Beware of Personal Loan Scams: How to Spot Fake Offers and Protect Your Money

• Fraudsters exploit urgent financial needs with promises of 'instant approval' or 'no CIBIL check' loans.
• Watch out for requests for upfront 'processing fees' or 'file charges' before loan approval; legitimate lenders deduct fees from the loan amount or charge transparently after approval.
• Avoid fake loan apps and cloned websites; download apps only from official stores and verify lenders on the Reserve Bank of India's registered NBFC list.
• Be suspicious of 'guaranteed loans with no CIBIL check' or 'too good to be true' interest rates, as genuine lenders always verify creditworthiness and offer realistic rates.
• Never share OTPs, net banking passwords, or full card details, and always verify loan statements directly with your bank to avoid fake recovery agent scams.