So they are giving Ola postpaid option indirectly by taking loan on our name in finance company. @rogerthat @Roushh @malikcool @androgame . Do you have any idea about above fraud.
Adding few guys who were actively participated in below thread.
https://www.desidime.com/forums/hot-deals-onlin...
I received only the second message twice.
no idea about this
OLA clearly indicated that the upgrade is “powered” by “third party”. At the time of upgrade, the user has to specifically consent to data being shared by third party. So this is the third party.
Exactly same happen to me. When I accessing my CIBIL score report i was shocked to see that I have took loan of 5000 from aditya birla f l and balance was 1349. Immediately i call aditya birla finance customer care they told that they get back to me with details. I’m waiting for their reply.
But after seeing your message here now I can recognize i have ola postpaid of 20000 limit only and I dint applied for any upgrade. I don’t understand how in CIBIL report was showing 50000. Is that ola took 50000 on behalf of me and given limit of 20000
just keep an eye open , nothing to worry it seems
Please understand how this works. This is not really a loan per se, this is your Loan limit. You can use 10-20-100% of this to take a loan and start EMI’s.
Example, if you ask for a merchant account for your shop from SBI (A charge machine-POS), SBI gives you a limit of 10L in amount you can charge clients. Now, that 10L you are not getting, it’s a limit that you can use however in banking terms , it is called a loan. A CIBIL query is always done on such kind of thing.
If you understand what I mean. You can simply communicate with OLA to close you upgraded Postpaid account.
You misunderstood this…
When you signup for OLA postpaid with KYC, OLA opens a line of credit for you at Aditya Birla Finance and the limit is different to everybody, 50k in your case. So far you haven’t taken any loan from Aditya Birla Finance. If you do not use OLA postpaid then there is no impact on your CIBIL credit profile except that enquiry. That being said, if you need you can use upto 50k rs from your line of credit but only via OLA postpaid.
So there is nothing to worry. All 2nd version of postpaid services are doing exactly this.. Paytm, Amazon, Flipkart, OLA etc.
Roushh wrote:You misunderstood this…
When you signup for OLA postpaid with KYC, OLA opens a line of credit for you at Aditya Birla Finance and the limit is different to everybody, 50k in your case. So far you haven’t taken any loan from Aditya Birla Finance. If you do not use OLA postpaid then there is no impact on your CIBIL credit profile except that enquiry. That being said, if you need you can use upto 50k rs from your line of credit but only via OLA postpaid.
So there is nothing to worry. All 2nd version of postpaid services are doing exactly this.. Paytm, Amazon, Flipkart, OLA etc.
Paytm postpaid working?
_One_Miller_ wrote:Paytm postpaid working?
I am not using it anymore so I don’t know.
I had it initially but I hardly used it, maybe once or twice. Till then they were handling postpaid services themselves then they used 3rd party services on the name of upgrade. It required credit check so I didn’t signup.
I did the same with Flipkart paylater and will probably do the same with OLA if they force upgrade.
Roushh wrote:You misunderstood this…
When you signup for OLA postpaid with KYC, OLA opens a line of credit for you at Aditya Birla Finance and the limit is different to everybody, 50k in your case. So far you haven’t taken any loan from Aditya Birla Finance. If you do not use OLA postpaid then there is no impact on your CIBIL credit profile except that enquiry. That being said, if you need you can use upto 50k rs from your line of credit but only via OLA postpaid.
So there is nothing to worry. All 2nd version of postpaid services are doing exactly this.. Paytm, Amazon, Flipkart, OLA etc.
I initially got a limit of Rs500 for my ola postpaid
Note- No documents submitted, i haven’t done kyc
After 3 months they upgraded it to Rs5000
After increased limited i completed my kyc
Will they still put it in cibil of 5000??
VellaBoy wrote:I initially got a limit of Rs500 for my ola postpaid
Note- No documents submitted, i haven’t done kyc
After 3 months they upgraded it to Rs5000
After increased limited i completed my kyc
Will they still put it in cibil of 5000??
Initially, there was no credit check to open OLA postpaid account because OLA was handling it in-house and at that time, they didn’t care either because they were more concerned about missing the postpaid train and acquiring postpaid users than checking their credit scores.
