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Education Loan
How to identify and steer clear of education loan fraud?
Summary: – It’s common to fall prey to education loan fraud if you aren’t diligent enough. Being aware of the common loan frauds and taking measures to avoid them can save you from losing your hard-earned money. Read to know more.
A report by a credit information company, states that the highest incidences of financial fraud in India are related to consumer loans, followed by credit cards. Among these, the most common type of fraud is identity theft. These loan frauds have resulted in thousands of people losing their hard-earned money.
Although several kinds of loans are available in India, maximum loan frauds are related to education loans. It’s because they are given to students who are still in the nascent stages of their careers.
Let's learn more about it in detail.
READ MORE
Five common education loan frauds in India
Below are the five most common student loan scams you might encounter and how you can avoid falling prey to them.
Asking for an advance fee
You may come across a lender that’s offering a high loan amount at a competitive interest rate. However, they may ask you to pay an advance fee to apply for the loan. This is a definite sign of loan fraud. Even the most reputed private lenders are not supposed to seek an advance fee for providing an education loan.
Loan consolidation scam
If a company approaches you with a new loan for consolidating your education loan at an affordable interest rate but asks you to pay a consolidation fee, it can be a loan fraud. There are no consolidation options for student loans since they’re already offered at the lowest interest rates by lending institutions.
Debt elimination scam
You may get a call from a company that’s promising to get rid of your education loan debt at a nominal fee. Make sure you do not entertain such calls. It can lead to loan fraud. Remember that there’s no way to eliminate your debt unless there is an unforeseen situation, such as the death of the borrower. Even in such cases, only the original lender has the right to write off a loan.
Request for personal details
Often, fraudsters pose as fake education loan providers and ask you to submit your personal and financial details so that they can disburse the loan amount. This can be an attempt to carry out a loan scam. No lender is supposed to seek details such as your credit card number, internet banking PIN or password, etc.
No physical address or contact information.
Although it’s common for lenders to provide online education loans, they must have a physical address. No financial institution can operate without a physical office. If the lender has no physical presence, it can be fraudulent. Before signing any documents, check the details of the education loan provider. Also, make sure that the company is registered with the Reserve Bank of India (RBI).
Also read - 4 Facts about Education Loans that you might not know
To conclude
No one can dupe you of your hard-earned money if you stay diligent while applying for a student loan scheme. With Metra Trust, you can get a student loan of up to Rs 1 Cr* for more than 25000 courses across 3200+ universities. As one of India's most reputed banks, Metra Trust offers maximum transparency during the loan verification process. For more details, click here.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.
