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Sanjay Sanjay (Business)     13 July 2021

Loot by rufilo loan app

Dear Experts,
Due to financial tightness I took a loan offered by Rufilo Loan App , as they claimed to be RBI regulated I didn't do any calculations, now the situation is that they gave me a loan of Rs.6473/- on1st July 2021 and are demanding the repayment of Rs.7493/- on 16th July 2021 i.e., within 15 days . I find this demand as highly usurious , I request all experts to show me a legal way out of this loan trap.
Thanks & Regards


 4 Replies

Dr J C Vashista (Advocate)     14 July 2021

Discuss and sort out the issue amicably. 

G.L.N. Prasad (Retired employee.)     14 July 2021

Make a complaint to RBI online against the company stating the facts that exorbitant interest on small loans.  Try to settle it with the company later as further follow up for small is not worth fighting.

Shashikant V. Patil (Lawyer)     14 July 2021

Negotiate with the bank official personally first , if they are not agreed then write your grievances  to RBI   online.

P. Venu (Advocate)     15 August 2021

Yes, no amicable settlement is not possible, bring the matters to the notice of the RBI/ Banking Ombudsman.

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