[Resolved]  Zestmoney — cancellation of loan

Address:

Bangalore, Karnataka

I had availed a no cost emi from zestmoney as recommended by greatlearning for a course on cloud computing. I had paid around 2-3 emi's for the same as i was taking the course. I had a financial crisis and was sure that i will not be able to pay the emi. So i cancelled the course. Greatlearning team told me that i will not be refunded for the amount that i have already paid, but they can cancel the course and let zestmoney know that i am no longer doing the course so that i don't have to pay the rest of the emi and cancel the loan without a refund. The zest money manager told me that the loan would be cancelled by eod. I waited for over a month while getting reminder for emi payment. Finally one day another manage from zestmoney called and shouted at me for not paying the emi. I specifically told him that i had requested a cancellation for the loan and also gave him the proof of cancellation of course by greatlearning. He said that he will look into it. Then the first manage emailed me that their finance team has decided not to cancel the loan and i will have to pay the amount irrespective of if i am doing the course or not. Money was deducted from my account and i still have no idea when i had given the standing instruction to zestmoney to auto deduct money from my account. I did not pay the emi for the next two months as a third manager from zestmoney called and said that he can help cancel the loan. I again sent him the proof of the course cancellation and after the conversation, the same day ₹22, 550 was deducted from my account. I live from paycheck to paycheck and earn hardly a little above ₹30000. I had to literally ask for money from different people for the month's expenses. I already have another loan which i am paying an emi every month. I am constantly being called and being mentally harrassed for this emi by zestmoney. I didn't receive a single penny from zestmoney as the loan amount was directly credited to greatlearning. If what the greatlearning team said was correct about no need to pay the rest of the money, then zestmoney should have received the rest of the amount from greatlearning. They are still taking money from me and calling me multiple times every single day. I am not able to eat or sleep peacefully because of this mental harrasment. They said that it is a no cost emi, but it was nowhere mentioned in the contract or in their app. They used to deduct emi with interest and return to interest after 3 days. That itself is a fraud as if it is no cost emi, they should have mentioned it in the contract and their app and should not have deducted the interest to return it later. ₹118000 is a huge amount for me. They are wrongfully squeezing money from me just to make a profit while destroying my life.