My Money Bazar Loan App Real or Fake? 360% Interest, ₹1416 Fee - Solution Wire Investigation 2026

My Money Bazar Loan App Real or Fake? 360% Interest Scam Investigation 2026

By Solution Wire Investigation Team | Lead: Anil Shekhisar | Updated: 30 July 2026 |

SOLUTION WIRE SUMMARY

After 19-day sting operation, Solution Wire confirms My Money Bazar charges illegal 360% annual interest, deducts 23.6% processing fee, and uses harassment for recovery. App is not registered with RBI.

What is My Money Bazar App?

My Money Bazar is a digital lending application available on Google Play Store. It claims to provide instant personal loans from ₹1000 to ₹50000. However, our investigation found it operates as an unregistered lending platform.

Company Details from Agreement:

Lender: BANSAL IN-HOLD LIMITED, 3rd Floor, Tower A, Plot No. 7, Sector 16A, Noida, Uttar Pradesh 201301

LSP/Agent: MY MONEY BAZAAR INDIA PRIVATE LIMITED

Contact: bansalinholdltd95@gmail.com

Solution Wire Sting Operation: Step by Step

To verify the claims, we conducted a full loan cycle from application to repayment.

1. Day 1 - 11 July 2026: Application
   Downloaded app from Play Store. App demanded access to Contacts, SMS, Photos, Location. Completed KYC with PAN, Aadhaar. Applied for ₹6000 loan. Approved in 8 minutes.
2. Day 1 - Disbursal
   Sanctioned: ₹6000
   Processing Fee Deducted: ₹1416
   Net Credited: ₹4584
   Reason given: "Platform fee + GST + Insurance"
3. Day 2-17: Silent Period
   No communication. App showed countdown timer for repayment.
4. Day 18: First Reminder
   SMS and 3 calls started. Polite tone.
5. Day 19-20: Aggressive Recovery
   47 calls from +91 79 7183 1318 between 9 AM to 9 PM.
   
   Threats used: "We will inform your employer", "Police complaint will be filed", "Your CIBIL will be damaged", "We have your contact list".
6. Day 20: Repayment
   Paid ₹7140 to close loan. Status changed to "PAID". Even after payment, received 2 more calls for "insurance charges".

Deep Analysis: Interest Rate and Fee Structure

Component	Amount	Percentage
Loan Sanctioned	₹6000	100%
Processing Fee	₹1416	23.6%
Net Received	₹4584	76.4%
Interest for 19 Days	₹1140	19%
Total Repayment	₹7140	119%
Effective Interest	360% per year	15x of RBI Limit

Calculation: 1% per day x 365 days = 365%. Agreement states 360% annually. RBI's fair lending rate for NBFC is 24-30% per year.

Agreement Clauses: What Document Really Says

Clause 2 - Interest: "Interest Rate 1.0% Daily with annualised interest rate 360.0%"

Clause 18-21 - Processing Fee: "Processing Fee INR 300 or 20.0% of the loan amount whichever is higher"

Clause 22-26 - Penalty: "Penal charges @10% on Principal o/s subject to minimum INR 100 and maximum INR 3000"

Clause 30 - Loan Type: "BULLET LOAN" - Full amount due in one payment

Is My Money Bazar RBI Approved?

Answer: NO

Solution Wire verified both "BANSAL IN-HOLD LIMITED" and "MY MONEY BAZAAR INDIA PRIVATE LIMITED" on RBI Sachet Portal. Neither is listed as an authorized NBFC for digital lending. As per RBI Digital Lending Guidelines 2022, only RBI registered entities can lend.

Legal Violations Identified

1. RBI Act Violation: Charging 360% interest violates fair practice code.
2. IT Act 2000 Section 66E: Unauthorized access and use of contact data for harassment.
3. IPC Section 384: Extortion by putting person in fear of injury.
4. Digital Personal Data Protection Act 2023: Misuse of personal data without consent.

Recovery Tactics and Harassment

Phone Numbers Used: +91 79 7183 1318, +91 79 7196 3332

Methods Documented:

• Call bombing - 47 calls in 12 hours
• Abusive language and threats
• Threat to contact all contacts from phonebook
• False claim of police case and CIBIL damage

How to File Complaint Against My Money Bazar

1. Cyber Crime Helpline: Dial 1930 or visit cybercrime.gov.in
2. RBI Sachet Portal: sachet.rbi.org.in > Report Unauthorized Entity
3. Google Play Store: Open app > Flag as inappropriate
4. Local Police: File FIR for harassment and extortion

FAQ - People Also Ask

Q1. Is My Money Bazar loan app real or fake?

It is operating illegally. It is not registered with RBI and charges 360% interest which is prohibited. Solution Wire classifies it as fake.

Q2. What is the real interest rate of My Money Bazar?

1.0% per day. This equals 360% per year as mentioned in their loan agreement and shown in app.

Q3. How much processing fee does My Money Bazar deduct?

20% of loan amount or ₹300 whichever is higher. In our case of ₹6000, ₹1416 was deducted.

Q4. Who is the lender behind My Money Bazar?

The loan agreement states the lender is BANSAL IN-HOLD LIMITED. My Money Bazaar India Pvt Ltd is the LSP and recovery agent.

Q5. What is My Money Bazar customer care number?

+91 79 7183 1318 and +91 79 7196 3332. These are used for recovery calls. Do not share OTP with them.

Q6. Can My Money Bazar access my contacts?

Yes. The app asks for contact permission. They use it to call your friends and family during recovery.

Solution Wire Final Verdict

My Money Bazar is NOT a loan app. It is a digital debt trap.

The model is simple: Give ₹4584, take back ₹7140 in 19 days, and harass if delayed. This violates multiple Indian laws. We strongly advise the public to avoid this application.

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About Solution Wire: Independent investigation platform. We expose scams with real proof.

Disclaimer: This report is based on evidence collected between 11-30 July 2026.