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LoanTap Financial Technologies Private Limited - Charging interest on an interest free loan

Krishna Mohan filed complaint against LoanTap Financial Technologies Private Limited on Jun 30, 2023

I am writing to formally lodge a complaint regarding a discrepancy in the loan amount provided to me for interior designing work by Square Yard through LoanTap. I believe there has been a misunderstanding or miscommunication regarding the funding and repayment terms of the loan, which I would like to address and seek a resolution for.

On **th March ****, I applied for an interest-free loan of INR **.** lakhs for the purpose of financing my interior designing project. Throughout the loan application process, I was explicitly informed and assured that the loan would be interest-free. However, upon receiving the loan disbursal, I noticed that the actual funded amount was only INR *.** lakhs, which differs from the originally stated loan amount.

This discrepancy in the funded amount has led to a discrepancy in the repayment terms as well. I am being charged EMIs based on the full loan amount of INR **.** lakhs, despite the fact that the funding was provided for only INR *.** lakhs. This has resulted in an undue financial burden, as I am expected to repay an amount that is higher than the loan I actually received.

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Complaint Status

Resolution Demanded:

Apology letter from company

Refund / Credit for purchase

Damages for loss and agony

LoanTap Financial Technologies Private Limited

2

Total Complaints

1

Total Resolved

50.00%

Consumer Satisfaction

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