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Submit your complaint →ICICI Lombard employee Naveen Sharma raises a complaint against Paytm and Hero FinCorp for mishandling his loan foreclosure request. Despite repeated follow-ups, both companies failed to coordinate, risking cheque bounce and CIBIL score damage. Read the full verified complaint published on Choice4Voice.com and learn how to take legal action in similar cases.
Complaint Summary : Naveen Sharma vs Paytm & Hero FinCorp – Loan Foreclosure Mismanagement Complaint | Choice4Voice.com
| Complainant Name | Naveen Sharma |
|---|---|
| Profession | Employee at ICICI Lombard GIC Ltd |
| Company/Brand | Paytm & Hero FinCorp |
| Issue Type | Loan Foreclosure Issue / Negligence / Lack of Coordination |
| Ticket ID | 200000406937 |
| Date of Complaint | October 2025 |
| Resolution Sought | Proper loan closure and prevention of cheque bounce |
| Platform | |
| Original Post URL | LinkedIn Post by Naveen Sharma |
Detailed Complaint Overview
Naveen Sharma, a verified professional from ICICI Lombard GIC Ltd, has raised a serious concern on LinkedIn against Paytm and Hero FinCorp for mishandling his loan foreclosure process.
Despite raising a formal support ticket (ID: 200000406937) and following up multiple times, Naveen alleges that both companies are passing the responsibility to each other causing unnecessary delay and confusion.
According to Naveen, Hero FinCorp claims that Paytm is responsible for handling foreclosure requests, while Paytm has failed to provide any clear response or closure confirmation. Meanwhile, the loan EMI cheque is already submitted to the bank, creating a serious risk of cheque bounce, which could negatively impact his CIBIL score and financial credibility.
Naveen has requested intervention from the Reserve Bank of India (RBI) to ensure proper coordination between the two financial entities and to prevent further customer harassment due to internal mismanagement.
How Choice4Voice.com Can Help
Choice4Voice.com is India’s leading consumer-advocacy platform that helps customers like Naveen Sharma escalate unresolved complaints against banks, NBFCs, and digital finance companies.
Our mission is to make sure that customer grievances are heard, verified, and acted upon by relevant authorities.
What We Do:
- Draft official complaints to Paytm, Hero FinCorp, and RBI Ombudsman.
- Publish verified cases to pressure corporate accountability.
- Guide victims legally through Consumer Forum or RBI grievance redressal.
- Provide complaint templates and process assistance for consumers seeking justice.
If you are also struggling with unresolved financial or loan issues, you can file your complaint via Choice4Voice.com and let our advocacy team help you take it to the right authorities.
Legal Case Can Be Filed
Applicable Legal Provisions
- Deficiency in Service (Consumer Protection Act, 2019)
- Failure to process a legitimate foreclosure request on time is a violation of customer rights.
- Violation of RBI Fair Practices Code (NBFC & Digital Lending Guidelines)
- Both Paytm and Hero FinCorp are obligated to ensure transparent communication and loan closure support.
- Negligence Leading to Financial Damage
- Risk of cheque bounce or CIBIL impact due to inaction can be treated as negligence.
- Unfair Trade Practice
- Miscommunication between financial partners leading to harassment is actionable under law.
Authorities Where Complaint Can Be Filed
| Authority/Department | Complaint Type | Official Website / Email |
|---|---|---|
| RBI Integrated Ombudsman | Digital lending and loan closure issues | https://cms.rbi.org.in |
| Hero FinCorp Grievance Redressal Officer | Loan foreclosure dispute | grievanceofficer@herofincorp.com |
| Paytm Grievance Officer | Platform-related payment or loan handling issue | grievance.officer@paytm.com |
| National Consumer Helpline | Deficiency in service and unfair practices | https://consumerhelpline.gov.in |
| Consumer Forum (District) | Legal compensation for mental and financial distress | https://edaakhil.nic.in |
Step-by-Step Complaint Filing Process
Step 1: Write to Paytm and Hero FinCorp
Send a detailed email mentioning:
- Ticket ID (200000406937)
- Loan details and EMI status
- Request for written foreclosure confirmation
- Mention the risk of cheque bounce and CIBIL impact
Step 2: Escalate to RBI Ombudsman
If no action is taken within 30 days, file a complaint on https://cms.rbi.org.in under “Loan Foreclosure Delay / NBFC Mismanagement”.
Step 3: File a Case in Consumer Forum
Register your complaint on https://edaakhil.nic.in for deficiency in service and request compensation for mental harassment and potential financial impact.
