Is It Safe to Share Bank Details to Get a Loan?
Reviewed by: Fibe Research Team
- Updated on: 17 Apr 2025
- Published on: 18 Aug 2020
Reviewed by: Fibe Research Team
If you’re not using online banking yet, you are part of a club that’s only getting smaller. An increasingly large number of people in India access their bank accounts online or through their mobile devices and for good reason.
Gone are the days of visiting a branch to pay bills, deposit checks securely, and transfer money. Mobile and online banking makes managing finances easy and convenient. At Fibe, you can complete all financial activities with a few taps on your phone by safely sharing your bank details for a loan.
However, you may wonder if sharing bank statement for loan applications is safe. Read on to know when and why you need to share such data.
It is normal to feel wary when you are asked to share such personal financial information. After all, scams and online fraud are commonplace these days. To avoid your bank data, statements or log in details from being misused, make sure you know why you need to share such details. Moreover, try to ascertain if the institution that requires your account statements is reliable.
Knowing why your account statements are needed is the first step to safeguarding your data and securing yourself. Here are some of the ways in which you or third parties can use bank statements.
For all these reasons, strive to store your statements carefully. Usually, you will need a password to view your bank statements even if you download them, which is a great way to protect your data.
Also Read: Best banks for savings accounts in India
The next step in securing your bank statements is to know how this information is being utilised by the third party asking for it. To understand this, follow the suggestions below.
When you are satisfied with the above, sharing your bank statement is safe.
Online banking details come under the category of sensitive information. If this information lands in the wrong hands, it can put you in a vulnerable position. Online banking details may include your customer identification number, net banking passwords, PIN, etc. Therefore, any legitimate loan company will never ask for online banking details. Instead, they rely on other methods, such as your submission of bank statements for loan applications.
In some cases, you may need to share your password for opening the PDF with the lender. However, if the lender or loan app you are using is registered with the RBI and has other safety protocols in place, it is safe for you to do so.
When sharing your bank details or bank statements, you should be cautious of the method of communication. Using an encrypted platform is most important, especially for the digital loan application process.
You can rely on a secure email address to share your details, and for additional protection, use zip files or password-protected PDFs. Sharing your details on loan companies’ apps is also safe if the app has safety measures in place. This way, applying for a instant loan on bank statement verification becomes more secure.
At Fibe, we never auto-save your information or passwords. We encrypt your data and use a PCI DSS App-based journey to ensure your data is safe and secure. Fibe is also ISO/IEC 27001 certified.
To share your bank statement for loan application and get instant cash, you can utilise any of the following ways.
Option 1: Make Use of Online Banking
Option 2: Submit Bank Statements
Both alternatives are really simple, quick and secure!
While new technology offers convenience, it can also give scammers more opportunities to access your hard-earned money or data. So, always be alert while you share bank details for loans. Use strong passwords and be on guard when giving access. To have a safe and convenient experience with sharing your bank statements and getting the funds you need, download the Fibe Personal Loan App.
Sharing bank statements is safe when you are availing of the services of an RBI-registered lender or financial institution.
Yes, it is safe to send your bank statement in PDF format to reliable individuals/services. However, most PDF statements require a password to open the document. Share these details only with trusted lenders or financial institutions.
Bank statements are required by financial companies to check your loan eligibility. It is safe to share these if you are sure the information channel is secure, and that your data will not be misused. With PCI DSS and ISO/IEC 27001 certification, Fibe prioritises your security, which is why you can share your bank statements stress-free.
You can share your bank statement, account number and IFSC code. Keep the rest of the details safe with yourself. You can use your customer ID and password to log in to your account via a third-party app if it is safe to do so.
The safest way to share your bank statements is on the secure portal or app. Such portals have security measures that keep your data encrypted.
Your lender or CA may ask you to share your bank statements. However, it is your choice whether you want to share these details.
Yes, lenders do verify your bank statements when you apply for a personal loan on bank statement. They check your income and make sure you are eligible for the loan. In this process, your name, account type, average balance history, salary credit, savings, etc., are verified by the lender.
Sharing your bank statement with third parties without verifying the receiver can put you at risk for identity theft. Your bank statement contains personal details such as your name, address, email ID as well and bank account number. Scammers can use this sensitive information to commit fraud.
Yes, loan companies will request your bank statement when you apply for a loan to verify your repayment capacity.
A bank statement is a crucial document submitted as proof of income. This is why all lenders require this statement to determine your eligibility and assess the risk you pose as a prospective borrower.
Sharing your IFSC code is completely secure, be it for hassle-free online transactions or when applying for loans.
