The new rule book should bring down interest rates and improve recovery methods
The Reserve Bank of India’s (RBI’s) strictures on loan apps comes at a time when questions are being raised about app-based lenders using unethical practices, such as charging exorbitant interest rates, non-transparent methods to calculate interest, unauthorised use of personal data, and harsh recovery measures. The loan-on-tap industry has been thriving for a while, with over 550 lending start-ups in the market.
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And there are allegations that some charge over 5-6 per cent as processing fee, when the usual fee is 1-2 per cent. In addition, some charged interest rates up to …
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