Then they upgraded postpaid limit to 5000 rs and it didn’t require any check either. It was simply based on our postpaid usage.
But if you have upgraded then they most probably had checked your CIBIL score already because now for you, they are outsourcing credit services from a 3rd party (Aditya Birla Finance) and that 3rd party won’t open a credit line without checking your credit score.
Check your CIBIL report and you will know for sure.
AppleFan wrote:
Adding few guys who were actively participated in below thread.
https://www.desidime.com/forums/hot-deals-onlin...
@panchabhut , @sobirvs & @Roushh explained it already
The Plus or Postpaid is actually a minus as that’s like rotating unsecured credit and this being marketed as new product
Maybe good for few but those with CC may ignore it simply
Infact ICICI Paylater did inquiries in my CIBIL long back
A2Zdeals wrote:@panchabhut , @sobirvs & @Roushh explained it already
The Plus or Postpaid is actually a minus as that’s like rotating unsecured credit and this being marketed as new product
Maybe good for few but those with CC may ignore it simply
Infact ICICI Paylater did inquiries in my CIBIL long back
It’s not an enquiry, they did made an entry to my cibil saying they have sanctioned 50k loan and it’s disbursed with loan account number on it.
Sadly my ola postpaid limit is 5k only
Roushh wrote:You misunderstood this…
When you signup for OLA postpaid with KYC, OLA opens a line of credit for you at Aditya Birla Finance and the limit is different to everybody, 50k in your case. So far you haven’t taken any loan from Aditya Birla Finance. If you do not use OLA postpaid then there is no impact on your CIBIL credit profile except that enquiry. That being said, if you need you can use upto 50k rs from your line of credit but only via OLA postpaid.
So there is nothing to worry. All 2nd version of postpaid services are doing exactly this.. Paytm, Amazon, Flipkart, OLA etc.
Paytm, flipkart never enquired or made an entry in my cibil..
OLA is the first one who did this and it’s not an enquiry they have made an entry in my existing accounts with abfl loan account number.
This process is same for Amazon Pay EMI also. They also have entry in CIBIL.
AppleFan wrote:Paytm, flipkart never enquired or made an entry in my cibil..
OLA is the first one who did this and it’s not an enquiry they have made an entry in my existing accounts with abfl loan account number.
They did this in second version of their postpaid services. For first version they handled postpaid credit in-house because they were in hurry to ride the post paid carousel. They didn’t want to be left out. But the downside was, people abused their services and created fake accounts and never paid postpaid bills. So they had to fix this issue by checking credit score. They wanted to know who is good with credit and who is not. So in the name of upgrading their postpaid services they started outsourcing this from 3rd party lending agencies. These 3rd parties were smarter because they have been in this business from years. They check financial profile before opening a credit line for anybody.
Paytm upgraded their postpaid service and tried to do that.
Flipkart has done that also. I posted about it in March. Read more here. SICREVACAP entry in CIBIL report.
https://ddime.i...fU
Amazon uses Capital Float I believe. My CIBIL repost had loan entry for Capital Float for 60k and I found it after quite some time. And that was not enquiry entry but loan account.
And every agency who allows you a credit line creates an account with account number. But you can’t interact with them directly. You can’t take money out of that account if you want. No, you can only use that credit line with a specific provider, Ola in this case for you.
Roushh wrote:They did this in second version of their postpaid services. For first version they handled postpaid credit in-house because they were in hurry to ride the post paid carousel. They didn’t want to be left out. But the downside was, people abused their services and created fake accounts and never paid postpaid bills. So they had to fix this issue by checking credit score. They wanted to know who is good with credit and who is not. So in the name of upgrading their postpaid services they started outsourcing this from 3rd party lending agencies. These 3rd parties were smarter because they have been in this business from years. They check financial profile before opening a credit line for anybody.
Paytm upgraded their postpaid service and tried to do that.
Flipkart has done that also. I posted about it in March. Read more here. SICREVACAP entry in CIBIL report.
https://ddime.i...fU
Amazon uses Capital Float I believe. My CIBIL repost had loan entry for Capital Float for 60k and I found it after quite some time. And that was not enquiry entry but loan account.
