Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv, cautions its customers and the public at large to stay vigilant against fake loans offered by fraudsters in exchange for an insurance policy purchase.
Fraudsters are duping
the public:
(i) by luring them to
compulsorily buy life insurance as a pre-condition to avail a loan
(ii) by impersonating to
be a representative of Bajaj Finance Ltd. and misguiding the public to buy an
insurance policy by stating that the premium amount shall be some percent of
the loan amount desired by potential borrowers.
The modus operandi is mostly
as under:
(a) The insurance policy is
used as a bait by the fraudster who ensures that the victim receives all
insurance documents from the insurance company
(b) The Fraudster stays in contact with the victim
for a long time and cites excuses for the delay in the loan disbursal process
(c) Most insurance policies have a 90 daysfree
look period for insurance policy, where the customer can cancel the policy,
and the premium will be refunded. After the said free look period is over, the
fraudster will stop answering the victim
(d) It is thereafter that
the victim realises about the suspicious conduct of fraudster and reaches out
to Bajaj Finance Ltd.
Bajaj Finance Ltd., has
alerted its customer through its social media handles to not to fall for such
traps by fraudsters. The post states:
'Loan lenekeliye life insurance policy purchase karnazaroorihai'.
Aur ye jhoothai!. 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!
Twitter: https://twitter.com/Bajaj_Finance/status/1430494743247478784
Bajaj Finance Ltd.,
cautions its customers and the public at large that any person in need of loans
should approach its nearest branch or check the company's official website at www.bajajfinserv.in, and never engage with any
unofficial/unknown intermediaries/unidentified fraudsters. Through various
channels, the Company is driving awareness initiatives against such fraudulent
incidents and has mentioned clear directives on the loan availing and
sanctioning process.
Bajaj Finance earlier
launched '#SavdhaanRaheinSafeRahein,' a public awareness campaign across
all its digital and social media platforms, to educate people on various
financial fraud risks. The Company also released an animated infomercial
campaign on YouTube called NajiNaji: Online Fraud Se Bachein to spread the
message around the growing incidences of financial fraud.
Apart from giving the
message to its customers, Bajaj Finance Ltd. has also shared some safety tips
for the public/customers to stay protected, to name a few:
·
Always
be careful while speaking with unknown callers offering instant loans
·
Bajaj
Finance Ltd. does NOT require compulsory purchase of any other product as a
condition for availing loan by an eligible customer. Hence, exercise caution
against any such calls/communication
·
Never
transfer any money to strangers/unknown callers offering lucrative deals and
cashback
·
Never
share your mobile number, EMI card number, One Time Password (OTP), PAN/Aadhaar
details, Address proof over calls/social media pages/internet/e-mails
·
Always
verify Bajaj Finance related loan offers/social media IDs/website links
on www.bajajfinserv.in or directly from the
nearest branch
·
Never
tag fraud accounts on social media for any of your queries. Follow only our
official pages/accounts
·
Refrain
from downloading any third-party mobile apps or documents from any clickbait
links sent on social media pages, e-mails, or SMS from unknown sources
In addition to the
cautionary message (cautionary-notice-new.pdf
(bajajfinserv.in)on the website, Bajaj Finance Ltd., keeps alerting
the public on social media pages through publishing cautionary information to help them
understand the modus operandi of various scams ranging from social media
frauds, phishing attacks, and clickbait fraud to ensure that customers stay
alert and protect their money.
To know more about
staying protected from financial frauds, click here - https://www.bajajfinserv.in/insights/fraud-awareness.
Bajaj Finance Limited, the
lending arm of the Bajaj Finserv group, is one of the most diversified NBFCs in
the Indian market, catering to more than 50 million customers across the
country. Headquartered in Pune, the company's product offering includes Consumer
Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan
against Property, Small Business Loans,
Wallet, Co-branded Credit Cards, Two-wheeler and Three-wheeler Loans,
Commercial lending/SME Loans, Loan against Securities and Rural Finance which
includes Gold Loans and Vehicle Refinancing Loans along with Fixed
Deposits. Bajaj Finance Limited prides
itself on holding the highest credit rating of AAA/Stable for long term
borrowing, A1+ for the short term borrowing, and FAAA/Stable for FD program. It
has also been credited for Long term issuer credit rating of BB+/Stable and
short-term rating of B by S&P Global ratings for ECB.
To know more, please visit https://www.bajajfinserv.in
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