Swapan Das raises complaint against ZestMoney for not issuing NOC after loan closure. Choice4Voice.com explains legal rights, consumer remedies, and how our legal team helps customers fight back.
Complaint Summary Table : ZestMoney Complaint – Swapan Das Loan NOC Not Issued | Choice4Voice.com
| Details | Information |
|---|---|
| Complainant Name | Swapan Das |
| Email / Contact | Not disclosed |
| Company/Brand | ZestMoney |
| Complaint Type | Defective Service / NOC Not Issued |
| Product/Service | Digital Personal Loan |
| Order No / Service No | Not Applicable |
| Issue Description | Despite clearing the loan, ZestMoney has not issued the mandatory No Objection Certificate (NOC). |
| Date of Incident | 11-Nov-2020 |
| Company’s Response | No response provided. |
| Additional Comments | Customer seeks urgent help in getting NOC. |
| Source | Complaint filed via Choice4Voice.com |
Full Complaint Write-Up
Swapan Das, a customer of ZestMoney, alleges serious negligence by the company regarding his closed loan account.
After fully repaying the digital personal loan, ZestMoney has failed to provide the No Objection Certificate (NOC). This document is crucial, as it confirms the borrower has cleared all dues and holds no further liability.
The complainant states that despite waiting since November 2020 and making repeated follow-ups, the company has not issued the NOC. Without this document, Swapan Das faces the risk of:
- Wrong credit reporting on CIBIL/credit bureaus
- Future loan application rejections
- Legal harassment due to incomplete closure status
The complainant has received no response from ZestMoney, making the matter even more concerning.
Legal Case Implications & Remedies
This case involves clear violations of consumer rights and financial regulations.
1. Consumer Protection Act, 2019 – Deficiency of Service
- Issue: ZestMoney failed to provide NOC despite full repayment.
- Remedy: File complaint before District Consumer Disputes Redressal Commission (DCDRC).
- Choice4Voice.com Role: Our legal team helps prepare the complaint, attach payment proof, and seek compensation for mental harassment.
2. RBI Guidelines on Loan Closure
- As per RBI Master Directions, lenders must issue an NOC and update credit bureaus within 30 days of loan closure.
- Violation: Not issuing NOC since 2020 is a direct breach.
- Choice4Voice.com Role: We draft escalation letters to RBI Ombudsman and NBFC regulators for strict action.
3. Indian Contract Act, 1872 – Breach of Contract
- Borrower fulfilled repayment obligations, but lender failed its contractual duty of closure documentation.
- Remedy: File civil case for damages.
- Choice4Voice.com Role: Legal experts assist in preparing civil suits for compensation.
4. Impact on Credit Score – Right to Reputation
- Wrong credit reporting without NOC can harm the borrower’s financial credibility, violating Article 21 (Right to Life with Dignity).
- Remedy: Compensation for loss of reputation.
- Choice4Voice.com Role: Legal escalation for damages due to credit report errors.
5. Possible Criminal Remedies
- Under IPC Section 420 (Cheating) and Section 406 (Criminal Breach of Trust), withholding crucial documents after repayment can attract liability.
- Choice4Voice.com Role: Assisting consumers in filing criminal complaints through legal partners.
How Choice4Voice.com Helps in Such Cases
At Choice4Voice.com, we ensure consumers like Swapan Das are not left helpless against big financial companies.
- Publishing Complaints Publicly – To create awareness and social pressure.
- Legal Support – Helping file cases under Consumer Court, Civil Court, and even Criminal proceedings.
- Regulatory Escalation – Writing to RBI Ombudsman, NBFC regulators, and credit bureaus.
- Credit Score Protection – Ensuring wrong entries in CIBIL/Equifax/Experian are corrected.
- Collective Action – If multiple ZestMoney borrowers face the same issue, we help initiate class action suits or PILs.
Why NOC is Important After Loan Closure
- Confirms loan repayment is complete.
- Prevents future harassment by lenders or collection agencies.
- Ensures credit score is updated correctly.
- Protects consumers from legal or financial disputes later.
Without an NOC, a borrower may face unnecessary challenges in getting new loans, housing approvals, or even employment background checks.
Frequently Asked Questions (FAQs)
Q1. What is an NOC in loan closure?
An NOC (No Objection Certificate) is a document issued by a lender confirming full repayment of the loan.
Q2. How long should a company take to issue an NOC?
As per RBI guidelines, within 30 days of loan closure.
Q3. Can I file a case if my lender doesn’t issue an NOC?
Yes, under the Consumer Protection Act, 2019.
Q4. Will not having an NOC affect my credit score?
Yes, your loan may appear as “open” or “defaulted,” damaging your CIBIL score.
Q5. Can Choice4Voice.com help escalate my case to RBI?
Yes, our legal team drafts escalation letters to RBI Ombudsman.
Q6. What if ZestMoney ignores Consumer Court notices?
The court can pass an ex-parte order against them.
Q7. Can I claim compensation for mental harassment?
Yes, consumer courts allow claims for harassment and delay.
Q8. What evidence is required to file a case?
Loan repayment proof, account closure confirmation, and communication records.
Q9. Can withholding NOC be treated as cheating?
Yes, under IPC 420, if done deliberately despite repayment.
Q10. How does Choice4Voice.com protect borrowers’ rights?
By publishing complaints, filing legal cases, escalating to RBI, and assisting with credit report corrections.
