Beware : Interest Free Loan Against Insurance Policy (Fraud Calls)

Few days back, I got a call from 07210412269 (True Caller Name : HDFC Loan V. Ar). A girl from other end asked me if I need an Interest Free Loan. The phrase got my attention instantly because I myself was planning to apply for a loan. But personal loan with 0% interest was a treat for me. She said, “I am calling from Citibank we are offering Personal Loan with 0% interest, are you interested?” My obvious answer was “YES”. She asked my PAN, date of birth and address to forward the file to her senior. For a second, I thought about True Caller name too, why is it like HDFC….?? But excitement made me ignore that.

After half an hour, I got a call from 09210374215 (True Caller Name : Citibank Loan and Offer), he told that his name is Amit calling from Citibank and explained me about the scheme. The transcript follows :

“Customers can apply for an interest free personal loan from Citibank. They will get a period of 10 years to liquidate that amount in 10 instalments. For example, if you are availed with an amount of 10 lakh as loan amount then you will have to pay Rs. 1,00,000/- every year till next 10 years.”

I was like WOW and confirmed if I need to pay any other amount too or hidden charges ? He replied nothing else will be charged. Before, I could ask the next question, he himself started it as the second part.

“Now you would be thinking what is Citibank’s benefit behind it ? Actually, the instalments which you would be paying is for an insurance from Bajaj Allianz. You will be paying those as loan instalments against a life insurance policy named as Bajaj Allianz Sala Surakash Yojana. The matter is, you won’t be getting the maturity amount of  that Policy, all the profit belongs to Citibank only.”

The scheme sounded genuine to me and after asking few more questions I decided to move forward. He said a senior will call me for verification and let me know about by Personal Loan eligibility on the basis of my CIBIL score. After 15 minutes, I got a call from 07210379983 (Sidharth Gupta), he asked all my details very professionally. In fact, the way of talking of all three people was exactly like the way of tele-calling executives for credit cards, loans, insurances etc.

Sidharth confirmed all the information and repeated the scheme. Before disconnecting the call he said he will check my CIBIL Score and let me know about my eligibility for loan. Within half an hour I got his call and he notified that I can get a loan of Rs. 7 lac only, not more than that. I said okayyyy !, tell me the documents which I have to give you. Sidharth said, an ID proof, address proof, 2 photographs, cancelled cheque and another thing for which they haven’t informed me till that time, a cheque of Rs. 70,000 (first instalment). This statement made me doubt on him. When I asked why do I need to pay Rs. 70,000/-, he told me that I have to pay the first amount in advance. Payment mode will be cheque and it will be credited towards Bajaj Allianz. It is one of the terms and conditions of loan scheme. I said ok, you can collect the documents tomorrow. He said, tomorrow is Saturday, our executive can be on leave. I will be glad if you could make it today. I denied, so we fixed it on Monday.

On Monday, I received the call of Amit, he asked me the time at which the executive may come to collect the documents. I said by 2 pm, he noted that down. Then he said by becoming an agent of Bajaj Allianz you can also earn a commission on your own premium too. I asked how, he said you are referring yourself for Bajaj Allianz Insurance and 30% commission of your premium will arrive in your account. Should I make you an agent, I said yes, please do so (till now, I had already decided to check him).


He texted me my agent code after sometime. My agent code for Bajaj Allianz was SROOIRAC. I was amazed how rapidly they are working. In next call, he asked me to not tell anything to the executive who will come to collect my documents. Why ? Because he may misguide me to take policy through his agent code to get commission. So, neither tell him that you are getting any loan against this policy nor let him know that you are your own agent. For now, I was almost sure that this is a fraud call.

I started putting questions again, those were :

Me : Sir, would you please tel me the name of your Citibank loan scheme ?
He : There isn’t any specific name sir, it is just a plan.

Me : Who will come to collect my documents including cheque ?
He : An executive from Bajaj Allianz, remember don’t disclose anything in front of him. Just tel him that you have applied for an insurance policy.

Me : When will your executive will come with loan papers to complete the procedure.
He : Within 5 days.

Me : So, today I will be signing the papers of insurance policy only ? Right ?
He : Yes sir, as soon as Citibank gets the confirmation of you policy we will start the procedure for your loan amount and it will be credited into your account within 20 days.

I said thank you, please tell the executive to call me before coming to my place. He replied, you will get 2-3 calls from different departments of Bajaj Allianz , the timings will depend on your comfort only.

