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Imagine paying off your loan years ago, only to discover that it is still showing as unpaid in your CIBIL report. Even worse, the lender has shut down its operations, customer care numbers are not working, emails go unanswered, and there seems to be no way to get your loan updated.This is the reality faced by thousands of borrowers who had loans with Rhino Finance, finding solution for their Rhinofin cease terminated loan in CIBIL Report.
Since the company became a cease-terminated entity, many customers have struggled to obtain their No Objection Certificate (NOC), clear pending dues, and update incorrect loan information in their credit reports.
However, there is some good news. A regulatory change introduced by the Reserve Bank of India (RBI) has created a pathway for borrowers to resolve these long-pending issues. If your Rhino Finance loan is still showing incorrectly in your CIBIL report, this article will help you understand the latest developments and the steps you can take to update your credit history.
What Happened to Rhino Finance?
Rhino Finance was a Non-Banking Financial Company (NBFC) regulated by the Reserve Bank of India. In 2022, RBI cancelled the company’s Certificate of Registration (CoR), effectively preventing it from continuing normal lending operations.
Once the license was cancelled, Rhino Finance significantly reduced or discontinued most of its communication channels. This situation is often referred to as Rhinofin cease terminated loan in CIBIL, as it led to unresolved credit reporting issues for many borrowers.
As a result, borrowers found it extremely difficult to:
- Obtain loan statements
- Get foreclosure letters
- Request NOCs
- Make pending payments
- Correct loan information in credit reports
Many customers who had already repaid their loans discovered that the accounts were still being reported incorrectly to credit bureaus. Others who wanted to clear their remaining dues had no clear channel through which to make payments.
This created a serious problem because inaccurate credit reporting can negatively affect a borrower’s CIBIL score and future loan eligibility.
Why Is the CIBIL Report Not Updated?
Credit bureaus such as TransUnion CIBIL, Experian, Equifax, and CRIF High Mark receive information directly from lenders.
When a lender stops operations or becomes inactive, the regular reporting process gets disrupted. Consequently, this can lead to issues related to a Rhinofin cease terminated loan in CIBIL, where borrowers continue to see inaccurate information on their credit reports.
- Loan showing as active despite repayment
- Outstanding balance still appearing
- Closed loan not marked as closed
- Written-off or overdue status remaining in the report
Since credit bureaus cannot independently modify loan records without lender confirmation, customers often remain stuck with incorrect reporting for years.
RBI's New Relief for Borrowers:
Recognising the challenges faced by borrowers of cease-terminated financial institutions, RBI introduced a new framework in October 2024 titled:“Credit Information Reporting Mechanism Subsequent to Cancellation of Certificate of Registration or Licence.“
The purpose of this regulation is to ensure that borrowers do not suffer merely because a lender’s registration has been cancelled.Under this framework, lenders whose licenses have been cancelled are still expected to fulfil certain responsibilities related to credit information reporting.
What Does the RBI Regulation Say?
According to the new framework, a cease-terminated lender must continue to manage and report credit information related to loans that were originated before the cancellation of its license.
This means the lender is expected to:
- Collect legitimate outstanding dues from borrowers
- Accept loan closure requests
- Provide loan-related documents
- Report repayment status to all four credit bureaus
- Update loan closure information after repayment
In simple words, cancellation of a license does not automatically end the lender’s responsibility toward existing borrowers.
Therefore, if your Rhinofin cease terminated loan in CIBIL continues to show incorrect information despite repayment or closure, you have the right to seek correction through the appropriate grievance redressal process.
Has Rhino Finance Started Operations Again?
Rhino Finance has not resumed normal lending activities. However, following the RBI framework, limited operations related to existing loan accounts have reportedly started.
The objective of these limited operations is primarily to:
- Address pending borrower grievances
- Facilitate loan repayments
- Issue NOCs where applicable
- Update Rhinofin cease terminated loan in CIBIL with credit bureaus
This development has provided a ray of hope to thousands of affected customers who have been waiting for years to correct their credit records.
How to get NOC and Update Your Rhinofin Cease Terminated Loan in CIBIL Report?
If your Rhino Finance loan is still showing incorrectly in your CIBIL report, don’t worry. By following the right process, you can get the loan updated and improve your credit profile. Here are the steps you should follow:
1. Check Your CIBIL Report First:
If you are facing issues related to a Rhinofin cease terminated loan in CIBIL, identifying the exact reporting error is the first and most important step.Download and review your latest CIBIL report. Check the Rhino Finance loan account carefully and verify:
- Outstanding balance shown in the report
- Account status (Active, Closed, Settled, Written-off, etc.)
