[Resolved] Zestmoney — Clarification for Processing Fees - Reg

BalaBsm

from Saint Thomas Mount, Tamil Nadu

Mar 22, 2022

Address: Benguluru

I have applied for the loan Order Id: 45199441B487
the principal amount of the loan is 42000 and interest is 5161 and processing fees is 2176
I need the clarification for the processing fees on what basis the processing fees are calculated. As per the RBI direction Master Circular- ‘Non-Banking Financial Company-Micro Finance Institutions’ (NBFC-MFIs) - Directions
RBI/2015-16/20
DNBR (PD) CC.No.047/03.10.119/2015-16
iv. Processing charges shall not be more than 1 % of gross loan amount. Processing charges need not be included in the margin cap or the interest cap.

My processing fees is 2176 which comes near to 5%
So i request you to provide the detailed information in this regard

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Apr 28, 2022

Complaint marked as Resolved

ZestMoney customer support has been notified about the posted complaint.

Verified Support

Mar 28, 2022

ZestMoney Customer Care's response Dear Balasubramanian,

Greetings from ZestMoney!

Thank you for speaking with me today.

We understand, your query is regarding the processing fees of loan ID: 456Q1AP521U4 and 45199441B487.

I have forwarded your request to our concerned team and they are working towards the same, hence please allow sometime so that we can revert with an update at the earliest.

For any further assistance, please feel free to reply to this email. We would be happy to help and clarify any queries.

Assuring you the best of our services.

Regards,
Team ZestMoney