Unfair Late Payment Report by Mirae Asset – Need Help and Opinions

[hashtagunknown]

I'm seeking some guidance and opinions on an issue I’m facing regarding a loan against mutual funds (LAMF) from Mirae Asset.

Despite never missing an EMI or interest payment (which are automatically deducted), Mirae Asset has reported a late payment to the credit bureau (CIBIL). Here’s what happened:

• I had a loan against mutual funds and all interest payments were cleared on time.
• Due to a decline in MF value, my account showed an overdue balance of ₹700 as of 28-Feb-2025.
• I cleared the overdue on 1-Mar-2025, literally the next day.
• However, the loan account position as of 28-Feb-2025 was still reported to the credit bureau as overdue.
• I received no sufficient window to make good the shortfall—unlike other lenders (e.g., Bajaj Finserv), who offer up to 7 days before liquidating pledged assets or reporting.
• I raised a dispute with CIBIL, but the ticket was closed without resolution or rectification.

I believe this shouldn’t qualify as a late payment. The overdue was nominal, cleared promptly, and there was no default on EMIs.

This unfair reporting has already impacted my credit health. I would appreciate insights on the following:

• Has anyone faced a similar issue with LAMF or Mirae Asset?
• What steps can I take to get this corrected? RBI complaint? Consumer forum?
• Is there any guideline or RBI circular around reporting grace periods or treatment of LAMF overdue amounts?

Any help or pointers would be deeply appreciated.

Thanks in advance!

 

[NABNAB is verified member.]

Have you tried contacting them about this issue?

 

[hashtagunknown]

Reply from Mirae Asset -
Dear Sir/Ma'am,

Greetings from Mirae Asset Financial Services (India) Pvt. Ltd!!!

This is to inform you that your account had an overdue balance of INR 700 as of 28-Feb-25. The amount was cleared on 1st March -25. As a result, the loan account position as on 28-Feb-25 has been reported in the credit bureau.

Furthermore, in compliance with regulatory guidelines, your account history is reported to all credit bureaus on the 15th of each month and at the month's end.

We also recommend downloading the latest report from the bureau's official website to verify the current status of your loan account.

For further clarification regarding our product, you can call on our toll-free number 1800 2099 180 or you can mail us at mcare@miraeassetfin.com (Monday to Friday from 9 am to 6 pm).

Yours sincerely,
Mirae Asset Financial Services (India) Pvt. Ltd.
miraeassetfin.com

 

[quino]

Reply from Mirae Asset -
Dear Sir/Ma'am,

Greetings from Mirae Asset Financial Services (India) Pvt. Ltd!!!

This is to inform you that your account had an overdue balance of INR 700 as of 28-Feb-25. The amount was cleared on 1st March -25. As a result, the loan account position as on 28-Feb-25 has been reported in the credit bureau.

Furthermore, in compliance with regulatory guidelines, your account history is reported to all credit bureaus on the 15th of each month and at the month's end.

We also recommend downloading the latest report from the bureau's official website to verify the current status of your loan account.

For further clarification regarding our product, you can call on our toll-free number 1800 2099 180 or you can mail us at mcare@miraeassetfin.com (Monday to Friday from 9 am to 6 pm).

Yours sincerely,
Mirae Asset Financial Services (India) Pvt. Ltd.
miraeassetfin.com

u can try complaining in SEBI scores. that'll teach them a lesson.