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Digital Lending Notice

All Loan below Rs. 25000 has been waived off.

(Policy Revised on 1s November 2021) – Covid Relief to small borrowers

We would like to draw your kind attention on the following

  • All Digital lending Apps have been Terminated
  • All third Party outsourced collection agents have been terminated.
  • No Collection calls allowed, No SMS, No Email either by any agent, the principal loan amount below Rs. 25000 has been waived off with interest and all other dues
  • Report your issue at “[email protected]

Digital Lending Notice

Due to the Onset of the COVID-19 pandemic followed by second its wave, our company had decided to cease its operations pertains to the disbursement and collection of loan via digital lending applications from December 2020. We decided to provide relief to our customer and subsequently waived off the entire outstanding of the loan in case principal amount was below Rs. 25000, which extended from time to time.

Covid-19, 2nd wave has created severe economic distress in the market. Although a gradually decline in COVID cases has been observed from past couple of months but the impact of COVID is so severe that economy recovering from it’s impact and the individuals are trying hard at to keep up with the current scenario which deceases the spending capacity of individuals, hence company in order to provide it’s support to it’s customers in such hard time, has decided to waived of the loan permanently.

The Special Relief has been offered to all the borrowers whose loan was sanctioned via mobile app

Kindly take a note of the following

  • The special relief is applicable for loan sanctioned amount below Rs. 25,000/- (Rupee Fifty Thousand Only)
  • You can download NOC from website after email verification
  • If any one contact you for collection please report to local police station and also keep us in loop
  • In case you receive any collection calls on the behalf of Rhino Finance Pvt Ltd or Any digital lending Partner of the Rhino Finance Private Limited. Please immediately report this issue at “[email protected]” or call at +91 9311805634

Way forward?

The Reserve Bank of India (RBI) on Wednesday 13th January 2021 announced the setting up of a working group (WG) on digital lending, including through online platforms and mobile apps. The committee will be responsible for suggesting specific regulatory measures in the realm of digital lending, among other things. The move is the latest in the central bank's attempt to tackle fly-by-night lending apps which have been offering digital loans to undeserved customers. Of late, these platforms have come under the regulator's glare for their adoption of coercive means of loan recovery.

Further, the WG will be expected to recommend measures, if any, for expansion of specific regulatory or statutory perimeters and suggest the role of various regulatory and government agencies. It shall also recommend a fair practices code for digital lending players, in sourced or outsourced, and suggest measures for enhanced consumer protection. In addition, the recommendation of measures for robust data governance, data privacy and data security standards for deployment of digital lending services will come under the group's purview.

After the conclusion from WG on the digital lending and Notification on the digital lending by the RBI, The Company will re-visit its app based digital lending business till now digital lending business will be suspended/on hold until further notice.

No New Loan will be sanctioned via digital lending apps. The company will continue to approve the unsecured business loans above Rs. 60,000, Loan Against Property above Rs. 100,000/- after proper physical verification of the borrowers and following internal risk assessment by the company.

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