Ram Fincorp, a digital lending platform operated by R.K. Bansal Finance Pvt. Ltd., offers instant personal loans ranging from ₹5,000 to ₹1,00,000 with tenures between 90 and 365 days.
While the company advertises monthly interest rates between 1.5% and 2.92% (APR of 18% to 35%) , its internal policy allows for daily interest rates up to 1% on outstanding principal amounts, depending on the borrower’s risk profile
Several borrowers have lodged complaints alleging aggressive recovery practices. One individual reported that after missing a payment due to medical emergencies, Ram Fincorp accessed his personal contacts and shared a video he had submitted during the loan application process, leading to personal distress .
Another borrower claimed that the company threatened to contact her workplace and family members after a delayed payment, despite her providing medical documentation and requesting an extension.
These incidents highlight concerns over the company’s adherence to its stated Fair Practices Code, which prohibits undue harassment and mandates respectful recovery procedures .
The Reserve Bank of India (RBI) has issued guidelines for digital lending, emphasizing transparency and ethical recovery methods.
As digital lending continues to grow, these reports underscore the need for stricter enforcement of regulatory standards to protect consumers from potential exploitation.