I was at gym when I was having this conversation. I took a break and searched about it on internet, whether Citibank is running such scheme or not ? You know what I got ? Follow these links :

HDFC Life — Fake offer for personal loan of 100 % of your Sum insure @ 0 % ROI for 10 years against hdfc life jeevan samruddhi Policy.
Link :

Reliance Cash Flow Plan-Cheating
Link :

Fraud call for Loan against policy for Reliance Life Insurance
Link :

Misleading / fake information about loan against reliance policy
Link :

Reliance Policy against Fake Personal Loan


So, many complaints of the victims who have been cheated by such frauds. Around 12, I got a call from Bajaj Allianz call centre, he asked me whether I have applied for a policy. I confirmed him, if the company is a part of any Loan Against Policy scheme or not ? He clearly said No, there isn’t any such scheme. I told him please close my file, I don’t need any insurance policy.

After a while, Amit called me I couldn’t pick his call. Within 5 mins Sidharth called me and asked whether I have fixed the appointment or not ? I replied, I will fix that can you please tell me your employee code, I would like to confirm your identity on Citibank’s helpline. Abruptly, he disconnected my call and since then neither he nor any other of them called me again.

All three people in this scam were talking very professionally, gently and make you feel like they are genuine. There are so many people who would have been trapped by such schemes. They are earning commissions by imposing Insurance Plans on customers. I am sure employees of companies are also indulged in it. Please stay aware and beware people too. I urge Citibank, Bajaj Allianz and Govt. Authorities to take action against such fraud calls.

Saurabh Rai is a dreamer but a blogger, entrepreneur and a marketer by profession ;)

55 comments… add one
  • Faizanali

  • Anonymous Link

    thanks for the information .. I got a similar call

  • Prakash Link

    I am also got same call, but I did’t second call, because I ask to her send all scame details to me by email, she replied it is not possible, so I have ask her how can I trust on you?
    but any how I am tell her I am interested for loan so proceed it.
    But still I not got second call.

  • Kshititi Nagarkar Link

    Got a similar call
    Thanks to your comments here …. I’ll now not take this up

  • Yash Bidvai Link

    I to got a similar call, and the girl said that her name is Sharma and gave me the same scheme. She to posed as a Citibank employee. All I know is whenever there is a tempting scheme like this one , chances of getting cheated are very high. Hence one should not fall prey to such cheaters

  • Hemant Rathod Link

    I also got a similar call from thank you for the post provided by you it is really a great help pls do post this same thing on facebook so lot many people can come across the fraud as many people like us require a loan for our day to day life and we get a call like this which really is …..

  • Vaibhav Dutt Link

    I am the victim of this HDFC Life 0% Interest Personal Loan against the policy.
    Yet they are in contact with me from last 1.5 months to issue me the loan, as I have already paid 60000/- 10% of the loan want to be availed which the caller has asked me to pay to HDFC Life Insurance Co. Ltd. and then he asked me to pay 7.8% against the NOC of not availing the benefits of the policy out of which Rs. 800 will be deducted and rest money will be refunded to my account.
    I have already paid them 106800/- and received the policy papers.

    I got the confirmation letter also from HDFC Life for the Loan to be sanctioned to me of Rs. 600000.

    Today also he is promising me to pay the amount after getting the approval but it is only assurances from there side hard to believe.

    But if he wanted to escape then why he is in touch with me till now and already provided me the confirmation Letter of HDFC Life.

    I am totally confused to get this FIR registered with Cyber Cell or wait for 2 or 3 days more.

    Somebody please help me out because I am really depressed after investing my hard earned money into this.


  • Deepak NerlekarAll Link

    All these people should be punished they take our time for cheating purpose and diverts our mind from necessity to such faltu things

  • Anonymous Link

    I have also got the same call for 0%roi from Citi bank against HDFC life policy

  • Sharad Chinchole Link

    thanks for the information .. I got a similar call today

    Thank you very much

  • Yaqoot Ahmad Link

    Pls do not take any plan against 0% interest . All is fraud

  • Jitendar Link

    Just now, received the similar call from “7840895924”

    Many Thanks!!

  • Sanjay Link

    Hello. I received a similar call from Citibank and was asked to take either HDFC insurance or future Generali insurance. I gave 40k chq, but luckily I didn’t have that much fund with me and I read this article. Really need to get hand of these guys..