And every agency who allows you a credit line creates an account with account number. But you can’t interact with them directly. You can’t take money out of that account if you want. No, you can only use that credit line with a specific provider, Ola in this case for you.
Such entries in cibil in the name of loan account would impact us while opting for home loan etc..
We are OK with enquiry but creating loan account in cibil doesn’t makes sense to me.
My ola postpaid limit is 5k and I have an entry as 50k personal loan
AppleFan wrote:Such entries in cibil in the name of loan account would impact us while opting for home loan etc..
We are OK with enquiry but creating loan account in cibil doesn’t makes sense to me.
My ola postpaid limit is 5k and I have an entry as 50k personal loan
50k का एंट्री कर बस 5k दिया?? बहुत नाइंसाफी है भाई।
A2Zdeals wrote:@panchabhut , @sobirvs & @Roushh explained it already
The Plus or Postpaid is actually a minus as that’s like rotating unsecured credit and this being marketed as new product
Maybe good for few but those with CC may ignore it simply
Infact ICICI Paylater did inquiries in my CIBIL long back
I signed up for ICICI Paylater last year and it didn’t check anything. Even when I got Amazon Pay ICICI Bank credit card, I got it without any credit check at least on CIBIL.
May be they used to do the credit check before.
sobirvs wrote:If you understand what I mean. You can simply communicate with OLA to close you upgraded Postpaid account.
will that, by itself, suffice in closing the loop with the credit provider (third party)?
asking since i’m unaware of the locus standi of the mortgage taker here.
in U.S.A. foreclosures or confiscation of movable property are routine affairs.
but here, laws are different, people are different.
(I mean just imagine the inane foolishness of signing up for something, without understanding it and then labeling it ‘fraud’).
although it may be an unsecured line of credit, can the (for lack of a better alternative) borrower simply wash their hands off penal actions in the court of law (claiming something like lack of consent, understanding)?
laat wrote:will that, by itself, suffice in closing the loop with the credit provider (third party)?
asking since i’m unaware of the locus standi of the mortgage taker here.
in U.S.A. foreclosures or confiscation of movable property are routine affairs.
but here, laws are different, people are different.
(I mean just imagine the inane foolishness of signing up for something, without understanding it and then labeling it ‘fraud’).
although it may be an unsecured line of credit, can the (for lack of a better alternative) borrower simply wash their hands off penal actions in the court of law (claiming something like lack of consent, understanding)?
My bhavishyavani-
Aap suspend hone wale ho.
A2Zdeals wrote:@panchabhut , @sobirvs & @Roushh explained it already
The Plus or Postpaid is actually a minus as that’s like rotating unsecured credit and this being marketed as new product
Maybe good for few but those with CC may ignore it simply
Infact ICICI Paylater did inquiries in my CIBIL long back
I checked my details after this. But could not find any ICICI Paylater query in the last 1 year. May be because ICICI is my primary bank for last 20 years and they have my full details.
_One_Miller_ wrote:My bhavishyavani-
Aap suspend hone wale ho.
Aapki bhavishyavani 100% sahi hai.
He is suspended.
_One_Miller_ wrote:Aapki bhavishyavani 100% sahi hai.
He is suspended.
lol. Kudko hi.
What did he do?
You misunderstood this…
When you signup for OLA postpaid with KYC, OLA opens a line of credit for you at Aditya Birla Finance and the limit is different to everybody, 50k in your case. So far you haven’t taken any loan from Aditya Birla Finance. If you do not use OLA postpaid then there is no impact on your CIBIL credit profile except that enquiry. That being said, if you need you can use upto 50k rs from your line of credit but only via OLA postpaid.
So there is nothing to worry. All 2nd version of postpaid services are doing exactly this.. Paytm, Amazon, Flipkart, OLA etc.
what to do with other eye?
wink!
So they are giving Ola postpaid option indirectly by taking loan on our name in finance company. @rogerthat @Roushh @malikcool @androgame . Do you have any idea about above fraud.