EMI and Loan Waiver Call Scam
A caller promises to waive your EMI, interest or part of your loan if you pay a fee or share an OTP. The waiver does not exist.
People with loans and EMIs get calls from someone saying that a government scheme or a bank policy will waive part of the loan, lower the interest or close it early. The call sounds like relief. The caller asks for a processing fee or for an OTP to register you. Genuine loan changes are done by your lender through its own app, branch and written process.
How the scam works
The scammer knows that borrowers are worried about repayments, so they start with sympathy. They may know your bank name or loan type, because many people post about loans or fill forms on unsafe sites. They claim that a waiver has been announced for your loan type and that you can register by phone today with a small fee.
They ask for a small payment as a 'file charge' and then another for 'tax' or 'verification', each explained in an official tone. Some send a form on WhatsApp asking for your Aadhaar-style ID photo, bank details and a selfie. An OTP is then requested to 'link' the waiver to your account, which is an approval for a payment or a login.
Each payment adds to the scammer's gain and none of it reduces your loan. In addition, your documents and selfie may be used to apply for loans in your name. You end up with the same EMI, less money in your pocket and a possible fraud on your credit record that takes time to clear up.
An example of what you may see
Example only: 'Sir, I am calling about the loan waiver scheme. You are eligible for a 40 percent waiver on your personal loan. To register, pay Rs 3,500 as a file charge today. I will send a form on WhatsApp, please send your ID photo, a selfie and the OTP you get. After that your EMI will be reduced from next month.' He avoids naming a scheme you can look up, but quotes a deadline and a bank-sounding office.
This example is written for illustration. Real messages change their wording, names and links all the time.
Red flags
- A caller offers to waive your loan or EMI by phone.
- A fee is asked before the waiver is done.
- You are asked to send an ID photo, selfie or OTP.
- The caller says the offer closes today.
- The caller does not use your lender's own app or branch.
- More fees are added each time you pay.
What to do right now
- Do not pay any fee and do not send your ID photo or selfie.
- Contact your lender through its official app or the number on your loan papers.
- Ask your lender in writing about any scheme that applies to you.
- Block the number and save call details.
- Report the number on the Sanchar Saathi portal.
If you already paid or shared a code
- Call 1930 and give the payment details and call time.
- Tell your bank on the number printed on your card or passbook.
- Keep copies of what you sent and watch your credit reports for loans you did not take.
- Report at https://cybercrime.gov.in with the chat and screenshots.
National Cyber Crime Helpline: 1930. Report online at cybercrime.gov.in. Do it fast: the sooner your bank is told, the better the chance that money can be held.
Where this scam shows up
Read how it looks on each channel:
How Safeavio helps
Safeavio's scam check reviews messages you paste, such as a WhatsApp form request, and shows reasons like advance fees and urgency, while Money Shield asks you to verify before paying anyone. It cannot tell whether a loan scheme exists, so ask your lender through the official app, the branch or the number on your loan papers. Ask your lender. Use your lender's app.
Check it before you tap or pay
Safeavio Sentinel is a made-in-India Android app: paste a message or link, or scan a QR code, and get a plain verdict with the reasons. It helps you spot a scam; it does not promise to stop every one.
Download for AndroidWhat the app does
Google Play listing: coming soon. Today the signed APK is on safeavio.com/download. Android 7.0 or later.
Questions people ask
Can a loan be waived by paying a fee over the phone?
No. Any real change to your loan comes from your lender through its official process and in writing. A caller who asks for a fee, an OTP or an ID photo to waive a loan is running a scam.
Why do scammers ask for my selfie and ID photo?
They can use these to try to take loans or open accounts in your name, or to pass identity checks. Share such documents only inside your lender's own app or at its branch. Share only in official apps.
How can I know about real loan relief?
Ask your lender through its official channels, such as its app or the number printed on your loan documents. Ask for the details in writing and avoid paying any fee to a caller. Ask in writing.