Bharat Loan — Complaint Against Bharat Loan and Solomon Capital Pvt. Ltd. for Unfair Trade Practices, Deficiency in Service, Misrepresentation,

I wish to file a formal complaint against Bharat Loan (Loan Service Provider) and Solomon Capital Private Limited (RBI Registered NBFC) for unfair trade practices, deficiency in service, misleading representations, harassment, and other serious concerns arising from the manner in which my loan was originated and subsequently serviced.

Loan Account: BLSMPLZ[protected]

Grounds of Complaint
Failure to Update Payment Despite Receipt

Despite making payment towards my loan, the lender failed to update my loan account and continued recovery efforts as if no payment had been received. Instead of first reconciling the payment, I continued to receive payment demands and recovery communications, causing unnecessary financial hardship and mental harassment.

Misrepresentation During Loan Origination

Prior to sanction, I was explicitly informed by the company's representatives that the loan would be issued on revised interest terms. Based on those assurances, I proceeded with the application.

However, after the loan was sanctioned and disbursed, the promised revised interest terms were never applied. Instead, I was bound to a loan carrying 1% interest per day, resulting in a repayment obligation of ₹1, 32, 000 against a net disbursal of only ₹88, 200, with an effective Annual Percentage Rate (APR) of 566.43%.

I believe I was induced to proceed with the loan based on representations that were subsequently not honoured.

Excessive Charges

Although the sanctioned amount was ₹1, 00, 000, only ₹88, 200 was actually credited after deduction of ₹10, 000 as processing fees and ₹1, 800 towards GST. Despite receiving substantially less than the sanctioned amount, I remained liable for repayment calculated on the full sanctioned amount.

Contradictory and Confusing Communications

Throughout my interactions with the company, I received multiple contradictory communications that demonstrate a lack of proper internal controls. These included:

emails expressly advising customers not to make payments through links;
other emails simultaneously directing customers to use payment links;
repeated warnings cautioning customers about fraudulent payment attempts;
communications containing incorrect customer names and inaccurate personal details.

These inconsistencies created genuine confusion regarding the authenticity of communications and the correct mode of repayment, exposing consumers to an unnecessary risk of fraud.

Suspicious Login Attempts on Reference Contact

After the loan process commenced, my wife, whose number had only been provided as a reference contact, experienced multiple unauthorized login attempts across various online applications and services.

I possess documentary evidence of these login attempt notifications.

While I cannot conclusively attribute these attempts to the lender or any associated party, the timing and circumstances are sufficiently concerning to warrant investigation into whether customer and reference information has been adequately protected and whether any personal data has been compromised or improperly accessed.

Harassment and Deficiency in Service

Rather than investigating my payment concerns and resolving discrepancies, the company continued recovery efforts without first ensuring that its own records were accurate.

Such conduct has caused considerable financial stress, mental harassment, and inconvenience.

Relief Sought

I respectfully request that the Authority:

Investigate the conduct and business practices of Bharat Loan and Solomon Capital Private Limited.
Direct the lender to immediately reconcile and update my payment records.
Direct the lender to provide a complete statement of account with a detailed breakup of principal, interest, processing fees, penal charges, and all adjustments.
Direct the lender to suspend all recovery actions until the dispute is fully resolved.
Investigate the contradictory communications issued by the company and determine whether they amount to misleading or unfair trade practices.
Investigate whether adequate safeguards exist for the handling, storage, and protection of borrowers' and reference contacts' personal information.
Direct correction of any adverse credit reporting arising from the lender's failure to reconcile payments.
Award appropriate compensation for the financial loss, mental agony, harassment, and inconvenience caused.
Pass such other orders as deemed fit in the interest of consumer protection.