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Summary: When you apply for a personal loan, it is a must to understand some key factors and steps involved in the process. You can significantly reduce the risk of falling prey to personal loan frauds in India if you have a clarity about these and are aware of potential ‘red flags’. Read the article below.
Personal loans are a convenient way to get the financial help needed during an emergency or unforeseen circumstances. But not all lenders have the best interest of the borrowers in mind and can get them involved in personal loan scams from time to time.
In these growing times, personal loan scams have become common, with scammers and fake agents taking advantage of vulnerable borrowers.
Let's have a look at some common signs to identify a fraudulent personal loan and how to stay safe.
• Promises of guaranteed approval: As a borrower, when you apply for a personal loan, your major worry is the approval process, which these scammers take advantage of. They promise you a loan without proof of income, credit history, or any other important document. A legitimate lender will always verify the necessary documents without making any promises before approving your application.
• Lack of transparency: A legitimate lender will always provide complete information about every aspect of the loan, including repayment schedule, processing fee, interest rate, foreclosure charges, etc. If your lender doesn't provide you with this information or misses out on certain details, or avoids answering questions, consider it a sign of a potential personal loan scam.
• A high processing fee or interest Rate: Of late, a pattern has been observed in personal loan frauds in India is that they provide loans at a fee and interest rate above the average industry rate. Many scammers also ask for a fee upfront, before disbursing the loan.
• High-pressure sales tactics: Personal loan scams are often backed up by a sales team that can convince you that this is your best offer. They will call you constantly, trying to convince you to apply for a personal loan they are offering. They might also provide you with unrealistic offers to get you to agree.
Also read - Here's how to get the best personal loan interest rate
• Do your research: Before agreeing to any personal loan, do your market research. Please read about the lender and verify its authenticity. Ensure the lender is registered with the Reserve Bank of India or other financial authorities.
• Compare multiple offers: Compare the offers before finalising the loan. Check out different banks' offers, fees, and personal loan interest rates and then decide.
• Read the fine print:- All personal loan documents have information hidden in the fine print. So please read it carefully before signing anything.
• Protect your personal information: Do not share your personal information over call or email with anyone offering you a personal loan. A legitimate lender always follows a set procedure, and they never ask you for your bank account details or password. One can fall prey to personal loan fraud in India despite being careful.
• Contact the lender: If you suspect a possibility of fraud or have already fallen prey to it, immediately contact the lender and ask for an explanation.
• Report to authorities: If you have fallen prey to personal loan scams, then report the incident to the concerned authorities immediately. RBI, Cybercrime, and the National Payment Corporation of India (NPCI) all have a dedicated department set of such cases.
• Seek legal advice: Get a lawyer to help you with your next step in case you have to deal with this matter legally. These scammers often hide important information in fine print, and it's important to consult an expert to help you further.
Key features of the IDFC FIRST Bank Personal Loan
• Competitive interest rate starting at 10.75%*
• No collateral or security required
• Digital and paperless application process
• Flexible tenure of up to 84 months
With the balance transfer facility, one can transfer any existing personal loan/credit card to IDFC FIRST Bank
Step 1
Fill out the online personal loan application - Log into the IDFC FIRST Bank app and 'apply' for an instant personal loan or Go to IDFC FIRST Bank’s website
Step 2
Upload documents - Provide the bank with the required documents
Step 3
Instant personal loan approval - Wait for the bank to approve your loan request
Step 4
Disbursal of online personal loan - Get the loan in your bank account
For salaried individual
• Minimum age - 23 years
• Maximum age (at the time of loan) – 59 years
Documentation required
• Valid KYC
• RBI Approved Account Aggregator Process/ Bank statement
• Net banking or debit card details to set e-Mandate
Click here to know more.
Also read - 6 Tips for how to get a Personal Loan without any hassle
Conclusion
Before you apply for a personal loan, always check the source, and do a thorough background check so that you don't fall prey to personal loan scams. Doing proper research not only reduces the risk of potential fraud but also helps in securing a favourable loan offer.
IDFC FIRST Bank Personal Loan is a safe and reliable option to match all your financial needs.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.