Glossary
Loan Fraud (Advance Fee Scam)
What it means
Fraudsters posing as bank agents or loan apps promise guaranteed approval regardless of credit score, then ask for a processing fee, GST, insurance premium or security deposit before disbursal, often via UPI. The loan never arrives and the money is gone.
Regulated lenders and their genuine agents never collect fees before sanction, never guarantee approval and never ask for payment to a personal account. Verify the lender on the RBI website, insist on a Key Fact Statement, and report fraud to the cybercrime helpline 1930.
Where it applies
Personal Loan
Collateral-free personal loans from ₹50,000 to ₹50 lakh at rates starting around 10.25% p.a., with disbursal typically within 48 hours of approval.
- Rate from
- 10.25% p.a.
- Up to
- ₹50 L
Business Loan
Unsecured business loans from ₹2 lakh to ₹1 crore for proprietors, partnerships and companies, at rates from about 14% p.a., with tenures up to 5 years and minimal collateral requirements.
- Rate from
- 14.00% p.a.
- Up to
- ₹1 Cr
More terms
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