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How to Check Fake Loan Approval Letter

  • Highlights

  • With an increase in the digital way of life, incidents of glitches in payment processing, data breaches, and hacking have increased too

  • Common ways in which financial fraud occurs

  • Reporting such frauds to cyber-cell is important

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New ways of financial scams and frauds emerge every now and then, operated by unscrupulous fraudsters looking to prey on unaware victims. Usually, the damage is already done, and it is too late before any action can be taken. And it takes several similar incidents of scams to happen before getting the attention of relevant authorities.

Of late, a new fraud is increasingly heard about and that is a fake loan approval letter. There is no arguing that personal loans and business loans are in huge demand, especially in the aftermath of the COVID-19 pandemic and lockdown, when the economy came to a halt and several people got mired in debts. Many people seek a loan in some form or the other to clear their debts, fulfil their business goals, invest in higher education, or meet some other personal requirement. This has made way for the rise of loan fraud in India.

Scammers are tapping on this very demand to dupe innocent people and deprive them of their money. They are issuing fake pre-approval letters and loan approval letters in the name of established financial institutions and even governmental organisations to unsuspecting citizens and looting their money in the name of granting a loan.

The onus is on people like you and us to stay alert and stay aware. Otherwise, there is a risk of losing valuable money and inviting a lot of unnecessary headaches. This can be easily avoided in the first place simply if we watch out and detect a fake loan approval letter before falling into any trap.

So, here's how to detect a fake loan approval letter.

1. Attractive graphics

At first glance, the loan approval letter you just got in your hand or email may appear perfect: indeed, one couldn't be blamed if they thought it to be true. It may have a persuasive typography and credible, trustworthy graphics to gain your trust. It may even be a perfect imitation of some authorised, registered financial service provider like Bajaj Finserv. Yet, that is not reason enough to believe what you see in front of you is genuine. So, don't get swayed by first impressions.

2. Invalid data

As they say, the devil is in the details. Once you get over the first impressions, take a good look at the details of the company apparently giving you the loan approval letter, including website, location, and e-mail address. Check whether it is a genuine website of a real company or a fake one imitating the identity of an established brand or government entity.

Check and verify the company's location, address, and contact details. Even if all that seems good enough to you, don't forget to ensure that the registration number and date of sanction as well as the signature and seal on your loan approval letter are all valid. Cross-checking these things will easily lead you to the answer to whether the loan approval letter in your hand is fake or not. 

3. Unrealistic offering

Interest rate as low as 0% on a personal loan? You might think it is too irresistible an offer to let go of. But remember, unrealistically low-interest rates on personal loans are too good to be true. They are merely a honey-trap to lure and scam careless citizens. Before jumping at the offer, think about why and how this company could agree to give you a loan at such a low interest rate when that is not the case anywhere else.

4. Fee payment

If a loan approval letter asks you to pay advance fees on the pretext of loan sanctioning or loan processing charges, a legal fee, consider it to be a FRAUD! Always remember, Bajaj Finance never asks for any advance fees for loan processing. For loan processing, you need to submit relevant documents to prove your credit worthiness. Loan processing fees are always included in the total loan sanction amount, which you must repay in full within the designated loan tenure.

So, next time, If you’re being offered a loan asking for upfront fees by fraudsters impersonating as Bajaj Finance representative BEWARE, IT’S NOT US!!.

Report any suspected fraud attempt or actual fraud to wecare@bajajfinserv.in.

Stay alert, stay safe from online frauds in India.

Savdhan Rahein. Safe Rahein.

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