I took a loan from Kissht app and my due date was on 6th July, only within 15 days of issuing the loan. I took a loan of Rs. 6000, while a lot of fees were charged and I only received an amount of Rs. 5032 in my bank account.
At first they showed that the EMI is for 24 months and no clear dates were given, but after taking the loan, it was certain that I have to repay the entire loan amount with interest only within 15 days as the first EMI installment and some amount after 24 months only if the first installment is not payed timely. Also, the interest is about Rs. 1500 only for 15 days.
This sounded a bit sketchy to me as I know that according to RBI guidelines, EMI cannot be of less than 3 months and definitely the payment should not be due within less than 30 days of borrowing.
Upon furthur asking, they said that the 24 months is their 'line of credit' and won't clearly explain what that is and how that works.
They charge hefty penalty fees of about Rs. 47 per day after the due date which quickly adds up to more than Rs. 1400 per month as penalty fees only.
They ask for loan extension of the loan for another 15 days for an amount of about Rs. 1500, which is actually ridiculous as the penalty fees for 15 days adds up to less than half of the extension amount they ask.
They keep calling about 15-20 times a day from different numbers every single day since the due date. There is no end to the disturbing calls. The representatives doesn't have a good manner of speaking as well and doesn't sound professional.
I was not able to make the payment as the penalty have increased so much, I am the only earning member of my family as of now and I have a household to run and other loans and EMIs to pay. They gave me a really hard time and stress while trying to repay the loan.
They are an NBFC registered with RBI but their actions are sketchy and possibly not following RBI guidelines.
Oct 16, 2022
Complaint marked as Resolved Kissht customer support has been notified about the posted complaint.
Verified Support
Sep 12, 2022
Kissht Customer Care's response Dear Sir/ Madam,
Thank you for sharing your concern with us.
We regret to inform you that we are unable to view your contact details in our system.
Kindly, help us with your registered contact details at [protected]@kissht.com so we can check and get back to you with the best possible resolution.
Awaiting your response.
Thank you!
Team Kissht!
But the loan is active and no money had been transferred yet and no reply from the support team as well
When the money is not disbursed how can the loan be active