  • hukam singh Link


  • Lokendra singh Link

    Thanks for information . I got same call yesterday

  • Anonymous Link

    Same incident happened today almost with me I was surching citibanklaon really I read saurabhs statement thanks

  • Indramani Mishra Link

    I have also got a call from Bajaj finance 0% interest personal loan against policy from pinky an employee of Baja finance and the same things happen to me.I have also paid an amount of 30000/- to Reliance Nippon Life insurance as first installment. Pl be aware of such calls. Now they are asking me to get another policy of Rs 30000/- to avail loan. Pl suggest I am also confused.

  • Gopal Link

    Today, Dated 17 Jan 2018 , I also got call from Delhi for 2 Lakhs loan withoud interest. he explained in detail plan 1 Hour call , at last ask to purchase HDFC life insurance policy for loan. but i search on google and found this type of fraud.

    thanks for this type information about fraud…………..

  • I also received similar call from Bajaj Alliance ! Loan against policy!

  • sai srinivas Link

    Thanks for your information, today i got a call from a lady called Neha from Citibank and her mobile number is 8826005276.

    So, friends don’t let these cheaters win. Please post any kind of fraud calls and emails on web it is very helpful for more people, infact in google answers as well.

    Sai srinivas

  • Nitin Link

    I got same call , her name pooja she introduce me same plan but due to my bad habit ” asking question till understand ” she give up ..

    later i search same thing on internet ….really appreciate for your article

  • ashutosh shukla Link

    Hey , i also invest my 18000 on Hdfc life for classic assured plus on behalf of citi bank loan , he promise me loan amount will credit in my given Account after 13 days , when policy paper reached to me,please help . Today i get paper through my email.

  • Amarjeet Singh Link

    Many Thanks for the information .. I got a similar call and when i asked abut the location of caller, he said due to security reasons he cannt tell me the location of his call center. then only i decided to search on it and found this helpful information by reaching here.

    Thanks agian.


