Cancel a loan
7 months ago
On 9th September I was made to join an online platform called crio.do and I was made to6722 rupees as initial emi.But after going through reviews I found that they don't have a cancelation policy and many of their students fell victim to their stringent policy and also their tied up company called eduvanz.Befor this,I sent them copy of 3 month bank statement ,aadhar number and passport size photo.After I got a email from a private financial company called edunavz, which they have tied with,saying a loan application has been approved.I also learned that once paymeny has been made the loan with them cannot be cancelled.My e-kyc has been completed with them.Pending procedures with eduvanz are video kyv,agreement,nac and payment.I don't wish to proceed anymore with them.I cancel my loan with now legally?Can they move against me legally or harass me I stop my loan prceedings with them now.I have not joined onboarding with crio and when I asked if i cancel my course on the day of joining they told me they don't have cancellation policy and I must pay next emi next month.Can you please advise me what will I do now?
Any policy or scheme having no exit policy itself makes that policy invalid, infructuous, and unenforceable under relevant law. All financial institutions are regulated by the rules and guidelines framed by the RBI. So, for arbitrary denial to close your loan account by the concerned lender, you need to serve a legal notice and file a complaint under the RBI integrated Ombudsman scheme, 2021 shall be made online on the portal (https://cms.rbi.org.in). The complaint is to be made to the Ombudsman within one year after the complainant has received the reply from the concerned lender Bank to the complaint or, where no reply is received, within one year and 30 days from the date of the complaint. The complaint may be lodged online or by filing a physical complaint and submitting the same at the Centralised Receipt and Processing Centre (CRPC) at RBI, 4th Floor, Sector 17, Chandigarh, 160017. Reach out to an Advocate for further guidance and steps.
If you find yourself in a situation where you wish to cancel your enrollment and loan application, consider the following steps:
Review the Terms and Policies: Carefully review the terms and policies of both Crio.do and Eduvanz. Pay particular attention to any clauses related to cancellations, refunds, and dispute resolution.
Contact Crio.do: Reach out to Crio.do's customer support or administrative team to express your desire to cancel your enrollment. In your communication, explain your reasons for cancellation and ask about their policies for refunds or cancellations. It's essential to have a record of your communication.
Contact Eduvanz: Similarly, contact Eduvanz to inform them of your decision to cancel the loan application. Ask about their cancellation policies and inquire if there are any financial implications for canceling the loan at this stage.
Document Everything: Keep a record of all communications with both Crio.do and Eduvanz, including emails, messages, or any other correspondence. This documentation may be useful in case of any disputes or challenges later on.
Seek Legal Advice: If you encounter difficulties or face resistance in canceling your enrollment or loan, consider seeking legal advice. An attorney can review the terms and contracts involved and provide guidance on how to proceed.
Check Consumer Protection Laws: Research consumer protection laws and regulations in your jurisdiction. In some cases, there may be laws that protect consumers' rights, including the right to cancel certain agreements within a specified period.
Financial Institutions: If you have concerns about the loan aspect, contact your bank or financial institution that is involved in the loan process. They may be able to provide guidance on canceling the loan application.
Escalate Disputes: If you are unable to resolve the matter amicably, consider escalating the dispute to relevant consumer protection agencies or regulatory bodies in your country.
Please note that the specific cancellation policies and legal remedies may vary depending on the terms and conditions set by Crio.do, Eduvanz, and the laws in your jurisdiction.
Thank you.
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