Beware of illicit instant loan apps! : SBI warns against digital loan fraud

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The State Bank of India (SBI) has warned against loans offered through unauthorized digital platforms, with mobile apps promising a quick and hassle-free process. “Beware of Fraudulent Instant Loan Apps! Please do not click on any unauthorized links or provide your details to any entity posing as SBI or any other bank. Visit https://bank.sbi for all your financial needs “, tweeted the country’s main lender, SBI. .

Along with giving its customers the message that scam instant loan apps could be a trap, the country’s top lender also shredded some safety tips

Safety tips

-Check the terms and conditions of the offer.

-Avoid clicking on suspicious links.

-Check the authenticity of an application before downloading it

-Visit https://bank.sbi for all your financial needs

Legitimate loans can be offered by banks, non-bank financial companies registered with the RBI, and entities regulated by state governments.

Last month, the Reserve Bank of India (RBI) warned individuals and small businesses against falling prey to a growing number of unauthorized digital lending platforms.

These platforms charge excessive interest rates and additional hidden fees, adopt unacceptable and overbearing recovery methods, and abuse agreements to access data on borrowers’ mobile phones.

“Members of the public are hereby warned not to fall prey to such unscrupulous activities and to check the background of the business/company offering loans online or through mobile applications,” the statement said. central bank.

Additionally, consumers should never share copies of Know Your Customer (KYC) documents with unidentified, unverified/unauthorized applications and should report such incidents to relevant law enforcement agencies.

From time to time, SBI continues to alert its customers notifying them of phishing trends and methods to protect them from such fraud. SBI keeps its customers informed via its official Twitter account (@TheOfficialSBI).

SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country.

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