Rupee On Time, an app operated by Vrinda Finlease Ltd, an RBI-registered NBFC, carries a documented effective interest rate of about 635% a year. For a salaried borrower in Bengaluru, that is the figure that turns a small short-term loan into a debt that outruns any salary.
What 635% means
An effective APR of roughly 635% is many times the rate of a bank personal loan or a credit card. The RBI does not set a single hard cap on what an NBFC may charge, but it requires the rate and the all-in APR to be disclosed in the Key Facts Statement and to be justifiable under a board-approved policy. A rate at this level, and any fees taken upfront, are exactly what a borrower can question and report.
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 Rupee On Time loan legal in India?
Rupee On Time is operated by Vrinda Finlease Ltd, an RBI-registered NBFC, so the lending is legal. The documented effective rate of about 635% a year is not, on its own, a criminal matter - but the RBI requires such a rate to be fully disclosed and justifiable, and a borrower can question it and report harassment in recovery.
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