e-KYC Fraud: How It Works and How to Stay Safe

e-KYC Fraud: How It Works and How to Stay Safe

E-kyc fraud starts with a message saying your know your customer (KYC) details need an urgent update, then a link or app that captures them. Knowing its 4 stages and 5 warning signs stops it early.
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In summary

In e-KYC fraud, fraudsters pose as your bank or lender and push you to update KYC details through a link, a call or a screen-sharing app. Genuine updates happen in the official app, website or branch, and no representative asks for your one-time password (OTP), PIN or CVV. Bajaj Finance Personal Loan customers can check details in My Account.


  • The scam runs in 4 stages.
  • Urgency and unknown links are the giveaway.
  • Never install a screen-sharing app at a caller's request.
  • Ishaan ignored a fake KYC message and checked My Account instead.

Applying through official channels only? Check your loan offer with your phone number and a one-time password (OTP) → apply online → receive funds within 24 hours* of approval.

How does e-KYC fraud work?

The scam follows 4 stages, from the first message to the theft. The table shows how e-KYC fraud unfolds.


StageWhat happens
1. The hookA message or call says your KYC has expired and your account will be blocked
2. The link or appYou are sent a link, or asked to install a screen-sharing app
3. The captureYou enter card details, an OTP or your PIN, or the fraudster sees your screen
4. The theftMoney is moved out, or a loan is taken in your name

Last updated: 24th October, 2026


At stage 4 of e-KYC fraud, fraudsters may also use your stolen details to apply for credit in your name. That is why checking your credit report matters.

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What are the warning signs?

Five signs give the scam away. The table explains why each one points to e-KYC fraud.


Warning signWhy it matters
Urgency: "account blocked today"Pressure leaves no time to check
A link from an unknown numberGenuine updates are made in the official app, website, or branch
A request to install a screen-sharing appIt lets the caller see your OTPs and PIN
A request for an OTP, PIN, or CVVNo genuine representative needs these
A small "fee" to complete KYCUsed to capture your card details

Last updated: 24th October, 2026


If you see any of these signs of e-KYC fraud, stop. Contact the company yourself, using the number on its official website or your statement.

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What does genuine KYC look like?

Unlike e-KYC fraud, genuine KYC is done through the lender's official app or website, at a branch, or during a loan application you started yourself. It may ask you to upload documents or verify with an OTP on your own device, but no one asks you to read that OTP out to them.


Worked example: Ishaan in Dehradun

Ishaan is 29, a salaried hotel revenue executive in Dehradun, drawing Rs. 47,000 monthly; his CIBIL score is 742. He received a message saying his loan KYC had expired, with a link. Recognising the signs of e-KYC fraud, he ignored it, logged in to My Account and found nothing pending. Months later, safe from e-KYC fraud, he applied on the official website for Rs. 85,000 towards a two-wheeler repair and insurance. At an illustrative 16.5% per annum, he set the equated monthly instalment (EMI) for 1 year beside 18 months.


EMI = P × R × (1 + R)^N ÷ [(1 + R)^N − 1]. Here P = Rs. 85,000, R = 16.5 ÷ 1,200 and N = months.


TenureMonthly EMI (Rs.)Total interest (Rs.)EMI as share of salary (%)
12 months (1 year)7,7327,78716.5
18 months (1.5 years)5,36311,53211.4

Last updated: 24th October, 2026


At 18 months, his monthly outgo is Rs. 2,369 lighter, while interest totals Rs. 3,745 more. His processing fee is capped at Rs. 3,511. Ishaan chose 18 months to keep the EMI near 11% of his salary.


What can delay approval: a CIBIL score below 650 or existing EMIs that take up a large share of your income. Names or addresses that do not match across documents, and more than one loan application in the same month, can also slow it down.


Wary of e-KYC fraud and want to apply safely? With a Bajaj Finance Personal Loan, you can borrow Rs. Rs. 40,000 to Rs. Rs. 55 lakh, subject to eligibility. Check your loan offer with your phone number and a one-time password (OTP) → apply online → receive funds within 24 hours* of approval.

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Which criteria apply on the official application?

Applying through official channels avoids e-KYC fraud. A Bajaj Finance Personal Loan asks that meet the criteria listed below:


CriterionRequirement
NationalityIndian
Age21 years to 80 years.
Employed withPublic, private, or multinational companies (MNCs).
CIBIL Score650 or higher.
Customer profileSelf-employed or Salaried

*You should be 80 years or younger, at the end of the loan tenure.

Last updated: 24th October, 2026


Meeting these criteria does not guarantee approval, which depends on eligibility, verification and credit assessment. No collateral or guarantor is required.


