A salaried borrower in Bengaluru was sanctioned Rs 85,000 by Zayloloan, an app operated by Naman Finlease Pvt Ltd (RBI Sl. No. 5115). Only Rs 74,970 ever reached his account - roughly Rs 10,030 was taken in upfront deductions. The interest, however, is charged on the full Rs 85,000, not on the money he actually received.
When "1%" means 1% a day
Zayloloan is a 39-day single-repayment loan at 1% per day, with a penal charge of 2% per day on top. Its own Key Facts Statement discloses an Annual Percentage Rate of 458.59% - and because interest runs on money never disbursed, the effective cost is higher still.
One firm, four apps
Naman Finlease Pvt Ltd does not operate a single app. Per the RBI register, the same company is behind Zayloloan, Qualoan, Funds Bull and Zepto Finance - different brands, one lender. For a borrower, that means closing one app does not necessarily mean leaving the lender.
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 Zayloloan loan legal in India?
Zayloloan is operated by Naman Finlease Pvt Ltd, an RBI-registered NBFC (Sl. No. 5115), so the lending is legal. What you can challenge is the conduct and the maths: charging interest on Rs 85,000 when only Rs 74,970 was disbursed, and a disclosed APR of 458.59%, are exactly the kind of terms a borrower can question and report.
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