Planning to Apply for a Personal Loan Online? Protect Your Personal Data
Applying for a personal loan online has become extremely simple today. Within minutes, loan approval is possible by uploading documents such as your PAN card, Aadhaar card, bank statements, and even granting access to certain features of your mobile device. However, the real concern lies not in the loan itself, but in how and where your sensitive personal information is used after submission.
Data Sharing Process:
- When you apply through a loan app or website, the platform collects your KYC documents, banking information, and in some cases, data from your mobile phone.
- This data is often not restricted to the bank or NBFC alone and may be shared with third-party service providers and data analytics firms.
- Such information is used to evaluate your creditworthiness, spending behavior, and repayment capacity.
Security Measures:
-Always verify whether the platform is linked to an RBI-regulated bank or NBFC before applying.
-Ensure the website or app uses HTTPS and follows secure data practices.
-Avoid giving unnecessary permissions, such as access to your contacts or photo gallery.
-Carefully read the privacy policy to understand how your data will be collected, stored, and shared.
