SBI has said that any such instant loan app that claims to provide you a loan in just two minutes without any paperwork, avoid it. Often people take loans in this way, but then they have to pay a huge interest rate.
State Bank of India (SBI) has cautioned its crores of customers against instant loan apps. SBI has alerted customers on its Twitter handle and has said that they should click on any such link which are unwanted and also stay away from apps which claim to provide instant loans. It has been clearly stated by SBI that if they click on such links, then their account will not take any time to empty.
Loan promise of up to 2 lakhs in 5 minutes
According to SBI, messages are being sent to customers, in which it is said that they can get a loan of up to two lakh rupees in just five minutes. They just have to click on this link. SBI has told its customers not to click on such links or else their bank account may get hit. SBI has told the customers not to give any information about themselves on any such link which is presenting itself as SBI or other bank.
Too much interest
SBI has said that any such instant loan app that claims to provide you a loan in just two minutes without any paperwork, avoid it. Often people take loans in this way, but then they have to pay a huge interest rate. After this people have to take a lot of money in debt so that they can repay the loan. Sometimes people also get calls for ransom.
Many people’s lives have ended due to this. SBI has clearly told the customers not to share any details on any such call claiming the bank on which information like bank account or OTP has been asked from them.
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SBI Guidelines
The safety tips shared by SBI are as follows:
Check the terms and conditions for the offer.
Avoid clicking any suspicious link. Check the reliability of any app before downloading it.
For all your financial needs click on this link-👇
RBI also warned
Banks, non-banking financial companies registered with the Reserve Bank of India (RBI), can be offered a loan legally on their behalf. Apart from this, registered units with state governments can also offer loans.
Last month, the RBI gave warning to individuals and small industries. SBI had said that in any way, avoid falling prey to unauthorized digital platforms.
According to RBI, the loan offered on these platforms has a higher interest rate, many types of charges are hidden, there are ways of recovery which are not acceptable and also the borrowers. By using data on mobile phones of individuals, agreements are misused.
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