 --- ## 20 Most Searched Q\&A on Loan Closure & Refund Complaints **Q1: What should I do if my NBFC does not refund excess EMI after loan closure?** A: File a written complaint with the NBFC, escalate to the RBI Ombudsman, and if unresolved, approach the Consumer Forum. **Q2: How long should a refund take after closing a loan?** A: As per RBI guidelines, refunds should typically be processed within **30 days of closure**. **Q3: Can NBFCs legally delay refunds after loan settlement?** A: No, delays beyond the reasonable period amount to deficiency in service. **Q4: What if an EMI is wrongly deducted even after closing a loan?** A: Raise a dispute immediately with your lender and escalate to RBI if not resolved. **Q5: Can I claim compensation for delayed refunds from NBFCs?** A: Yes, under the **Consumer Protection Act, 2019**, compensation for harassment and financial loss can be claimed. **Q6: What is the RBI Ombudsman scheme for NBFC complaints?** A: It allows consumers to escalate unresolved complaints directly to RBI’s appointed Ombudsman. **Q7: Can a missing NEFT payment be traced in loan accounts?** A: Yes, banks/NBFCs are required to trace and reconcile NEFT/RTGS transactions within a specific timeframe. **Q8: What documents should I keep for filing a complaint against NBFCs?** A: Loan closure statement, payment proofs, emails, and refund claim requests. **Q9: Can NBFCs be penalized for poor customer support?** A: Yes, RBI can impose penalties for non-compliance with grievance redressal norms. **Q10: What if my NBFC only sends automated emails without resolution?** A: Escalate directly to the nodal officer of the NBFC or to the RBI Ombudsman. **Q11: Are Paytm Digital Loans regulated by RBI?** A: Yes, since they are powered by NBFCs like Hero FinCorp, they fall under RBI’s jurisdiction. **Q12: Can a Consumer Forum case be filed online?** A: Yes, through the **e-Daakhil portal**, consumers can file complaints digitally. **Q13: What is the maximum compensation I can claim from Consumer Forum?** A: It depends on the claim value – up to **₹50 lakh for District Forum**, and higher in State/National Commissions. **Q14: Can I get interest on delayed refunds from NBFCs?** A: Yes, Consumer Forum may award interest on the withheld amount. **Q15: Does loan closure affect my CIBIL score if refunds are pending?** A: Loan closure should improve CIBIL, but discrepancies may affect reporting if not updated correctly. **Q16: Can I sue both Paytm and Hero FinCorp together for refund issues?** A: Yes, since both are service providers in the loan transaction, they can be made co-parties in a legal case. **Q17: How do I contact the RBI Ombudsman?** A: Complaints can be filed online at **cms.rbi.org.in**. **Q18: Can NBFCs blacklist customers who file complaints?** A: No, retaliation is illegal and can attract strict action from regulators. **Q19: How do I prove my case in Consumer Forum?** A: Provide documentary evidence like closure statements, payment receipts, and written communications. **Q20: Can Choice4Voice.com take legal action against Hero FinCorp for this case?** A: Yes, if unresolved, Choice4Voice.com can represent the complainant to file Consumer Forum, RBI Ombudsman, and civil cases. --- ✅ This draft follows all your rules: * Meta title starts with **brand name**. * **Legal case options expanded** with RBI-specific remedies. * **Choice4Voice.com escalation explained in detail** (two stages). * Includes **20 Q\&A for SEO ranking**. Would you like me to also add a **comparison table** showing “Customer Penalties vs. Company Accountability” to make the article more powerful for SEO and readability?](https://choice4voice.com/wp-content/uploads/2025/09/Hero-FinCorp-–-Complaint-by-Pradeep-Yadav-Regarding-Pending-Refund-and-Loan-Closure-Issues.png)
Pradeep Yadav, a verified LinkedIn professional and Area Head at Jaquar Mumbai, has raised a serious complaint against Hero FinCorp and Paytm Digital Loan services. Despite clearing all dues and even paying an extra EMI, a refund of ₹15,118 has been pending for over 3 months, with one NEFT payment missing from his loan statement. This article details the complaint, highlights consumer rights, outlines legal options available, and explains how Choice4Voice.com escalates such cases from awareness to legal action if unresolved.
Complaint Summary Table
| Field | Details |
|---|---|
| Complainant | Pradeep Yadav – Area Head at Jaquar Mumbai (Verified LinkedIn Professional) |
| Brand Involved | Hero FinCorp (Paytm Digital Loan Service) |
| Loan Number | DELPPL00100014992243 |
| Issue Type | Refund not processed after loan closure |
| Amount Pending | ₹15,118 refund + missing NEFT of ₹8,054 |
| Time Since Loan Closure | Over 3 months |
| Customer Support Status | Only automated responses, no resolution |
| Impact | Financial loss, stress, and harassment due to lack of accountability |
Full Complaint Write-Up
Pradeep Yadav has raised a strong consumer grievance against Hero FinCorp and Paytm Digital Loan services.
After fully closing his loan (Loan No: DELPPL00100014992243) and paying all dues including an extra EMI he is still waiting for a refund of ₹15,118, pending for more than three months.
Additionally, one NEFT payment of ₹8,054 is missing from his loan statement, leading to discrepancies in financial records.
Despite multiple follow-ups, the complainant reports that customer care is non-responsive, with only automated emails being received and no human support available.
Pradeep highlighted a key concern:
- If a customer misses even a single EMI, penalties are imposed immediately.
- But when the financial institution withholds a consumer’s money, accountability is missing.
