Loan Offer: Real or Fraud?


I received a call today from somebody who said they are from Bajaj Capital. They were offering me a loan at 0 % interest rate with a 10 year repayment period. Every year i would need to pay 10% of the loan amount as EMI. However they said that before they approve the loan i would need to deposit 1 Lac as the security. Once the loan gets approved they would adjust the security amount in the EMI. If the loan doesn't get approved the amount would be returned. Everything would be done with proper paperwork.

When i asked why the company was giving such a cheap loan they said that Bajaj wants to enter the banking sector and is thus trying to acquire customers. So it is tying up with other financial lenders who have spare cash which they would otherwise have to pay a tax on. By lending it out to customers at 0% they save tax and get their money back at the end of 10 years.

I am not sure if this scheme is real or fraud. Can somebody who has knowledge of financial sector please help?
I can't say something for certainly to help you. Maybe the best solution is to turn to companies that can analyze each part and say if it worth.

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