SBI warns customers against instant loan apps; shares six IMPORTANT safety tips | Personal Finance News

New Delhi: India’s largest lending bank State Bank of India (SBI) has shared some safety tips for customers to follow in order to avoid falling into traps of instant loan apps. Moreover, it also encourages citizens to report cybercrimes at Chinese instant loan apps are a bone of contention with the Central government taking various steps to hamper these fraud apps.

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The proliferation of instant loan apps leads to the rise of cybercrime where borrowers were trapped to pay exorbitant interest rates and illegal loan extraction methods.

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SBI has shared an info graphic on its official Twitter handle and wrote, ‘Please refrain from clicking on suspicious links or giving your information to a company posing as a Bank or Financial company. Report cybercrimes at –’

Here are six safety tips shared by SBI for ILLEGAL instant loan apps:

  1. It’s better to check the authenticity of an app before downloading. There are lots of illegal apps that may trap users and siphon off money from their accounts.
  2. You mustn’t click on suspicious links.
  3. As stated above, it’s better to avoid using unauthorized apps that might steal your data.
  4. Check the app permission settings to secure your data from getting stolen.
  5. You should report suspicious money lending apps to the local police authorities.
  6. You can visit For all your financial needs.

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