A salaried borrower in Bengaluru took a small "instant" loan from Ram Fincorp, an app operated by R.K. Bansal Finance Pvt Ltd, an RBI-registered NBFC. The lender released a net Rs 26,901 - and now demands Rs 42,622 back. The gap is not a penalty for a missed payment; it is the price of the loan as the company's own paperwork sets it out.
What the Key Facts Statement says
Ram Fincorp's own Key Facts Statement (KFS) discloses interest of 120% a year and an all-in Annual Percentage Rate of 173.39%, repaid in six monthly instalments of Rs 7,103. None of these figures are alleged or estimated - they are printed on the document the borrower was handed. A high disclosed rate is not, by itself, illegal. But it is exactly the cost the RBI requires a borrower to be shown clearly in the KFS, and exactly the kind of figure a borrower is entitled to question.
Know your rights as a borrower
The lenders in these reports are RBI-registered NBFCs, which means the Reserve Bank of India's Fair Practices Code binds them. Under it, recovery agents may not call before 8 am or after 7 pm; they may not contact your employer, family or references to pressure you; abuse and threats are prohibited; the all-in interest rate (APR) must be disclosed up front in the Key Facts Statement; and recovery may happen only by lawful means. The Government of India has blocked more than 600 predatory digital-lending apps and the RBI has issued repeated advisories - but the entities named here are registered, regulated companies, which makes their own paperwork the story.
How to report a loan app: the official channels
You do not need to pay anyone to be heard. Report a lender to RBI Sachet (sachet.rbi.org.in), and if a regulated entity does not resolve your complaint within 30 days, escalate to the RBI Ombudsman through the Complaint Management System. For threats, harassment or data misuse, file at the National Cyber Crime portal (cybercrime.gov.in) or call the helpline 1930. You may also file a consumer complaint. Keep every screenshot, email and call log - that record is your evidence.
Frequently asked questions
Is a Ram Fincorp loan legal in India?
Ram Fincorp is operated by R.K. Bansal Finance Pvt Ltd, an RBI-registered NBFC, so the lending itself is legal. The law governs disclosure and conduct: the rate and the all-in APR must be set out in the Key Facts Statement, as they are here - 120% a year and a 173.39% APR. A high disclosed rate is not automatically illegal, but you can question it, and any harassment in recovery is never lawful.
Can a loan app call my office or family?
No. Under the RBI Fair Practices Code, recovery agents may not contact your employer, family or references to pressure you, may not call before 8 am or after 7 pm, and may not use abuse or threats. Approaching your workplace or contacts to shame you over a loan falls outside lawful recovery, whatever an app's agreement says.
How do I report a loan app to the RBI?
Start at RBI Sachet (sachet.rbi.org.in). If the NBFC does not resolve your complaint within 30 days, escalate to the RBI Ombudsman through the Complaint Management System. For threats or data misuse, use the National Cyber Crime portal (cybercrime.gov.in) or call 1930, and keep all screenshots and statements.
Source
Lenders' own Key Facts Statements, agreements and recovery emails; RBI Register of NBFCs; documented borrower complaints