Aaron Varghese Charly
Confirm the lender's registration status with RBI. All lenders, including Non-Banking Financial Companies (NBFCs), must be registered with RBI.
Ensure that information, like the lender's Company Identification Number (CIN) and Certificate of Registration (CoR) with RBI, is visible on its website.
Check the lender's reputation online like reviews and comments left by clients on discussion boards, websites, social media, etc.
Genuine lenders often have a grievance redressal process and a physical address.
Check for appropriate security measures like "https://" in the website URL or a lock icon indicating encryption.
Beware of fraudulent loan apps that may seek excessive app permissions; review their privacy policy to protect your data.
Check whether the lender's website or mobile app provides clear information regarding products, terms, interest rates, fees, etc.
Know your rights to give or deny consent over the use of information. RBI guidelines allow borrowers to restrict, retain, or revoke disclosure.
Compiled by Himani Verma.