As you know loan scams are everywhere, those who know the trick to prevent them don’t fall into the trap, those who don’t know they of course fall into a loan trap and lose their hard-earned money. Also, if you know how to prevent you have to increase and update your knowledge, and those who don’t know start learning as soon as possible. Start from this blog. Let’s understand in detail.
Spam calls offering "quick and easy loans" mostly come from unknown numbers, and scammers promise instant approvals with no documents or high loan amounts at unbelievably low interest rates. While these offers sound really attractive to you, they’re usually too good to be true. Here’s how fraudsters typically operate:
Phishing Tactics: They ask for sensitive information like your Aadhaar number, PAN, or OTP to "process" the loan.
Excessive Processing Fees: Many will request an advance fee to initiate the loan process, which is a red flag.
Fake Loan Approval Letters: You may receive emails or messages that look official but are fake.
Some red flags are almost always present in scam loan calls. Here’s how to recognize them:
Unknown Calls: If you didn’t ask for loan information, be wary of any calls offering loans.
No Paperwork: Real lenders always need some documents. If someone promises a loan with no paperwork, it’s probably a scam.
Personal Information Requests: Trustworthy banks won’t ask for sensitive info like OTPs or your full bank details over the phone.
Low Interest Rates: If the interest rate sounds too good to be true and is much lower than the usual 10-15%, it’s likely a trick to lure you in.
Your Aadhaar, PAN, and OTP are important personal details. If you share them over the phone, fraudsters can misuse them to access your identity and bank accounts. Remember:
Banks Don’t Ask for OTPs on Calls: If someone requests your OTP, end the call immediately.
Use Alternative Verification: Verify if the person is genuinely from a bank by asking for their official email ID or visiting the bank’s official branch.
To stay safe, always check the authenticity of the call before proceeding with any financial discussions:
Ask for Information: Real callers should give you their name, employee ID, and the branch they’re calling from.
Call the Bank: If you’re unsure, hang up and call the bank's customer service number from their official website to check if the loan call was real.
Fraudsters request advance payment, processing charges, or GST for loan "approval"—but legitimate banks deduct these fees from the disbursed loan amount.
Policy of Banks: All fees are deducted from the loan amount; they are not paid separately in advance.
No Pre-Approval Payments: If the caller asks for a pre-approval fee, it’s a scam. Don’t pay anything and hang up.
To stop spam calls, you need to control who can contact you:
Install a Call-Blocking App: Apps like Truecaller can block numbers flagged as spam, making it harder for fraudsters to reach you.
Activate Do Not Disturb (DND) Services: Register your number with TRAI’s DND service by texting ‘START 0’ to 1909, which will reduce unsolicited calls.
Reporting spam loan calls helps authorities find scammers and stop others from being tricked:
National Cyber Crime Reporting Portal: Visit the Cyber Crime Reporting Portal to report suspicious calls.
File a Complaint with TRAI: You can also report spam calls to the Telecom Regulatory Authority of India (TRAI).
Bank Helplines: Most banks have dedicated helplines for fraud reports; contact your bank immediately if you suspect a scam.
| Tip | Description |
|---|---|
| Recognize Red Flags | Avoid unsolicited calls offering quick loans with no paperwork |
| Never Share Sensitive Information | Don’t disclose Aadhaar, PAN, or OTP over calls |
| Verify Caller Identity | Call back the official bank number to confirm legitimacy |
| No Upfront Payments | Genuine banks deduct fees from the loan amount, not upfront |
| Use Call Blocking & DND Services | Apps and DND services help reduce unsolicited calls |
| Report Suspicious Calls | Report fraud calls to authorities like Cyber Crime Portal or TRAI |
Loan spam calls can sound convincing, but you can stay safe by following these steps. If something seems too good to be true, it likely is. Only trust verified banks and never share personal information or make payments quickly. Keeping these tips in mind will help protect your money and keep you from being scammed.
Contact your bank immediately and inform them about the incident. Change your passwords and keep an eye on transactions.
Register your number with DND and use call-blocking apps to filter out unwanted calls.
Always verify the call by contacting your bank’s official customer service number. Never rely solely on the number calling you.
Typically, no. Authentic banks won’t cold-call you to offer loans; they follow proper procedures and won’t request sensitive data over calls.
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