Bajaj Finance Limited part of Bajaj Holdings has warned clients or borrowers against faux loans in trade of an insurance coverage buy. Via its official Twitter deal with the lending agency has mentioned that “Always remember that Bajaj Finance Ltd., does not require you to make a compulsory purchase of any other products to avail a loan. Don’t fall into such traps!.”
The Non-Banking Financial Company (NBFC) Bajaj Finance Limited has said that “We wish to alert you of a new form of fraud wherein fraudsters posing as Bajaj Finance representatives are duping the public to compulsorily buy a life insurance policy as a pre-condition to avail a loan.” As a warning to the shoppers, the agency has requested that “We urge you to never engage with any unofficial/unknown intermediaries/unidentified fraudsters, and verify Bajaj Finance related loan offers at www.bajajfinserv.in or by visiting any of the nearest 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 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 the mortgage disbursal course of.
Step 3: Most insurance coverage insurance policies have a 90 days free lock-in interval, the place the client can cancel the coverage, and the premium will likely be refunded. After the mentioned free look interval is over, the fraudster stops answering the sufferer.
Bajaj Finance Limited deals with such fraudsters. has shared some ideas for the shoppers that are as follows:
- Bajaj Finance Ltd. does NOT require obligatory buy of some other product as a situation for availing mortgage by an eligible buyer. Hence, train warning towards any such calls/communication.
- Never switch any cash to strangers/unknown callers providing profitable offers and cashback.
- Never share your cell quantity, EMI card quantity, One Time Password (OTP), PAN/Aadhaar particulars, Address proof over calls/social media pages/web/e-mails.
- Always confirm Bajaj Finance associated mortgage presents/social media IDs/web site hyperlinks on www.bajajfinserv.in or straight from the closest department.
- Don’t tag fraudulent accounts on social media for any of your questions. Follow solely our official pages/accounts.
- Refrain 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 online mortgage scams or fraud calls, the personal agency has additionally shared a Tweet by saying that “Savdhaan Rahein Safe Rahein is an initiative by Bajaj Finserv that compiles all the necessary steps that help you to stay safe against the ploys and scams by online fraudsters. Let’s put a stop to all scam loan calls, online & SMS frauds with just a simple: Naji Naji.”
The lender has additionally warned clients by saying that “Bajaj Finance | Fraud Awareness: Bajaj Finance has advised its customers and the public to be wary of fraudulent loan offers by fraudsters in exchange for buying an insurance policy. This policy is used by fraudsters as fraudsters to trap unscrupulous customers.”
Bajaj Finserv is the number one non-banking monetary firm of India having a variety of merchandise to satisfy the various wants of its clients. The lender presents merchandise like client finance, SME finance, business lending, and funding choices like mutual funds and stuck deposits (rated FAAA by CRISIL). Bajaj Finance Limited has been granted a long-term ranking of ‘BB+/Stable’ and a quick-time period ranking with ‘B’ by S&P Global Ratings.