May 19, 2022

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Bajaj Finance cautions customers to stay safe against financial frauds on social media

CHENNAI: Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv, has cautioned its customers to stay alert against financial frauds in social media and not share any personal details with an unknown source.
The company urges customer not to respond to unsolicited offers from anyone and always check all offer related details at its official website only.
Bajaj Finance issued a cautionary message to customers over email and its official pages on Facebook, Instagram and Twitter warning them to stay away from fake offers by fraudsters:
(i) luring innocent public with instant loans at unreasonably low to zero rate of interest and requiring them to pay advance loan processing fee, verification fee, GST charges etc.
(ii) by highlighting how the loan scammers create fake Twitter, Instagram and Facebook profiles which are confusingly similar looking to those of Bajaj Finserv and Bajaj Finance social media profiles; and
(iii) by NOT making any upfront payment to the fraudsters who may approach on the pretext of facilitating loans.
Bajaj Finance Ltd said the company and its representatives do not collect any loan processing charges upfront or separately from the borrowers. Further, through the said social media campaign, it made it clear how the loan sanctioning process works i.e., upon sanctioning, as per the credit appraisal process, the loan amount is disbursed and credited to the borrower’s bank account, post deduction of all applicable charges.
Bajaj Finance is the lending arm of Bajaj Finserv, that launched ‘#SavdhaanRaheinSafeRahein’ a public awareness campaign, across all its digital and social media platforms, to educate customers and public at large on various financial fraud risks, spanning lending and insurance.