    Mujhe 2jan 2018 ko call aaya bajaj finance se koi lady thi boli sir aap policy main interested hai maine kaha nahi phir boli loan ke liye interested hai maine kaha haan.sir hum aap ko 0% se loan dege apna pencard no.batae maine bataya usne kaha thodi der baad hamare senior aap ka cibil score check karke aap ko phone karege.1ghante ke baad mujhe call aaya 8286400506 yeh bataya main kiran Chauhan bajaj finance se sir aap ko kitne ka loan chahiye maine kaha 5lakh ka usne kaha hojayega uske liye aap ko ek policy leni hogi 500000lakh ki aap ko har saal 50000rs pay karna hoga primium ki surat main .10saal tak main bolo thick hai .phir hdfc standard life ki policy di 500000lakh ki aur bola hdfc ke taraf se verification call aayega to aap ka naam address phone id pucha jayega aur aap bola jayega kisi ne aapko loan gold aur kisi cheez ke baare main bataya hoga to aisa kuch nahi milta hai.uske baad maine mere agent ko phone kiya to usne kaha documents aane tak ruko phir aage ka process hoga maine kaha sir maine interest pe paisa uthaya hai market se 11takke se .15din main loan hojayega usne kaha hojayega uske baad mujhe ek call aaya bataya main 9768682745 rupesh gaikwad bajaj finance se bol raha hu sir aap ka check 727000rs ka yaha pe atka hua hai kiyu maine kaha Mujhe Kiya maloom aur mera loan 5lakh hai usne kaha 2lakh 27hazar aap ka bonus hai.sir aap ka rbi ke taraf se check atka hua hai iske liye aap ko ek policy leni hogi jisse aap ka interest free hoga nahi to aap pe aur bajaj finance pe incury aayegi itna paisa aap ke account main kiyu aaya maine kaha main aapne agent se baat karta hu.agent bola aap ko yeh policy nikalna hoga warna aap ka loan nahi hoga aur jo aapne pehli policy li hai 50000rs ki woh paisa bhi aapko nahi milega isliye main unki dusri policy li india first lifeinsurance 49000rs ki aur exide life insurance 30000rs ki uske baad mujhe bataya aapka sara process complete hogaya hai bus abhi aap ko ek akhri policy leni hai 30000rs ki uska baad aap ka loan 10din ke andar aapke account main NFT hojayega aur baki ke 3policy aap ki surrender karke woh paisa bhi aap ke account main aajayega.maine kaha abhi tak aap ka koi banda mere paas aaya nahi documents collect karne phir mera loan kaise aayega usne ka direct tumhare account main aayega.abhi mujhe laga nahi yeh totally fraud hai aisa kaise loan aayega without documents liye.uske baad mujhe lagatar 3call aae yeh no.+918505926012/+919029917930/+919673679223 se aur bataya gaya sir hum bajaj finance se bol rahe hai sir abhi tak aap ka loan approve kiyu nahi hua maine bataya mujhe nahi maloom mujhe itna bataya gaya policy lo aap ka loan hojayega .usne bola hum aap ka loan approve karva ke dete hai iske liye aap ko apna pencard aur adharcard hame send karna hoga hamare WhatsApp par phir ek processing fee hogi jo aap ko pe karna hoga bajaj finance ko.maine bola mere agent ne mujhe bataya ke abhi aap ko 1rupya bhi bharna nahi padega to usne kaha nahi aap ka agent fraud hai loan aap ko 1policy pe dene wala hai to baki 3policy aap ko kiyu di usne sirf aap ko policy bechi hai aap na commissioned nikal ne liye.viswas nahi to unko pucho ke aap netanbi mulund main kaam karte ho .uske baad maine mere agent ko call kiya to woh mera phone nahi utha raha hai 2din tak uske baad usne mujhe call kiya dusre bola main meeting main busy tha isliye aap ka phone nahi uthaya yeh mera naya no.+919503059490 hai ispe call karna pehle no.ka network problem chal raha hai.sir data lik hogaya hai isliye aap ko sab jaaga se call aarahe hai uspe dyan matdo main aap ka loan karva dooga 2din main.phir maine google pe check kiya to mujhe maloom pada yeh totally fraud hai maine turan hdfc life insurance pe call kiya aur bataya mere saath fraud hua hai jhoot bol kar mujhe policy bechi hai mujhe mera paisa do .phir maine turant agent ko phone lagaya aur bola tune mere saath fraud kiya hai mujhe policy bechi hai apne commissioned ke liye main abhi police station jaake tere naam ka fir darch karwata hu.usne bola tere ko jo karna hai kar maine tere ko policy bechi hai aur tune check company ko diya hai na ke mere ko.police station main meri complaints nahi li
    Meri aap lok se gujarish hai ke meri madad kare yeh log bindas fraud karte hai aur mere jaise logo ko fasate hai lootte hai kiyu ki police hamari madad nahi karti aur yeh policy company khud apni policy bechne ke liye in fraud logo ka saath deti liye yeh log kisise nahi darte aur fraud karte hai.
    Mere pass in fraud logo ke recording hai jo inone mere se baat kiya loan ki lalach deke policy bechi.phir bhi police meri complaints lene ko tayar nahi.
    Meri help karo taake mujhe mera paisa wapas mile. Total 160000rs 4policy

  • saurav purkayastha Link

    I am in the middle of a similar conversation with a bunch of people. Planning to lodge a police complaint.


    All these people should be punished they take our time for cheating purpose and diverts our mind from necessity to such faltu things

  • Tulshidas Link

    thanks for the information .. I got a similar call today, i have call recording

  • gaurav sharma Link

    thank u so much… i m saved

  • Vinod sonawane Link

    I am also thankful to all of you, as I also received the same call & was going to proceed further!

  • Anonymous Link

    I have also got the same call for 0% from Citi bank against HDFC life policy

  • Jai Link

    Thanks for giving very valuable information.

  • mujtaba Link

    i got same call.. they are trying to sell hdfc life insurance policy against city bank overdraft offering on 5% up to 5 years and after 5 years interest rates on od will be 7.5%.
    totally scam/fake running by group of peoples

  • ashwani singh Link


    I got a call for same offer but ask her to send some body to explain the offer and mail the same thing .till now got nothing & no response till the time.But i was laughing on her as i know its a fraud .

    No is billow ;
    9205579187 Richa Sharma (As she told)

  • Sunburn Link

    I too received the same call instantly I knew there was something wrong

  • Punit Maheshwari Link

    Same call received. Just got aware of this article and responded accordingly.

    At the end it seems to be the same fake policy sellers.

    Thanks and yes government should take action against this.

  • Sabastian Antony Link

    Morning sir. I too received a same call like you. But they told me to take a DD in HDFC SLIC. They didn’t ask any commission and all. They sent me a policy too. Within a week they will arrange a loan on against Insuarance policy.

