The following are the actions you can take to deal with the matter if you find out that someone has taken out a loan in your name in India:
Make contact with the creditor.
Make contact with the lending institution that provided the loan to you. Clarify the situation for them and let them know that you did not give permission for the loan. Give them all of the pertinent information, such as the account number for the loan and any supporting documentation that you might have. Make sure you ask them for help in investigating the problem and finding a solution to it.
Make a formal complaint to the authorities.
Make a report at the police station in your area or through the website of the cybercrime division, if any of these options is available to you. Give them a comprehensive explanation of the fraudulent loan, including any evidence or paperwork that you have in your possession. Get a copy of the complaint to keep as a record of what happened.
Notify the Reserve Bank of India (also known as the RBI).
Make the Reserve Bank of India aware of the illegal loan by filing a formal written complaint with them through the appropriate channels. Include every pertinent detail, such as the name of the lender, the specifics of the loan, and any papers in support of your claim. The Reserve Bank of India (RBI) is the government agency in India that oversees and regulates the country’s various financial institutions. It can also play a vital role in the resolution process.
Notify the relevant credit bureaus of the event.
Get in touch with one of the credit reporting agencies that are active in India, such as CIBIL (Credit Information Bureau India Limited), Experian India, Equifax India, or CRIF High Mark. You should let them know about the fraudulent loan, and you should also ask them to place a freeze or fraud alert on your credit record to avoid any additional illegal activity.
Keep an eye on your various financial accounts.
Maintain a vigilant watch over all of your financial accounts, including your bank accounts, credit cards, and any other accounts you may have. Always make it a habit to check your past transaction history as well as your statements for any unusual behavior. In the event that you become aware of any unlawful transactions, you must promptly report them to the relevant institutions.
Maintain documentation
You should keep a record of all of your discussions with the lender, the police, and any other relevant parties. These records should include emails, letters, and phone calls. For the purpose of future reference and as evidence, document the dates, times, names, and reference numbers of the individuals who were spoken to.
If it becomes necessary, seek the assistance of attorneys.
If the case becomes more complicated or the lender does not participate in finding a solution to the problem, you may want to consider speaking with a lawyer who specializes in consumer protection or fraud legislation. They are able to offer you advice on the various legal choices that are open to you and assist you in navigating the procedure.
Stand your ground.
Do not provide anyone else access to your personal documents like your Aadhar card or PAN card. It is possible that bogus or counterfeit documents were used in the processing of a fraudulent loan. In this scenario, the lending institution won’t have the necessary documentation. On the other hand, if you give the lender the appropriate documentation, the lender will have the information that it lacked previously. Could be used as a weapon against you. Therefore, make sure to use sound judgment when interacting with the lender.
In order to address a fraudulent loan in India, it is imperative that immediate action be taken. You will be able to take the required actions to fix the issue and safeguard your financial well-being if you follow these steps, as well as collaborate with the proper authorities, and you will do so.