This reflects poor grievance redressal mechanisms and raises concerns about transparency, customer trust, and compliance with RBI guidelines.
About the Brand: Hero FinCorp
Hero FinCorp is a Non-Banking Financial Company (NBFC) regulated by the Reserve Bank of India (RBI). It offers loans including Paytm Digital Loan services in partnership with Paytm.
As per RBI regulations, NBFCs are required to:
- Maintain clear loan closure statements.
- Process refunds of excess payments promptly.
- Provide proper customer grievance redressal within stipulated timelines.
Failure to adhere to these obligations amounts to deficiency in service under the Consumer Protection Act, 2019.
Legal Options Available to the Complainant
If Hero FinCorp fails to resolve this issue, several legal actions can be taken:
- Consumer Forum Case – Under the Consumer Protection Act, 2019, the complainant can file for deficiency in service, financial loss, and harassment.
- RBI Ombudsman Complaint – As Hero FinCorp is an RBI-regulated NBFC, a formal complaint can be filed with the RBI Ombudsman for non-compliance.
- Civil Suit for Recovery – The complainant may file a civil case to recover the pending refund and additional compensation for mental stress.
- Penalty for Unfair Practices – RBI may impose penalties if it finds systemic issues in refund handling.
- Criminal Complaint (in extreme cases) – If evidence suggests deliberate fraud or misrepresentation, a complaint under the Indian Penal Code (IPC) can also be lodged.
Role of Choice4Voice.com in Escalation
At Choice4Voice.com, every complaint goes through a two-stage escalation process:
Stage 1: Awareness & Pressure Building
- The complaint is published on Choice4Voice.com with full details.
- The issue is also featured on LinkedIn and other social media platforms to increase visibility.
- This creates public accountability pressure on the company to resolve the matter quickly.
Stage 2: Legal Escalation if Unresolved
If the brand still fails to act, Choice4Voice.com can take legal action on behalf of the complainant.
For this case, possible legal steps include:
- Filing a Consumer Forum complaint against Hero FinCorp for non-refund.
- Submitting a grievance to the RBI Ombudsman for violation of NBFC regulations.
- Initiating a civil suit for refund recovery and compensation.
This ensures that companies are not only publicly exposed but also held legally accountable for their negligence.
About the Author
This article has been prepared on behalf of Pradeep Yadav, Area Head at Jaquar Mumbai, who raised this complaint publicly on LinkedIn to highlight the unfair practices faced by customers after loan closure.
👉 Read the original LinkedIn post here
Q&A on Loan Closure & Refund Complaints
Q1: What should I do if my NBFC does not refund excess EMI after loan closure?
A: File a written complaint with the NBFC, escalate to the RBI Ombudsman, and if unresolved, approach the Consumer Forum.
Q2: How long should a refund take after closing a loan?
A: As per RBI guidelines, refunds should typically be processed within 30 days of closure.
Q3: Can NBFCs legally delay refunds after loan settlement?
A: No, delays beyond the reasonable period amount to deficiency in service.
Q4: What if an EMI is wrongly deducted even after closing a loan?
A: Raise a dispute immediately with your lender and escalate to RBI if not resolved.
Q5: Can I claim compensation for delayed refunds from NBFCs?
A: Yes, under the Consumer Protection Act, 2019, compensation for harassment and financial loss can be claimed.
Q6: What is the RBI Ombudsman scheme for NBFC complaints?
A: It allows consumers to escalate unresolved complaints directly to RBI’s appointed Ombudsman.
Q7: Can a missing NEFT payment be traced in loan accounts?
A: Yes, banks/NBFCs are required to trace and reconcile NEFT/RTGS transactions within a specific timeframe.
Q8: What documents should I keep for filing a complaint against NBFCs?
A: Loan closure statement, payment proofs, emails, and refund claim requests.
Q9: Can NBFCs be penalized for poor customer support?
A: Yes, RBI can impose penalties for non-compliance with grievance redressal norms.
Q10: What if my NBFC only sends automated emails without resolution?
A: Escalate directly to the nodal officer of the NBFC or to the RBI Ombudsman.
Q11: Are Paytm Digital Loans regulated by RBI?
A: Yes, since they are powered by NBFCs like Hero FinCorp, they fall under RBI’s jurisdiction.
Q12: Can a Consumer Forum case be filed online?
A: Yes, through the e-Daakhil portal, consumers can file complaints digitally.
Q13: What is the maximum compensation I can claim from Consumer Forum?
A: It depends on the claim value – up to ₹50 lakh for District Forum, and higher in State/National Commissions.
Q14: Can I get interest on delayed refunds from NBFCs?
A: Yes, Consumer Forum may award interest on the withheld amount.
Q15: Does loan closure affect my CIBIL score if refunds are pending?
A: Loan closure should improve CIBIL, but discrepancies may affect reporting if not updated correctly.
Q16: Can I sue both Paytm and Hero FinCorp together for refund issues?
A: Yes, since both are service providers in the loan transaction, they can be made co-parties in a legal case.
Q17: How do I contact the RBI Ombudsman?
A: Complaints can be filed online at cms.rbi.org.in.
Q18: Can NBFCs blacklist customers who file complaints?
A: No, retaliation is illegal and can attract strict action from regulators.
Q19: How do I prove my case in Consumer Forum?
A: Provide documentary evidence like closure statements, payment receipts, and written communications.
Q20: Can Choice4Voice.com take legal action against Hero FinCorp for this case?
A: Yes, if unresolved, Choice4Voice.com can represent the complainant to file Consumer Forum, RBI Ombudsman, and civil cases.