| Address: | Lendbox, Second Floor, L-92, Outer Ring Rd, Baba Gangnath Market, Munirka, New Delhi, Delhi-110067, India | | Website: | app.lendbox.in |
Lendbox is one of the worst forms of a model as lender & recovery professional in action to trust your hard-earned money with. They source loans through digital channels and other lending partners, without conducting proper due diligence, basically, their relationship manager will reach out to you with a convincing lustful pitch of 30% return and convert the unsecured advances to a secured assuring pitch by claiming that “security cheques" are deposited, KYC, suit filing, robust legal team, collection agencies etc…
Practicality the RM has no idea of the quality of loans available in the portal and recovery actions. Incomplete KYC (borrowers go missing), inadequate collection process (they wait out for your mail to collect EMIs), Non-compliance of tagging of defaulters as SMA & NPA as per IRAC norms. No recovery action in the form of basic activities such as “Loan Recall Notice” or “Money Suit" filing in the Civil Court or action “U/S 138 of Negotiable Instruments Act" for security cheque bounce which attracts arrest warrants or FIR in the local police station for incorrect KYC with the intention to defraud public money/wilful defaulter. These are the basic recovery actions under RBI guidelines. They lack the basic judgement of it even.
Was this information helpful? | 
Post your Comment