Bajaj Finance Warns Against Fake Loans In Exchange of An Insurance Policy Purchase: Check Report



oi-Vipul Das


Bajaj Finance Restricted part of Bajaj Holdings has warned clients or debtors towards pretend loans in trade of an insurance coverage coverage buy. By way of its official Twitter deal with the lending agency has stated that “At all times do not forget that Bajaj Finance Ltd., doesn’t require you to make a obligatory buy of every other merchandise to avail a mortgage. Do not fall into such traps!.”

Bajaj Finance Warns Customers Against Fake Loans: Check Report

The Non-Banking Monetary Firm (NBFC) Bajaj Finance Restricted has said that “We want to provide you with a warning of a brand new type of fraud whereby fraudsters posing as Bajaj Finance representatives are duping the general public to compulsorily purchase a life insurance coverage coverage as a pre-condition to avail a mortgage.” As a warning to the shoppers the agency has requested that “We urge you to by no means interact with any unofficial/unknown intermediaries/unidentified fraudsters, and confirm Bajaj Finance associated mortgage affords at or by visiting any of the closest branches.”

Bajaj Finance has defined how fraudsters are attempting to fraud clients towards mortgage schemes. The steps are as follows:

Step 1: The fraudsters use insurance coverage coverage as a bait to make sure that the sufferer receives all insurance coverage paperwork from the insurance coverage firm.

Step 2: The fraudster stays in touch with the sufferer for a very long time and cites some excuses for the delay in mortgage disbursal course of.

Step 3: Most insurance coverage insurance policies have a 90 days free lock-in interval, the place the shopper can cancel the coverage, and the premium will likely be refunded. After the stated free look interval is over, the fraudster stops answering the sufferer.

In an effort to counter such fraudsters, Bajaj Finance Ltd. has shared some suggestions for the shoppers that are as follows:

  • Bajaj Finance Ltd. does NOT require obligatory buy of every other product as a situation for availing mortgage by an eligible buyer. Therefore, train warning towards any such calls/communication.
  • By no means switch any cash to strangers/unknown callers providing profitable offers and cashback.
  • By no means share your cell quantity, EMI card quantity, One Time Password (OTP), PAN/Aadhaar particulars, Deal with proof over calls/social media pages/web/e-mails.
  • At all times confirm Bajaj Finance associated mortgage affords/social media IDs/web site hyperlinks on or straight from the closest department.
  • By no means tag fraud accounts on social media for any of your queries. Observe solely our official pages/accounts.
  • Chorus from downloading any third-party cell apps or paperwork from any clickbait hyperlinks despatched on social media pages, e-mails, or SMS from unknown sources.

In a mission to safe clients towards on-line mortgage scams or fraud calls, the personal agency has additionally shared a Tweet by saying that “Savdhaan Rahein Protected Rahein is an initiative by Bajaj Finserv that compiles all the required steps that provide help to to remain protected towards the ploys and scams by on-line fraudsters. Let’s put a cease to all rip-off mortgage calls, on-line & SMS frauds with only a easy: NaJi NaJi.”

The lender has additionally warned clients by saying that “Bajaj Finance | Fraud Consciousness: Bajaj Finance has suggested its clients and the general public at giant to remain vigilant towards pretend mortgage affords by fraudsters in trade for an insurance coverage coverage buy. The coverage is used as bait by fraudsters to entice humble clients.”

Bajaj Finserv is a number one non-banking monetary firm of India having a spread of merchandise to fulfill the various wants of its clients. The lender affords merchandise like client finance, SME finance, industrial lending, and funding choices like mutual funds and stuck deposits (rated FAAA by CRISIL). Bajaj Finance Restricted has been granted a long-term ranking of ‘BB+/Steady’ and quick time period ranking with ‘B’ by S&P International Rankings.

Story first revealed: Wednesday, September 1, 2021, 11:35 [IST]


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