Do your due diligence, avoid digital lenders who make borrowing too easy

Lack of due process – KYC, issuance of sanction letter and loan agreement – should be a wake-up call

The subjects
digital loan | RBI | to lend

Of the 1,100 digital loan applications available in India, 600 are illegal, according to a recent article published by a Reserve Bank of India (RBI) task force. Before the task force’s broad suggestions are adopted by the regulator, borrowers must look out for their interests.

They can do this by doing their due diligence, instead of rushing to borrow money from any entity that makes alluring promises. Does the application follow a process? The biggest indicator of the authenticity of a digital loan app is whether it is going through a process. The application must fill in the KYC …

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First published: Thu 25 November 2021. 18:47 IST


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