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Beware SBI Customers! SBI Cautions About Fake Loan Offers

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Fraudsters posing as SBI Loan Finance Ltd. and other similar organisations have been alerted by the State Bank of India (SBI). Customers have been told by the bank that these firms are making false loan deals in order to defraud them. The bank has issued a warning to its customers, stating that it is not affiliated with any such organisations and that those offering loans are not allowed to do so. The number of scam artists offering bogus bank loans and/or credit online, on social media sites like Facebook, or by email has risen dramatically.

Beware SBI Customers! SBI Cautions About Fake Loan Offers
Fraudsters posing as private individuals or pretending to work on behalf of large banks often make these so-called loans and/or credit deals at very attractive rates. Furthermore, in order to give their messages more legitimacy, these fraudsters often use the identities of bank employees.

"It has come to our attention that some unknown individuals are attempting to defraud the general public by providing loans from non-existing entities in the name and style of SBI Loan Finance Ltd. or any such entities," SBI said in a statement on its official Twitter account.

 

Here are five red flags that a lender is a con artist.

  • When the investor is unconcerned with your credit history.
  • The lender is pressuring you to act quickly.
  • If your lender refuses to disclose the full specifics of the application, valuation, or credit report fees.
  • A reputable lender will protect you from loan scams by ensuring that your data is safe and will not intentionally leave your information exposed.
  • Check to see if the lender you're considering has a physical address. If you can't find any evidence of a legitimate physical address.
  • Make sure it has a mobile-only Non-Banking Financial Company (NBFC) licence from the Reserve Bank of India (RBI) that allows it to offer you the loan.

Story first published: Wednesday, April 21, 2021, 11:45 [IST]
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