Zestmoney — Not giving NOC

Dear ConusmerCourt,

It's a complaint on 'Zest Money' for not honoring RBI guidelines and no cooperation from their end in order to close the Loan and providing NOC from their end.

Let me explain few things to understand in a better way :

1) I have taken a Loan of Amount Rs.399000.00/- for the purpose of Education with Loan with activation date of 27th Feb 2022 at an Annual Interest Rate of 18% with Number of Installment : 36
2) Below are the Lender Details :
Lender Name : HFCL(Hero FinCorp Limited)
3) I have paid regularly the EMI of Rs.14425.00/- on 5th of every month from May 2022 to Apr 2023 but when I realize the 18% interest rate is not only a big burden but also imbalancing my monthly budget , I went for a Balance transfer the loan amount to Aditya Birla Finance Ltd to balance my Monthly budget.

4) Aditya Birla Finance Ltd has issued a cheque with an amount Rs.300888.00 /-(outstanding) against the lender Hero FinCorp Limited which helped me to close the entire loan, I have dropped the cheque in Hero FinCorp Limited a/c on the guidance of Aditya Birla Finance Ltd and it took some time for Hero FinCorp Limited to provide the closer letter and post few days they have also paid the f&f or the extra amount in cheque of Rs.17, 731.00/- towards my saving a/c.

5) Hero FinCorp Limited customer care has also confirmed in calls that they have sent all the documents So that i will get an NOC from Zest Money with no objections, however when reaching ZestMoney customer care they are in completely deny mode of getting any documents from Hero FinCorp Limited by which I have again shared all the proofs, documents as requested by Zest Money, provided by Hero FinCorp Limited which include (closer letter, Cheque, bank statement).

6) Now it's the 2nd month on and counting, there is no prompt response from Zest Money on why they are not providing NOC to me, instead they are frequently calling and sending messages to pay EMI to which I have already cleared the loan.

7) It is not only disturbing my life, also feeling tortured by Zest Money as no one giving a prompt response from their end except with their blank promises to be resolved in 24 to 48 hrs , which led to Two months now and counting, still no resolution, no NOC from their end, adding to that now I being threatened that field officers will come to my home to collect the money to which I have already paid the loan.

8) From this entire episode now my CIBIL score has been downgraded and getting messages, mails from banks for not honoring EMI and deducting penalty amount from my saving a/c for not paying EMIs as Zest Money has not yet given NOC from their end.
9) In one of the call/conversation with Zest Money customer care, they made a noise/objection on paying directly to the vendor Hero FinCorp Limited rather paying to them, because I been given a cheque towards vendor Hero FinCorp Limited and in an assumption they will honor each other I have done the same, but that is not the case here and they are not honoring each other .However Zest Money has confirmed the acceptance of foreclosure amounts in all formats but now they are denying the same.
10) If Zest Money is not honoring the vendor Hero FinCorp Limited or if they have conflict of interest in between them, then I request ConsumerCourt to kindly intervene in this and direct Zest Money to close the loan and provide NOC to me or kindly direct Hero FinCorp Limited to pay me back all the amount paid to them via cheque of an amount Rs.300888.00 /-
It's my humble request to ConsumerCourt to kindly intervene and resolve the issue as both Zest Money & Hero FinCorp Limited not in a mood to honor each other which not only leads to my mental stress and also affecting my CIBIL score, relationship with my bank (saving a/c .) and losing my money in the name of penalty .