Genuine lenders operating in India must be registered with the Reserve Bank of India (RBI). Check the RBI website's "All Licensed Banks" section to ensure the lender's validity.
Never accept the first loan offer you get. Before committing to any loan offer, take the time to examine the interest rate, loan conditions, and fees offered by several lenders.
Find unbiased reviews and ratings of the lender on credible websites. This can provide helpful insights into the knowledge of other borrowers.
A good lender will explain all loan terms, conditions, and costs before you submit your application.
If you become a victim of personal loan fraud, report it to the National Cyber Crime Portal immediately. You can submit a report online or call the National Cyber Crime Helpline.
Avoid accepting the first deal you come across. Conduct extensive analysis and compare interest rates, payments, prepayment penalties, from multiple lenders.