Instant loan” app approved Rs 5 lakh—but wants upfront “processing fee”
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Downloaded a loan app (looked legit with RBI license info). Got instant approval for Rs 5 lakh. Now asking for Rs 5,000 as “processing/insurance fee” to disburse. The app looks professional. Should I pay?
FAKE LOAN SCAM! Real banks/lenders deduct processing fees from the loan amount, never ask upfront. Fake loan apps harvest personal data and never disburse funds after you pay fees. CHECK: Verify the app on RBI’s official registered NBFCs list at rbi.org.in. DO THIS: Uninstall immediately, don’t pay, document app name/screenshots. If you shared details: change passwords, enable 2FA, monitor credit. CONTACT: Cybercrime.gov.in + RBI’s grievance cell + report the app to Google Play.
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