Zestmoney — Zestmoney refusing to remit the paid interest

Kalaiselvan Subbiah

Jun 10, 2022

Address:	Bangalore
Website:	www.zestmoney.in

I had a loan from zestmoney for my college fees at BITS Pilani. The loan period has been completed and I haven't received the paid interest. The paid interest is supposed to be remitted to my account as per the agreement.

It could be due to the bank account I given is an NRE account which accepts money only from outside of India and it's confirmed by the zest money(This account shouldn't have accepted in first place as they can't remit the amount) support team and they advised me to change the bank account which accepts money from India.

Hence, I asked them to change the bank account details and remit the paid interest to me. They asked me to send the last three months' bank statement which includes IFSC, account number, etc...

I forward the last three months bank statement(That includes IFSC code as well) to zestmoney support team on the 7th day of a month.(Statement usually generates only on that date in my bank).

Then the zestmoney team asked me to send the statement from the 1st and 7th day of the current month. Support team is expecting the last three months' statement calculating from the day of the email that I sent.

As far as I know, the last three months statement doesn't count the running days/month and it counts only the completed month. I can only generate the bank statement on every 5th of the month.

I have been struggling with the support team to get this done. I have tried to explain a lot and the support team is repeating their same points.

I escalated this matter twice to [protected]@zestmoney.in. But no response yet.

Could you help me to get my refund?

Customer Id:[protected]
Loan Id: 1CS2DT4483E6

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ZestMoney customer support has been notified about the posted complaint.

Verified Support

Jun 24, 2022

ZestMoney Customer Care's response Dear Kalaiselvan,

Greetings from ZestMoney!

We can understand that your concern is regarding the Cashback offer.

We would like to inform you that we have already processed the cashback amount of Rs.5045/- to your NRI account ending with 8083, hence we request you to please check the account and revert us with the confirmation so that we can proceed further accordingly.

We appreciate your understanding and cooperation in this regard.

Assuring you the best of services.

Regards,
Team ZestMoney

Jul 05, 2022

Updated by Kalaiselvan Subbiah Hello ZestMoney,

Thanks for your reply. Your team contacted me last week, I have given my NRO account ending with 8084 to refund.

I'll update here once the money is credited.

Aug 09, 2022

Updated by Kalaiselvan Subbiah Hello Zestmoney Team,

I really don’t understand why are you guys asking the bank statement again and again after a few months even that has been happening for a long time. I have shared all my bank account details and statements in my previous email threads multiple times. It was both o[censored]s mistake to process the loans through NRI account where you can’t remit the amount. You guys just simply accepted the account and processed the loan and now following a lot of process just to remit the amount to my another account.. Is that so hard to remit the amount that was promised by you?

Aug 11, 2022

Updated by Kalaiselvan Subbiah Hello Zestmoney,

I have shared last three months statement and they acknowledged to process further. Now suddenly they started asking statement from July-2021 to sep-2021. I really don’t understand why zestmoney needs statements from 2021 year.
AFAIK, nothing is in progress except just asking some random bank statements again and again.
I have called customer care today and explained the same thing again and he promised to escalate this matter to his senior team.

This is really frustrating to get the money back. Zestmoney seems don’t even read the email and doesn’t address the customer concerns. They just reply with some email template again and again.

I’m really not sure whether I’ll get back my money. Official escalation to any higher level doesn’t work in zestmoney seems.

Aug 16, 2022

Updated by Kalaiselvan Subbiah Hello ZestMoney,

Now, your team come up with some new points where saying that the bank statement is incorrect.

I'm wondering how can i edit the bank statement or expect the bank to prepare one customized statement for ZestMoney alone?

I believe ZestMoney should practice to accept the bank standard where the rest of the world accepts.

Can you precise what's wrong with the statements and don't you have any customers who use ICICI bank? If I'm not mistaken, they used to be shared in the same format. How did you manage to tackle them?

Attached the email reference..

Aug 16, 2022

Updated by Kalaiselvan Subbiah I haven't received the amount yet..

Oct 11, 2022

Updated by Kalaiselvan Subbiah Hello Zestmoney,

It has been more than 6 months. You guys are simply procrastinating and finding all the way to not remitting the money back. Could you check my emails back and forth?

One last question, will you payback my money? or won't? I have lost my patient.

Oct 11, 2022

Updated by Kalaiselvan Subbiah My first email was sent on 5-Jan-2022 and it has been escalating and sending back and forth emails.

I have share all the asked necessary documents to your team and haven't get my money for more than 10months..

Nov 26, 2022

Updated by Kalaiselvan Subbiah No solution yet..
I have another university EMI is under on my name at zestmoney. It’s a “verified bank account” anyway.
How feasible is that to remit the amount to that account? Both the emi are on my name.. just bank account is different.

It’s really hard get my money back from zestmoney.. they just ask bank statements again and again.. zero progress for 10months.