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Overdraft Trap: Man Promised Rs 16 Lakh Loan at 6.5% but Gets No Credit
Sentiment: NegativeHigh Priority
What Happened?
A Delhi businessman, Parminder Singh Sidhu, was promised an overdraft of Rs 16 lakh at 6.5% interest but was required to buy an insurance policy first. After paying Rs 1.90 lakh, the overdraft never materialized.
Key points
- Parminder Singh Sidhu was promised an overdraft facility of Rs 16 lakh at 6.5% interest.
- He was required to purchase a life insurance policy from SUD Life for Rs 1.90 lakh.
- The overdraft was never approved despite multiple follow-ups.
- Sidhu received a refund after escalating the issue through the Bima Bharosa portal.
- He warns others to be cautious of similar offers that require insurance purchases.
Key insights
- Consumers may be targeted by similar scams that link insurance purchases to loan approvals.
- The case raises awareness about the importance of verifying financial offers directly with banks.
- There is a potential risk of financial loss for individuals who do not verify such offers.
Why it matters
This incident highlights the risks of scams involving loans and insurance products.
Tags
Entities
Parminder Singh Sidhu· PersonSUD Life· OrganizationAxis Bank· OrganizationBima Bharosa· OrganizationDelhi· City
Source
India Today
