

What the rules say

Nothing in the RBI's rules stops a lender lending again on the day it is repaid, or lending to one person through several apps at once. A lender must collect a borrower's age, occupation and income "with a view to assessing the borrower's creditworthiness" and keep it on record (Credit Facilities Directions, para 8(1)); the rules do not tell it to refuse a borrower who already owes other lenders. The RBI does not cap interest rates, though it says rates "beyond a certain level may be seen to be excessive" (Responsible Business Conduct Directions, para 25). No fee missing from a loan's Key Facts Statement may be charged without the borrower's explicit consent (para 29(5)), and the lender stays "fully responsible and liable" for the company running its app (Credit Facilities Directions, para 6(7)). The investigation sets out the rules, and what they leave out, in full.

If you borrow through one of these apps

• Ask for your Key Facts Statement for every loan, and check each rupee you are asked to pay against it.
• Write to the grievance officer. U.Y. Fincorp gives the address grievance@fundobaba.com for FundoBaba in the RBI's directory.
• Complain to the RBI at cms.rbi.org.in if there is no reply within 30 days, or the reply does not settle it.
• Report threats, or messages to your employer, colleagues or contacts, at cybercrime.gov.in or on 1930.
• Stop borrowing from one app to repay another. Each new loan adds a new deduction and a new due date. Oquilia's loan-harassment help page explains your rights in plain language.

How this was reported

This report draws on the records behind Oquilia's investigation 84 Loans, 30 Lenders, Seven Months: the borrower's loan-by-loan record, which he compiled from the lenders' app screens; his HDFC Bank statement for 30 March to 30 September 2026; and the RBI's public registers. Each loan's amounts, dates and rate are from his records. Each payment described as appearing in his bank statement was matched to the rupee and the date. The apps listed under each company are from the RBI's directory of digital lending apps as published on 24 October 2026, and registrations from the RBI's list of NBFCs. Oquilia has not seen the Key Facts Statements for these loans. The borrower's name, employer and city are withheld at his request.

Corrections: if any figure, date or description in this report is wrong, send the correcting document to editor@oquilia.com and we will correct it.

The lender files

• The investigation: 84 loans, 30 lenders, seven months
• Ampire Finance: 13 loans, and six apps in two days
• Naman Finlease: 12 loans through six apps, at up to 951% a year
• Duniya Finance: loans from one company, repayments to another
• Salary4Sure: repaid and lent again the same day
• Swiftpaisa, salarybaba and Rupee4u: missing from the RBI's app directory

Frequently asked questions

Which company is behind FundoBaba?

U.Y. Fincorp Limited, a listed non-banking financial company registered with the RBI. Its filing in the RBI's directory of digital lending apps, dated 18 September 2026, lists FundoBaba as its only app.

What interest rate does FundoBaba charge?

In this borrower's loan records, his seven FundoBaba loans carried annual rates of 553% to 617%, each repayable in 24 to 32 days. Each was sanctioned at ₹60,000, and ₹6,372 or ₹7,080 was deducted before the money reached him.

Can a loan app call the references I gave?

Not to pressure you. RBI rules bar lenders and their agents from acts intended to humiliate you publicly or to intrude on the privacy of your family members, referees and friends. Write to the lender's grievance officer, complain at cms.rbi.org.in if it is not resolved in 30 days, and report threats at cybercrime.gov.in or on 1930.