YOUR QUERIES: LOANS: Planning to take a loan from app-based lender? Tread with caution
By Chaitali Dutta
What are the factors to be kept in mind when taking a loan from an app-based lender?—Vikas Malhotra In India, almost 50% of the quick loan apps were found to be illegal by a working group study initiated by RBI earlier this year. It was found that there is not enough transparency on the process followed for the sanction of loans. In several cases, the borrower’s documents and sensitive information collected at the time of sanction were mis-utilised by the company. In case the borrower is duped or harassed by the loan sanction-ing company, he has to approach the consumer forum for remediation rather than, say, a Banking Ombudsman, where the rules and governance are set out and have to be followed by banks.
From the consumer’s
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