Identify And Steer Clear Of Education Loan Fraud. Here’s How!

In the market for education loans?

Don’t fall prey to harmful frauds. Here are some tips on how to detect possible frauds. Use these tips to avoid them. 

Advance fee

Is there an upfront fee before application? It’s a fraud. Education loans only charge a processing fee, that too payable at the time of application.

Consolidation fee

If you have an existing loan, another lender might ask you to switch at a low interest rate and a consolidation fee. This is another fraud. 

Debt-free offer

A lender might offer you a proposal to pay off your debt at a small debt closing fee. Don’t fall for this trick as there is no such thing. 

Financial details

Lenders asking for your bank and other financial details online or over a call for loan sanction without documentation is a fraud. 

Choose a reputed lender, like IDFC FIRST Bank, and avoid frauds. Get easy funding with collateral-free loans up to Rs.50 lakhs at attractive rates.