A thread explaining the reality of one of India’s top Fintech startup.

I installed @ZestMoney last year to test how the app works. I got a credit limit of 20,000 Rupees. After a few months, I ordered a TV worth 11,999 INR on Flipkart using ZestMoney and paid all the EMIs on time https://t.co/yf4ZxCHvoc

At that time, the app showed me a personal loan offer of up to 30000 INR. Clicking on the offer banner took me to the next page, and after giving confirmation, another page was opened where all the EMI details were shown.

On the 18th of June this month, I installed ZestMoney to see if my Purchase Credit Limit was increased as I had paid all my EMIs way before the due date. The credit limit was not increased, but a personal loan offer of up to 1,40,000 INR was stuck at the top of the screen. https://t.co/oJNC33WD5N

Out of curiosity, I clicked on the banner to check how much loan they could offer and at what percentage of interest. On the next screen, EMI plans were not showing, and a button was given to Continue.

I tapped it to see the EMI plans, and that's it; without me giving any further permission for the loan, ZestMoney approved the loan of 1,40,000 INR. The NBFC they had tied with is @abfinance. None of them even required to ask me before disbursing the loan.

I contacted them on their helpline number and sent a dm to @ZestMoneyCares on Twitter. Still, they have the same copy-paste answer to pay the EMIs with a crazy high 36% interest rate and an additional 5600 INR as a processing fee. https://t.co/Xq67fEYLyD

f I wanted to avoid interest, they suggested me to pay all the loan amount and close the loan. I agreed with it, but then they said I will have to pay the processing fee, which is 5600 INR. The processing fee is non-refundable, so I will still have to pay it. https://t.co/NMRvPiOS99

I have tried my best to reach their support and am now filing a case in the @jagograhakjago and posting all the matter on social media so you can be aware of it. It was never expected from a reputed app like ZestMoney.

The government is working hard to ban Chinese apps from disbursing loans and harassing/blackmailing people, and here is ZestMoney looting customers. No doubt, I am capable. I can pay the 5600 INR they are charging as a processing fee, but not everyone is.

It was essential to bring the matter publicly so everybody became aware of the scam going on. Let's see how it goes; I will keep you guys posted. Thanks!

Update: Thanks for all the support guys. A few minutes ago one of the ZestMoney social media team members reached out to me. They have finally agreed to refund the processing fee. I asked them for a written confirmation and they have sent a message on Twitter confirming it. https://t.co/lrC5qayS9p

As they have said in the message I will have to pay the 1,45,600 INR to close the loan and the processing fee will be refunded. Although, their support team was not that much co-operative earlier now they have given me a resolution. Thanks again all of you.

As ZestMoney Social Media team asked me to preclose the loan by paying the loan amount and processing fee. I have done that. Hope they will go ahead and refund the 5600 rupees I have paid from my own pocket. I will share the final update once the refund reaches my bank. https://t.co/b9BYgklT5T

I have the final update. ZestMoney has refunded the processing fee to my bank account and It is reflected now. Earlier they had said the refund will take 7-10 days but they have done it within a day. All of this wouldn’t have been possible without your support guys. Thanks a lot! https://t.co/NlDeMkuklz