Home >Money >Personal Finance >Beware of fake loan offers, SBI cautions against these companies

State Bank of India (SBI) has cautioned against fraudsters offering loans by SBI Loan Finance Ltd. and other such entities. The bank has informed its customers that these companies are giving fake loan offers in order to scam them.

"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," SBI said in a tweet.

Posting an important announcement on its' official Twitter handle, SBI said, " It has come to out 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 has cautioned its customers that it is not associated in any way with any such entities and the persons offering loans are not authorised to do so.

SBI has advised all persons in need of loans to approach the nearest bank branches and not encourage market intermediary.

In January this year, the country's top lender had warned against loans being offered by unauthorised digital platforms, mobile applications promising a quick and hassle-free process. "Beware of fraudulent instant loan apps! Please do not click on unauthorized links or provide your details to an entity impersonating as SBI or any other bank," SBI had tweeted.

SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. The home loan portfolio of the bank has crossed the milestone of 5 lakh crore. SBI commands over 34% market share in home loans.

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