You may need the following documents, subject to your profile and application:


Document categoryAccepted options
KYC proofAadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
Identity proofPAN card, Real-time image / photograph
Employment proofEmployee ID card, Letter of Allotment of Accommodation Issued by Employer
Income proofSalary slips — last 3 months, Bank account statements — last 3 months
OthersPension order, Utility bill, Phone bill, Piped gas bill, Property / Municipal tax receipt

Not every applicant needs every document. Confirm the final list of required personal loan documents during your application.

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How do you keep your loan account safe?

Fraud tends to target people who already have a loan. The table lists habits that protect your account from e-KYC fraud and similar scams.


HabitWhy it helps
Log in only through the official app or websiteFake links copy the login page
Keep SMS and email alerts switched onYou see every debit and request at once
Update your mobile number with the lender when it changesAlerts and OTPs reach you, not someone else
Check your loan statement each monthSpots any change you did not make

Last updated: 24th October, 2026


If anything on your statement looks wrong, contact the lender through My Account or its official number before you do anything else.

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What should you do in the first hour?

Speed limits the damage. The table lists the first actions to take if you think you have been caught by e-KYC fraud.


ActionWhy
Call your bank to block cards and freeze transfersStops further debits
Report at the National Cybercrime Helpline, 1930, or cybercrime.gov.inStarts the complaint record
Uninstall any screen-sharing app and change passwordsCuts off access
Check your CIBIL report for loans you did not takeCatches misuse of your identity

Last updated: 24th October, 2026


Keep screenshots of the e-KYC fraud messages and the numbers that contacted you. They support your complaint.

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How do you apply through official channels?

You apply for a Bajaj Finance Personal Loan online in five steps:

  1. Check loan eligibility: Enter the required loan amount and repayment period, then click "CHECK LOAN OFFER".
  2. Enter personal details: Enter personal, financial and employment details to receive a personalised offer.
  3. Loan offer: Review the offer details and adjust the amount or tenure to suit the applicant's needs.
  4. KYC verification: Complete KYC and verify bank details.
  5. Talk to loan specialist: The application is submitted and an executive contacts the applicant about the next steps.

The process may differ for new and existing customers, and some customers may need to provide additional documents. Start only from the official website or app, never from a link sent to you.

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Key offerings: 3 loan types

  • Flexi Hybrid Loan
  • Flexi Dropline Loan
  • Term Loan

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    You can pay interest-only EMIs for up to 36 months, after which, the EMI will consist of both, the principal and the interest. EMI is applicable only on the withdrawn amount.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest on the loan amount you withdraw.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Amount disbursed in one go
    The entire loan amount is disbursed at the start.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest.

  • Flexi facility charges
    No Flexi facility charges.

Personal loan interest rate and applicable charges

Type of fee

Applicable charges

Rate of interest per annum

10% to 30.5% p.a.

Processing fees

Up to 4.13% of the loan amount (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan – Not applicable

Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes)

Will be deducted upfront from loan amount.

Bounce charges

Rs. 700 to Rs. 1,200/- per bounce

“Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason.

Part-prepayment charges

Full Pre-payment:

  • Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment

  • Flexi Term (Dropline) Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

  • Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

Part Pre-payment

  • Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.

  • Not Applicable for Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan.

Penal charge

Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term (Dropline) Loan:

Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.


Flexi Hybrid Term Loan:

Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure

Credit guarantee scheme feeUp to 1.18% p.a. (pro-rated daily till 31st March) (inclusive of all applicable taxes) of the loan amount
Credit guarantee scheme renewal feeUp to 1.18% p.a. (inclusive of all applicable taxes) on the outstanding loan amount as on April 01 of the subsequent Financial Year.
*Renewal Fee to be collected only for 3 subsequent financial years.
 
**If the Remaining Tenure is less than 12 months, the CG Fee in subsequent years shall be charged prorated.

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Frequently asked questions

Spotting the scam

Dealing with a scam

Can a bank or lender update my KYC over a phone call?

A regulated lender will not ask you to share an OTP, PIN or CVV on a call, or to install a screen-sharing app. Genuine KYC updates are made through the official app or website, at a branch, or during an application you started. Treat any call pushing an urgent KYC update as possible e-KYC fraud.

The caller asks you to install an app that lets them see your screen. Once installed, they can read the OTPs and PINs you type or receive, and use them to move money. Never install such an app at anyone's request, and uninstall it at once if you already have one on your phone.

Call your bank immediately to block cards and freeze transfers. Report the fraud at the National Cybercrime Helpline, 1930, or at cybercrime.gov.in, the same day. Change your passwords and uninstall any app the caller asked you to install. Keep screenshots of all messages as evidence for your complaint about the e-KYC fraud.

It is possible if they captured your identity details. Check your CIBIL report for any loan or enquiry you do not recognise, and raise a dispute with the bureau and the lender concerned. Report the misuse to the cybercrime helpline as well, and keep a copy of every complaint you file.

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Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000