Navi Finserve review: Personal loan

To,
The Governor
Reserve Bank of India
Central Office
Shahid Bhagat Singh Marg
Mumbai – 400001
Subject: Complaint Against Navi FinServ for Charging Excessive Interest Rate and Alleged Misrepresentation of Loan Terms
Respected Sir,
I am writing to lodge a complaint against Navi FinServ regarding the unfair and excessive interest rate being charged on my loan account.
At the time of applying for the loan, the interest rate displayed and communicated was approximately 18% per annum. However, after the loan was disbursed, I found that the effective interest rate being charged is 44.25% per annum. This substantial difference was neither clearly explained nor reasonably expected by me while accepting the loan.
Personal loan of INR 2,00,000 from Navi FinServ Limited Loan A/C no- [protected] -on 19th January 2024. The loan carries a monthly EMI of INR 8,900, payable on the 9th of every month till now I have Repaid 32 EMI 8900*32=284000 & 106000 still Principal amount Pending, I am not able to Pay Any condition at this time I am not able to Survive alive, I Promise if showing 44.25% interest I prefer to die but never take a loan
I respectfully submit that such a high rate of interest places an unbearable financial burden on borrowers. In my case, it appears that a loan amount of approximately ₹2,00,000 may result in repayments approaching ₹4,30,000 over the loan tenure, which is highly distressing and difficult for any ordinary borrower to manage.
I would also like to raise serious concern regarding the lending process. If my CIBIL score or creditworthiness was considered weak or risky, then why was the loan approved in the first place? It does not seem justified to provide loans to financially stressed individuals and thereafter charge extremely high interest rates that further push borrowers into financial hardship and mental stress.
I humbly request the Reserve Bank of India to:
1. Investigate the lending practices of Navi Finserv.
2. Verify whether proper disclosure of the actual interest rate and total repayment obligations were made before loan disbursement.
3. Examine whether charging 44.25% interest complies with RBI's fair lending and consumer protection guidelines.
4. Direct the lender to review and reduce the excessive interest burden wherever appropriate.
5. Take suitable regulatory action to protect borrowers from misleading loan offers and unfair lending practices.
Borrower Details:
Name: Ramesh Kumar Patel
Loan Account Number: [protected]
Registered Mobile Number: _[protected]
Loan Amount: 200000
Date of Disbursement: 19-jan-2024
Interest Rate Charged: 44.25% p.a.
I request your kind intervention in this matter and seek justice for borrowers who may be facing similar difficulties.
Thank you.
Yours faithfully,
Ramesh Kumar Patel
Mobile: [protected]
Email: ramesh.patel.[protected]@gmail.com
Date: 18-sept-2026
Place: Sagar

View 0 more photos