India’s largest bank State Bank of India has been made aware that an entity named SBI Loan Finance Ltd have been calling the general public with an intention to defraud them. So, the bank stated that no entity with that name is associated with the public sector bank.
The lender took to the microblogging site to inform this. It stated, “It has come to our notice that certain unknown persons are attempting to defraud the general public by offering loans from non-existing entities in the name and style of SBI Loan Finance Ltd. or any such entities.”
The bank continued, “State Bank of India cautions 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.”
Responding to this post, a Twitter user said that he has seen such pamphlets around various SBI ATMs in the past.
The bank further warned people to be cautious and not to transfer any processing/registration fees to the abovenamed company or any other entity. “State Bank of India advises all persons in need of loans to approach the nearest branch and not encourage market intermediary,” stated SBI in a post.
This post was followed by few people complaining about market intermediaries calling them to offer a home loan, personal loan and other loan facilities.
In September last year as well, the bank had stated that two entities -- SBI Loan Finance Ltd. and Mudra Finance Pvt. Ltd. are not associated with SBI. “They are fraudulent entities giving fake loan offers in order to scam our customers.” Despite this communication, fraudsters continue to use the name SBI Loan Finance to approach the public to offer loan.