Enquiry regarding possible loan scam

quicky008

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2,037
A friend of mine was contacted by someone claiming to be an agent of bajaj finserv and he was told that their company is offering personal loans at attractive interest rates.

He then asked whether he could get a loan of Rs 2 lakhs or not,to which he was told he could-but after the loan is sanctioned,he would have to sign up for some "insurance policy" worth 10% of the loan amount so that if he defaults or fails to repay the loan then the company would apparently recover it from the insurance provider.Its only after signing up for that insurance would he receive the money,otherwise he won't.

Does this seem like a legitimate thing or a scam?My friend needs money to attend to some personal needs and so he wants to go ahead and accept that person's proposal.

Personally i think it sounds rather suspicious and sketchy.If such an insurance policy does exist,why would any borrower even bother to repay the loan-the loan provider can simply recover it from the insurance company!

Please share your views on the aforesaid matter,thanks.
 

SaiyanGoku

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If a loan is required, get it from a legit bank like SBI, ICICI, HDFC, etc instead of those in financing services.
 

RumbaMon19

Feel Pain.
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A friend of mine was contacted by someone claiming to be an agent of bajaj finserv and he was told that their company is offering personal loans at attractive interest rates.

He then asked whether he could get a loan of Rs 2 lakhs or not,to which he was told he could-but after the loan is sanctioned,he would have to sign up for some "insurance policy" worth 10% of the loan amount so that if he defaults or fails to repay the loan then the company would apparently recover it from the insurance provider.Its only after signing up for that insurance would he receive the money,otherwise he won't.

Does this seem like a legitimate thing or a scam?My friend needs money to attend to some personal needs and so he wants to go ahead and accept that person's proposal.

Personally i think it sounds rather suspicious and sketchy.If such an insurance policy does exist,why would any borrower even bother to repay the loan-the loan provider can simply recover it from the insurance company!

Please share your views on the aforesaid matter,thanks.

Bajaj Finserv is trying to sell its insurance policy to you. So, it is not sure whether it is legit or not. Better go for SBI or HDFC.
 
OP
quicky008

quicky008

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afaik they didn't mention which company's insurance policy it would be.
 

whitestar_999

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Tell your friend to forget about such offer even if it is genuine. Personal loans are considered one of the worst type of loans & significantly affects a person's cibil score in a negative way. At least try a mortgage/security based loan(like those against gold/property etc) if loan is really needed.
 

Æsoteric Positron

The universe doesn't care lol.
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Tell your friend to forget about such offer even if it is genuine. Personal loans are considered one of the worst type of loans & significantly affects a person's cibil score in a negative way. At least try a mortgage/security based loan(like those against gold/property etc) if loan is really needed.
True, they even teach this in schools !
 
OP
quicky008

quicky008

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ok i will tell him.Whats CIBIL score? unfortunately i dont know anything about it
 

whitestar_999

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ok i will tell him.Whats CIBIL score? unfortunately i dont know anything about it

For free cibil score check(updates once a month):
 

Zangetsu

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10,974
I also get calls for Personal Loans. But I don't entertain them.

And I don't know why they call from personal mobile number most of the time.

Don't get personal loans from a call just visit the Bank and opt for one.


Offtopic: Why the new Badges are not visible on my avatar ?
 

RumbaMon19

Feel Pain.
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Jun 24, 2020
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And I don't know why they call from personal mobile number most of the time.
Remember those adverts. which u get while surfing internet saying " A ten year old makes 5000/day" or " A man earns 4000/day by just sitting at home" Those are basically adverts which attract people. Then these peeps get an app, which gives them a list of phone numbers which they have to call in 1 day, and if they complete there goal, they get their sum. Same exists with SMS also, Send 100 SMS per day, earn 5 rupees.


And if you are wondering that how those peeps got your phone number, Then That amazon delivery guy, Who delivered your parcel sells these no. at a sum of 20rs/100 phone numbers to these fraud companies.
 

Æsoteric Positron

The universe doesn't care lol.
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Messages
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And if you are wondering that how those peeps got your phone number, Then That amazon delivery guy, Who delivered your parcel sells these no. at a sum of 20rs/100 phone numbers to these fraud companies.
Also companies like vodaphone etc also sell those, in bulk , at a price.
 
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