Punjab A postmaster from Ludhiana district was defrauded of Rs 87,000 online. The young man had applied for a loan of Rs 2 lakh through the Flipkart app. After that, he received a call from an unknown number. The caller claimed to be a representative of the Flipkart app and asked the young man for his bank details as verification. As soon as he got the account details, the caller defrauded the young man of several thousand rupees. In fact, it was a call from a cybercriminal.
Taking a loan online is easy in this digital world. Nowadays, there are apps through which you can take out a loan worth thousands of dollars at home. However, cases of credit fraud are also coming to light every day. In such a situation, the question arises as to how wise it is to take a loan online and how reliable are these loan apps.
So, today in the news of needs we will talk about the correctness of taking a loan through an online application. You will also learn that-
What are the things to keep in mind while taking a loan online? How to identify reliable loan apps?
Expert: Pawan Duggal, Cyber Expert, New Delhi
Question: How did the youth of Ludhiana become victims of online fraud?
Answer: The caller told the youth that your KYC verification has not been completed. This is why you don’t get a loan. After that, the caller sent the young man a link. On clicking on it, he was asked to fill the online KYC form. Finally, the caller asked him to pay Rs 5 in the name of verification.
When the young man paid Rs 5, Rs 86,998 was deducted from his bank account. After that, the caller disconnected the call and turned off the phone. Today, the young victim complained about this matter to the police.
Question- Due to what mistake the victim fell victim to this scam?
Answer: The young victim made a mistake by trusting the caller’s words and transferring the money at his request. As a result, his bank details reached the scammer and the young man was the victim of fraud.
Question: Does Flipkart app give loan?
Answer: Yes, absolutely. The Flipkart app provides loans ranging from Rs 1,000 to Rs 10 lakh. For this, it charges around 10-22% interest per year. It depends on your credit score, your loan amount, and the term of your loan.
Question: What is the process to take a loan from Flipkart?
Answer – The entire process of taking a loan on the Flipkart app is online. Anyone can apply it from their mobile, at home. There are mandatory terms and conditions for this. Understand this from the graph below.
Question: What do the RBI guidelines say regarding loan applications?
Answer – The Reserve Bank of India (RBI) has laid down certain rules regarding loan applications. According to RBI, loan applications should be a Regulated Entity (RE) from a bank or NBFC (non-banking financial company). This means that the institution should be recognized by RBI.
Therefore, before taking a loan from any app, it is important to check which bank or NBFC that app is linked with. Apart from this, no app can give loan without KYC.
Question: How legitimate is it to trust online lending apps?
Answer – Cyber expert Pawan Duggal says it depends on the application for which you are seeking the loan. Is this app approved by RBI? If you are taking a loan from an app that is not approved by the RBI, trusting these apps can be risky.
Question: Why is it important to read the terms and conditions of loan applications?
Answer – The terms and conditions of genuine loan apps are quite clear. In it, detailed information about the interest rate, loan term and additional fees is written.
Apart from this, information about the penalties that will be imposed in case of late loan is also recorded. Therefore, before taking a loan, you must read the terms and conditions carefully.
Question: What things should be kept in mind while getting a loan from online applications?
Answer – In the digital age, all banking facilities are available on mobile. Transactions worth hundreds of thousands of dollars can be made with just one click. It’s so convenient that you can enjoy it 24/7.
Loan apps have made this much easier. You can now take out a loan worth hundreds of thousands of dollars in minutes, sitting at home. For this, you do not need to go to the bank. However, it is important to pay particular attention to certain things when applying for a loan. With this, you can avoid being a victim of fraud.
Understand from the chart below what to keep in mind while taking out a loan from the app.
Question: How can we identify fake loan apps?
Answer – Cybersecurity expert Pawan Duggal says if there is low interest in an app, it may be fake. The goal of these apps is to blackmail you into stealing your data. Therefore, before taking a loan from any app, identify whether that app is real or fake. Understand it with the pointers below-
Fake loan apps operate in unauthorized and illegal ways. They steal a person’s personal and financial data in these apps. These apps are only for cheating and fraud. These apps have vague terms and conditions. Fake loan apps do not have a customer support team. They are often unusual. And offer permanent loans.
If you are facing any of these things, you should not trust this loan app.
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