Personal Loan: Nowadays it has become very easy to take personal loan online. By applying within a few minutes you can get a loan approval. But there is also a big risk associated with this facility- you have to share your sensitive information on the Internet.
This includes PAN card details, bank statement and job -related documents. If this information goes into the wrong hands, then there may be incidents like identity theft, fake transactions and fraud. Therefore, it is very important to be cautious before clicking ‘submit’.
How do lender protect your data?
Major banks, NBFC and RBI-registered fintech companies usually use encryption to protect your data. This means that your data lives on a safe server during transfer and storage.
It is mandatory for them to follow data protection and privacy rules. However, this safety is not guaranteed on small or unprotected platforms. This increases the possibility of misuse of your data.
Danger of unsafe apps and websites
If you fill your information on a suspicious app or website, hackers can easily steal it. Many times the website looks like real, but actually it is fake.
In such cases your information can be used for fishing attack, identity theft or fake transactions. Therefore, it is necessary to check the reality of the lender before applying.
Necessary checklist before applying
- Must see ‘https’ and paddalk symbol in the URL of the website.
- Two-factor authentication should be available during login.
- Lander should be RBI-registered NBFC or Scheduled Bank.
- Read the privacy policy carefully and understand how your information will be used.
- Do not give unnecessary permission to the mobile app.
Caution while uploading documents
Use only safe channels while uploading documents like Aadhaar or bank statement. Send with email or messenger only when the reality of the receiver is completely confirmed. It would be better to use an app that gives the Aadhaar number the option to upload a mask (partially hidden).
How to keep yourself safe after applying
Do not become careless even after applying for personal loans. Continue to monitor your bank account, email and credit reports. If any suspicious activity is detected, inform the bank immediately, change the password and file a complaint on the cybercrime portal.
It is convenient to take a loan online and can also get approval immediately. But security is equally important with convenience. By choosing the right and reliable platform and adopting basic security measures, you can reduce the risk to a great extent.
Question: How to check the reality of online lender?
answer: See that the lender is RBI-registered NBFC or Scheduled Bank. Confirm the registration number on their official website, contact details and RBI portal.
Question: Is it safe to share online base?
answer: If you are giving information on safe platforms of RBI-regulated lender, then it is safe. Where possible, use masked aadhaar and do not put it on an universified app or website.
Question: Can third party buy my information?
answer: No. Legal lenders explain in their privacy policy how your information will be used. They can share it with an approved third party, but selling it without your consent is against the rules.