Fraud :- OLA Took loan from Aditya Birla Finance on behalf of me
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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
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.
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)?
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?
This process is same for Amazon Pay EMI also. They also have entry in CIBIL.
From OLA FAQs
Many people including me got an offer to subscribe to Ola Postpaid Plus powered by Aditya Birla Finance. In the fine print it was clearly indicated that this is in the nature of unsecured credit line and would get reported in CIBIL. I deliberately avoided subscribing to it though I got multiple reminders and phonecalls to promote it. Looks like you did subscribe to it and that would mean there is a consent from your side to dip into the credit line and get a CIBIL hit. Nothing much can be done now except to close it a few months down the line.
need some help regarding Ola Money Postpaid I got invitation from ola money for there Postpaid product(3000 limit) so if I accept it will create any loan in my credit history as they are asking for PAN details (although they assuring that “This won’t impact my credit score”)
Ps. I am talking about normal postpaid not plus or upgrade
May be a trick, how i activate ola postpaid without verification
Upload the documents, start activation in ola ride but do not give the otp.
How to check CIBIL score?
Either pay for it via your bank(sbi netbanking cibil score check option 400+gst, icici & hdfc rates are lower) in which you have an account in your name with pan number linked or create a free account on cibil but it only gives 1 free report in a year https://myscore.cibil.com/CreditView/enrollShor...
Flipkart Paylater also showing in my credit report as a unsecured Personal Loan of Rs.60000 from IDFC First Bank.
flipkart paylater was showing in my CIBIL report as a personal loan, so i contacted flipkart and they said Paylater CAN NOT be de-activated or closed, u need o contact IDFC first bank, so i contacted IDFC bank and they said i need to provide them a confirmation of my flipkart account closure.
i had to de-activate my flipkart account in order to de-activate paylater, then i sent them the screenshot of flipkart account closure and my cibil report, finally IDFC first bank’s entry was removed from my CIBIL. i am using flipkart from another account, i wont be using their paylater services in future.
Same thing happened with me. How did you proceeded . Please guide me
I can see Aditya Birla Finance Loan in my CIBIL. can i Close the OLa Postpaid account and remove the entry
No you can’t. You authorized them to open a line of credit on your name. Don’t worry, then didn’t take a loan on your name.
same happened with me ,any solution for this
same happened with me
my self amish i got call from sachin sharma from aditya birla finance he told me to buy met life insurance plan of total 3,60,000 rupees (30k per year. plan of 12 years ) we will give loan of 4 lacs on that insurance. i bought plan of met life insurance and pay 1st installment than he asked for soft copy document of insurance i provided.than he told me that your verifiaction arrange on 28th sep than 2nd sep.he told me that your fund will release on 16th sep. than day of fund release 16 th sep i got call from aditya birla finance that you have to buy another insurance policy to get loan.sachin sharma promised me that your fund will release on 23rd. now on 23rd fund not released .he not replying any massages or not picking any phone calls . so pls stay away from aditya birla finance and met life insurance.they r fool us for policy and loan temptation.
Some body pl explain the effect on cibil of these postpaid loans
Hi Guys,
I see three loans in my cibil score , two from CLIXFIN which are due to the paytm postpiad account activation and other one is from aditya birla FL due to the OLA money postpaid account upgradation.
Can someone please tell me a way on how to remove these credit lines or loans from my cibil credit report? I know how to deactivate OLA money postpaid but not sure how to deactivate paytm postpaid since earlier two activated accounts are already closed but the credit line or loan from my cibil socre is not yet deleted/removed.
Can someone help here?
There are a lot of people who have activated a BNPL and credit line services for 100/200 cashback not realizing what they are giving up for these… Read the effin terms and conditions, it is clearly stated there for a credit check and a hard inquiry.. The next time you get 150/- cahsback for a BNPL or some weirdo card or pay later, think twice.. But there is NOTHING you can do, that credit line is set in stone.. If you were dumb enough to raise 3-4 such cards or BNPL accounts, your credit score would be shot, more so when you go about closing it…
my ola postpaid limit is rs 12500 but why it is showing up as:
aditya birla finance ltd
disbursed amount – rs 50000
date opened 26 oct 2020
original tenure – 5 years
remaining tenure 3y 5 month
Yes bro same now happened with me. My cibil score is also affected and my account showing 327 is overdue.
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.