Step 4: Submit to Choice4Voice.com
Once verified, Choice4Voice.com will publish your case publicly and assist in follow-up with authorities to ensure fair resolution.
Pre-Drafted Complaint Templates
1. RBI Ombudsman Complaint Template
Subject: Complaint Regarding Delay in Loan Foreclosure – Paytm & Hero FinCorp
Dear Sir/Madam,
I wish to lodge a complaint against Paytm and Hero FinCorp for not processing my foreclosure request despite multiple follow-ups (Ticket ID: 200000406937). Both entities are passing the responsibility, leading to the risk of cheque bounce and CIBIL score damage.Kindly intervene and direct the concerned institutions to complete the foreclosure immediately and ensure compliance with RBI’s Fair Practices Code.
Regards,
[Your Full Name]
[Registered Email / Account Number]
2. Consumer Forum Complaint Template
Subject: Deficiency in Service – Paytm & Hero FinCorp Loan Foreclosure Delay
Dear Sir/Madam,
I am filing this complaint against Paytm and Hero FinCorp for their negligence in handling my loan foreclosure. Despite repeated emails and calls, my request remains unresolved.I request compensation for mental harassment and risk to my financial credibility caused by this delay.
Regards,
[Your Name]
About the Companies
Paytm
Paytm is India’s largest digital payments and financial services company. However, its partnership-based loan products often suffer from coordination gaps between lending partners and Paytm’s support teams, leading to delays in foreclosure and EMI disputes.
Hero FinCorp
Hero FinCorp is a leading NBFC providing personal and vehicle loans across India. As per RBI guidelines, all NBFCs must maintain clear foreclosure policies and ensure timely customer support — failure of which may attract regulatory scrutiny.
Author Section
About Naveen Sharma:
Naveen Sharma is a verified employee at ICICI Lombard General Insurance Company Ltd, known for his professional integrity and consumer awareness. His detailed post reflects his concern for transparency and accountability in India’s digital lending sector.
Frequently Asked Questions (FAQ)
1. What is loan foreclosure?
Foreclosure means closing a loan before its actual tenure by repaying the remaining principal and interest.
2. Can Paytm and Hero FinCorp delay foreclosure legally?
No. As per RBI guidelines, lenders must provide a foreclosure statement and process closure within 7 working days.
3. What happens if EMI cheque bounces due to lender negligence?
You can demand written confirmation that it was not your fault and seek compensation for CIBIL damage.
4. Can I file a case for mental harassment?
Yes. The Consumer Forum allows claims for financial and emotional distress.
5. How long does RBI take to resolve such issues?
Usually between 30 to 45 days after complaint submission.
6. What documents are required for RBI complaint?
Loan agreement, foreclosure request copy, emails, and bank statement.
7. Can both Paytm and Hero FinCorp be held jointly liable?
Yes. Both can be held responsible for operational coordination failure.
8. What is a foreclosure certificate?
An official document confirming your loan account is fully closed.
9. Does RBI regulate Hero FinCorp?
Yes. All NBFCs including Hero FinCorp are regulated under RBI.
10. How do I escalate within Hero FinCorp?
Write to grievanceofficer@herofincorp.com with complete case details.
11. How to contact Paytm for escalation?
Email grievance.officer@paytm.com or use their grievance form on https://paytm.com.
12. Can I stop EMI payment during foreclosure process?
Only after written confirmation from the lender.
13. Can Choice4Voice.com publish financial complaints publicly?
Yes, after verifying authenticity and removing sensitive details.
14. What if I already paid extra EMI by mistake?
You can request refund or adjustment during foreclosure closure.
15. Can RBI penalize these companies?
Yes. RBI can impose fines or issue directions for compliance failure.
16. What is the role of NBFC in Paytm loans?
Paytm acts as a platform; the actual lender is the NBFC, like Hero FinCorp.
17. How can I verify loan closure status?
Check your CIBIL report and request an NOC from the lender.
18. What if my CIBIL score drops because of this?
You can request correction through the lender and CIBIL support.
19. Can I get compensation for delayed foreclosure?
Yes, through Consumer Court or Ombudsman.
20. How can Choice4Voice.com assist further?
We can help you draft legal notices, publish your verified case, and guide you through RBI escalation.
✅ Choice4Voice.com — Where Genuine Consumer Voices Create Real Change.
If your loan closure or refund issue is being ignored, submit your complaint now at Choice4Voice.com and let your voice make an impact.