  • Ashoke Chakraborty Link

    They phoned me up to collect papers and i have said them to phone on Tuesday and send executive. No i have to be serious to ask employee code no in Citi Bank. The head said me she is calling from Chennai Citi Bank. They were speaking very fast, so that everything becomes unrecordable.
    I will speak to the Police.
    Thanks for the information. I will not entertain them.

  • Deepak Link

    Thanks for the information.. I got the similar call today – 14 July 2018.

  • Sunil Link

    I recently got cheated by bharathi axa & bank Bazaar agent who promised loan and finally they took 55000 not as cash but they made me to pay online to bharati axa insurance. The insurance manager who work with bharati axa im sure of his involvement as i had a heated argument with as he was supporting.

    If we can associate and file a complaint against these agent, manager and insurance companies i think we can stop this matter.

    Intrested pls revert back..


  • abbas Link

    pls do not pick the call from 8447121043 (Mansi) she is also doing the same.
    I am also the victim of this, HDFC Life 0% Interest Personal Loan against the policy from Bharti axa life Insurance.
    Till Policy lookup period she was promising & assurance, you will get urs loan amount, but now is not picking my phone. She is a big liar & cheater.
    I pray to God to give her punishment.

  • Bharat Link

    Thanxs buddy u had save my 30k today. Thanxs alot. Jst received same call n was ready to pay 30k against 3lkh.

  • harbhajan singh Link

    thanks for the information .. I got a similar call

  • Srinivas Dasari Link

    I also received same call today 20/09/2018
    Thanks for the information

  • Vivek Kanoje Link

    I also got similar call ‭70653 37965‬ mr Rajesh HDFC BANK LOAN PROVIDER ( Froud person) please

  • 01142032561 Link

    I have got call from this number. Every one pls write phone number here so that this post is easy to find.


  • Sonu Link

    I recently received the same call and they are insisting me to make the first installment of the bharti axa life insurance policy. Now I will confirm them about their employee id. Thank you for the article man.

  • dhanna Link

    I paid 20000 RS of policy.
    What can I do.
    I am not understanding that what can I do.

  • hiren patel Link

    Thank you sir for this information

    i got similer call from bajaj finserv now i blocked called all person from mobile and next time before i have received this type of call i checked all detail for google and company branch.

    again thanks sir.

  • Shubham Link

    I just received a call right now from a girl name Mahi. offer was almost the same. thanks for the post.. I am saved from losing my hard earned money.

  • Yagendra Link


    I also got the same call for 0% RIO against any private company Policy

    I got a call from Preeti Citybank.

    Please be aware of all these calls.

    Thanks to all for sharing this.

  • bilal Link

    Received the same call today..

    Thanks for your Detailed Description, I safe now.

    I almost ready to pay.

  • Today I also received an call from HDFC Life Insurance Co. Ltd for a zero % interest rate personal loan. They say this offer valid today only. Courier your document with 30000 cheque for insurance policy. We also apply online. He says the Document verification and online process will be conduct in Bhopal branch only. The strategy was same if I opted for a loan of 3 lacs. I will have to pay INR 30,000 as annual installment which will be in the name of HDFC Life Insurance Co. Ltd but as a premium for the Life Insurance Policy which will be in my name but he benefits after maturity will be taken by them. Also he told me I can cancel the policy within 40 days if the loan not approved or not disbursed with is 25 days. I will be cancelling the policy by calling toll free number of HDFC Life Insurance branch. When I calculated, If I pay INR 30,000 as annual premium for an insurance policy which comes to monthly INR 2500 * 250 my sum assured for that policy comes to around INR 625000 so the benefits will be taken by the company for providing a zero % interest personal loan. I was just satisfied because the deal took in white money (Cheque payment). They will waiting for my reply at today 4 o’clock only. I thought it is a fake call. and i will not purchase this policy or not give any documents.

  • Giriraj Sharma Link

    I also got a call from Citi Financial Services +911409305473 or +911409303661 & they are insisting me to make the first installment of the bharti axa life insurance policy.
    Thanks for the post.

  • Vivek Link

    Can anyboby suggest what to do if we made a mistake by doing a policy.

  • Sachin Singh Link

    Just got similar call from bajaj finance
    0% interest on loan
    Thank you for share this .
    Let spread this news and beware public about it

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