Dear sir, i have mistakenly paid full amount and closed my laon but now i dont have any koney to pay my other EMI and the NBFC is refusing to refund the payment since its showing loan closed at their end. What shall i do.

Ans: I understand you are under stress. Let us take one step at a time and resolve this in a practical, responsible way.

1. Understand the Situation Fully
You had multiple EMIs to manage.

By mistake, you paid off one loan in full.

Now, you have no money left for other EMIs.

The NBFC where you made the full payment is not refunding the extra amount.

They are saying the loan is marked as "closed" in their system.

This needs a calm and systematic resolution. There are still a few strong options left.

2. Immediate Steps You Can Take Today
Check if the extra payment is clearly visible in your account.
– Go through your payment proof and NBFC loan account statement.
– If the payment went above what was due, you have a valid case.

Visit or speak to the NBFC branch again.
– Show them the extra payment record.
– Politely explain this was a mistake.

Request refund under "excess payment" grounds.
– If the loan was closed early due to overpayment, NBFC may still refund surplus.
– Submit a written request for refund and get an acknowledgment.

Check their grievance redressal mechanism.
– Every NBFC has a nodal officer or escalation contact.
– If the branch does not help, write to higher authority.

Send a written complaint by email or registered post.
– Clearly mention loan number, payment date, and your request.
– Keep a copy for yourself.

3. Escalate the Matter if No Response in 7 Working Days
File a complaint on the NBFC’s website (grievance section).

After that, go to the RBI’s CMS (Complaint Management System):
– https://cms.rbi.org.in

You can file a complaint if:
– Your loan account was overpaid.
– You requested refund.
– NBFC has not responded in time.

RBI’s system allows complaint against NBFCs and banks.

4. What to Do About Your Other EMIs Now
Inform other lenders before default.
– Call or write to other lenders.
– Explain the situation in brief.
– Request for short-term deferment or one-month moratorium.

Lenders may allow one missed EMI without penalty if you have a good repayment record.
– Ask them to reschedule EMI or shift the due date.

If delay is certain, request a 3-month EMI break with written communication.
– This avoids legal notices or credit score impact.

5. If Situation Becomes Too Tight
Ask for support from your employer if possible.
– Request for salary advance or short-term loan.
– Even a Rs. 50,000 support can help you meet urgent EMI.

Check if any FD, gold, or savings can be used.
– Gold loans are cheaper and quicker to process.
– Only do this for urgent EMI dues, not for regular lifestyle.

6. Plan Forward to Avoid This in Future
Use auto debit or standing instruction for loans.
– Manual payments often lead to errors or missed payments.

Always keep 1 month EMI buffer in your account.
– This avoids sudden cash gaps.

Use a loan tracker sheet to monitor all your EMIs monthly.
– A simple Excel sheet or app can help.

Set SMS alerts or reminders for each EMI due date.

Don’t pay loan closure amount without checking final settlement letter.
– Ask for loan closure quote from NBFC before making full payment.

7. You May Still Recover the Overpaid Amount
If excess money is paid beyond the loan balance, it is refundable.

NBFC must account for it.

Even if the system says "closed", your transaction can be traced.

You must push this through their grievance officer and escalate if needed.

Stay polite but firm in all communication.

Finally
You made a mistake — but it can be corrected.

Don't panic. Don’t miss all EMIs without trying alternatives.

Take control of the situation through records and clear requests.

Reach out to RBI CMS if NBFC does not respond.

Meanwhile, protect your credit score by speaking to other lenders in time.

It’s a short-term setback, not a permanent problem.

This will pass. Just keep calm and act step by step.

You’re doing the right thing by asking for help and acting early.

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Best Regards,

K. Ramalingam, MBA, CFP,
Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment