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Here’s How Mr. Raju Got Duped into a Tempting Loan Fraud

  • Highlights

  • Beware of loan offers that sound too good to be true

  • Learn how to identify red flags in tempting loan fraud offers

  • Always report any suspicious offer or activity in Bajaj’s name to us immediately

Have you heard about Mr. Raju’s tale?

Well, like millions of Indians, Mr. Raju had been searching online for the perfect personal loan at a lower rate of interest. That’s when he thought he had hit a jackpot when one day he received an email from a ‘representative’ of Bajaj Finserv – one of India’s largest and most trusted NBFCs! The email contained a loan offer too good to be true – a very low rate of interest that wasn’t available elsewhere and instant approval without even checking the credit score!

Elated, Raju immediately clicked on the link which took him to a website where he was asked to fill in his personal and bank details. When that was done, he received a call from the representative an hour later who seemed very friendly and helpful. He asked Raju to pay a fee because this lucrative loan offer was a limited period and Raju excitedly agreed!

Once the payment was made, Raju even received a loan approval letter and looked forward to the loan amount in his account.

Too bad he hadn’t heard about lending frauds in India – which is what exactly happened to him here! To this day, Raju has yet to receive the promised loan. The representative is also unreachable.

‘Only if I knew how to spot online loan frauds…,’ laments Raju.

How to spot a tempting online loan fraud

Well, Mr. Raju’s story is not very uncommon. Thousands of people get duped by tempting online loan frauds in India every year – all because they lack awareness. Here are a few red flags of malicious loan scam offers that come in the form of emails, social media ads, fake websites, SMSes, or even phone calls!

  1. You receive an unsolicited loan offer without applying anywhere, especially with a representative reaching out to you personally.

  2. Too good to be true terms like no credit score check – something that no reputed bank or lender does.


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  3. The representative calls you directly and asks for advance payment before disbursing the loan.
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  4. Fake email ID/website name in the offer (such as bajajsfinserv.com instead of bajajfinserv.in).

  5. You are redirected to a fishy website where you are asked personal details like a bank account, credit card, OTPs, etc.

  6. The lender pressurise you by throwing around terms like ‘limited period offer’ to create a sense of urgency.

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An example of a fake loan approval letter in Bajaj’s name demanding payment from the client. Notice how the email ID and website are incorrect.

Source: Er. Abhishek Sharma on Twitter: "See fake approval letter given by these fraud to clients who came for loan from Bajaj finance https://t.co/Zmk2R5Hcm8/Twitter"

Bajaj’s name is often used by fraudsters to carry out digital lending frauds in India. Always verify/report any such loan offer by contacting Bajaj at www.bajajfinserv.in/reach-us.

Stay alert, stay safe from online frauds in India.

Savdhaan Rahein. Safe Rahein.

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