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🎓 What’s the Scam? 

Scammers posing as agents or fake “education loan companies” target students desperate for financing. Many offer “instant approval loans” or “overseas scholarships,” but end up stealing documents or charging processing fees and disappearing. 

👥 Real-Life Cases: 

• Students in Bihar lost over ₹20 lakh to a fake company offering “government-backed” education loans. 
• Telegram groups claiming to be “RBI-approved loan consultants” vanish after receiving payments. 

🚩 Red Flags: 

• Asking for money for “loan insurance” or “file clearance” 
• Promising loans without checking eligibility or KYC 
• Fake loan portals without RBI/NBFC registration numbers 

⚖️ Legal Insight: 

• As per RBI Circular, only registered NBFCs or banks can offer education loans. 
• Fraudsters can be booked under Section 66D of the IT Act and Section 420 IPC. 

✔️ What You Can Do: 

• Always verify loan providers on the RBI NBFC list 
• Never share original documents or pay upfront fees 
• Use Vidya Lakshmi Portal for government-authorized loan offers