09-22-2020, 09:37 AM
<p>Today I got a call from a man. They offered me a loan at 0 % per annum with a 10-year maturity. Every year I would have to pay 10% of the loan amount as EMI. However, they said that before approving the loan, I would need to Deposit 1 Lac as security. Once the loan is approved, they will adjust the security amount in EMI. If the loan is not approved, the amount will be refunded. Everything will be done with proper paperwork.<br><br>When I asked why the company gives such cheap credit, they said that he wants to enter the banking sector and thus tries to attract customers. In this way, it contacts other financial creditors who have available cash that they would otherwise have to pay tax on. By lending it to customers at 0%, they save tax and get their money back at the end of 10 years.<br><br>I'm not sure if this scheme is real or fraudulent. Can anyone who has knowledge of the financial sector please help?<br></p>