The coronavirus has affected the Indian economy in a significant way. A lot of people lost their job considering the businesses were shutting down. In this situation, when someone tried to take a Personal Loan, many times they were scammed.
The lender would collect a fee than vanishing. Thus, prominent lenders such as Bank of Baroda Personal Loan or ICICI personal loan or other lenders lost customers. So, as a borrower, the question is how you could find out if the lender is a scammer. What are the early sign for it. You will get to know the red flags to check if the lender is a fraud or genuine in this short post. Let's get started. We are giving you a guaranteed approval Nothing is guaranteed about an unsecured personal loan. The term and conditions of a personal loan depends upon multiple factors. A lender needs to check them out to see the borrower's risk factor. What is your income, CIBIL score, expenses? These are a few factors, to begin with. So, If a lender says the loan approval is guaranteed, this is the first red flag to know. The second sure red flag, if the lender says 'No credit score is required. It is sure the lender is a scammer trying to rip off your hard-earned money. The other way is for someone to call and says, we can get you the cheapest personal loan interest rate. For Example, BOB Personal Loan Interest Rate is 10.50% per annum; we can get it down. It is not possible to do it unless you are dealing with the bank directly. Therefore, avoid these kinds of conservations at all. What fee? There is no fee The truth is every genuine lender has set up a variety of charges when offering a personal loan. So, if a lender is saying not only the interest rate will be low, there are no other charges. A lender might try to hide them. Sometimes, a lender does change the overall loan structure without informing the borrower, which is also a red flag. Doing the subtle changes hint the lender might be a fraud. For example, here are charges included in the Bank of Baroda personal loan.
Apart from these, there might be few other charges. And if the lenders, there won't be many. It is best to block the lender. Pay now to secure the loan Demand and supply is basic rule of a market. So, the lender will say that many people need out personal loans due to lower interest rates, quick disbursement, etc. If you need the loan, pay the secure fee , so we can book the spot. This is easily the best red flag you could see. This smells like a fraud without any issue. It is called high- pressure tactic. It led to believe the demand is more, but the supply is scarce. A legitimate lender such as Bank of Baroda personal loan or HDFC personal loan will never ask for money. Is the lender registered with RBI You are somehow convinced the lender is convinced and have seen so far no red flags. Then to check the lender's legitimacy, what to do? Well, the last way is to check if the lender is registered with RBI or not. Conclusion These are some ways to discover the real culprits who try to steal your money in a personal loan name. Make sure, inform the appropriate authorities when you do confront such a scammer. Read More: 1. A Short Guide To Axis Bank Personal Loan 2. Having Financial Trouble? Check Out IndusInd Personal Loan 3. The Simple Guide To Kreditbee Personal Loan 4. The Essential Things You Need To Do Before Applying For A Personal Loan
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