- Any overdue amount or DPD entries
Understanding the exact issue will help you take the correct corrective action.
2. Contact Rhino Finance Authorities:
After identifying the issue, if your concern relates to a Rhinofin cease terminated loan in CIBIL, reach out directly to Rhino Finance through its available communication channels.
Since Rhino Finance became a cease-terminated entity, most of its communication channels were either discontinued or became inactive. As a result, many borrowers struggle to find a genuine and working contact number, email address, or grievance redressal channel.
To avoid relying on unofficial sources, it is advisable to check the lender details available on the TransUnion CIBIL official website (Nodal officer’s list of regulated entities)
Explain your concern and request:
- Outstanding dues confirmation
- Loan closure details
- No Objection Certificate (NOC), if the loan has already been repaid
Keep records of all emails, letters, and communications for future reference.
3. Pay the Pending Dues (If Any) and Collect NOC:
If there is any genuine outstanding amount pending against your loan, clear the dues immediately through the authorised payment channel provided by Rhino Finance.
Once the payment is completed:
- Obtain the loan closure letter
- Request the No Objection Certificate (NOC)
The NOC is one of the most important documents required to prove that no liability remains against the loan account.
4. Raise an Online Dispute in CIBIL Along with Payment Proof:
After obtaining the NOC and payment proof, log in to the CIBIL dispute resolution portal and raise a disputeregarding the incorrect loan information against your Rhinofin cease terminated loan in CIBIL.
Upload supporting documents such as:
- NOC
- Loan closure letter
- Payment receipts
- Bank transaction proof
CIBIL will forward your dispute to Rhino Finance for verification and correction of the account status.
5. Maintain Follow-Ups and Monitor Your Credit Report
Credit report updates may take several weeks. Therefore, regular follow-ups are essential.
- Follow up with Rhino Finance regarding the dispute status.
- Track updates from CIBIL.
- Check your credit report periodically to ensure the correction has been reflected.
Once the account is updated correctly, verify that the loan is reported as “Closed” and that any incorrect overdue or outstanding amount has been removed.
Updating a Rhino Finance loan account in your CIBIL report can be a time-consuming and frustrating process. Many borrowers struggle to find genuine contact details, obtain an NOC, clear pending dues, or successfully complete the credit report rectification process.
At Naskar Financial Services, we have been helping borrowers with credit report rectification and credit score improvement services for the last 9 years. Our team has successfully assisted numerous customers in resolving Rhino Finance-related credit reporting issues and getting their loan accounts updated across various credit bureaus.
If you are unable to get your Rhino Finance loan updated on your own, you can avail of our professional assistance. We also offer a Free Credit Report Analysis, where our experts review your credit report and identify the best possible solution for your case.
Learn More Q&A:
1. Can I still get an NOC from Rhino Finance after its license was cancelled?
Yes. Even though Rhino Finance became a cease-terminated entity, borrowers can still request an NOC for loans that were repaid or closed. Following RBI’s October 2024 reporting framework, the lender is required to address existing loan accounts and update credit information with the credit bureaus.
2. Why is my Rhino Finance loan still showing active in my CIBIL report after repayment?
This usually happens when the loan closure information has not been updated with the credit bureaus. If you have already repaid the loan, collect your payment proofs and NOC, then raise a dispute with CIBIL to initiate the verification and correction process.
3. How can I contact Rhino Finance for loan closure or NOC?
Finding a genuine contact channel can be difficult because Rhino Finance operates only in a limited capacity. Borrowers should check the lender details mentioned on the CIBIL official website under “Nodal Officer contact details – Banks & Financial Institutions”
4. How to remove Rhino Finance from CIBIL?
A Rhino Finance loan account cannot be removed from your CIBIL report simply because the lender’s license was cancelled. If the loan is genuine, it will remain part of your credit history. However, if the account is showing incorrect information, you can get it corrected by obtaining an NOC, clearing any pending dues, and raising a dispute with CIBIL along with supporting documents. Once verified, the account status can be updated accurately in your credit report.
5. What should I do if Rhino Finance is not updating my loan account in CIBIL?
If repeated follow-ups do not resolve the issue, you can raise an online dispute with CIBIL and provide supporting documents such as payment receipts, bank statements, and an NOC. You may also seek professional assistance from a credit repair agency experienced in handling Rhino Finance-related credit report rectifications.
