ALERT! SBI names company, says beware of this fake loan provider; has it contacted you?

In an attempt to alert borrowers about fake loan offers, the State Bank of India (SBI) on Tuesday sent out an alert. SBI cautioned its customers against fraudsters offering fake loans and it even named such entities, one being SBI Loan Finance Ltd.  

Through its official Twitter handle, India’s largest lender said, “BEWARE SBI CUSTOMERS! If you are contacted by SBI Loan Finance Ltd. or any such entities then be informed that these are not associated with SBI. They are giving fake loan offers in order to scam our customers.” 

In the recent past, fraudsters offering false bank loans and/or credit online, even through social media sites like Facebook, or by email has risen dramatically. 

SBI cautions its customers that the bank is not associated in any way with SBI Loan Finance Ltd or any such entities, and the persons offering loans are not authorised to do so, the bank further said. 

Members of the public are specifically cautioned not to remit any processing /registration fees to the abovenamed company or any other entity, the public sector bank says in a tweet. 

State Bank of India advised all persons in need of loans to approach the nearest branch and not encourage market intermediaries.  

Fraudsters posing as private individuals or pretending to work on behalf of large banks often make these so-called loans and/or credit deals at very attractive rates.  

Furthermore, in order to give their messages more legitimacy, these fraudsters often use the identities of bank employees.