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“Experience the Joy of Living your Dreams! with Personal Loans from ABN-AMRO Bank” screams a pamphlet being handed out in front of my office. It goes on to say:
“Personal Loans from ABN AMRO bank. A personalized touch for your every need. A top-of-the-line home theatre system, A personal computer for your family, A vacation in an exotic location…the dreams are endless. But now realizing them has just become as simple as can be. Choose the ABN AMRO Personal Loan and make your dreams a reality.”
ABN AMRO is not alone. Every single bank wants to either offer you a loan or transfer your loan to them. Not a day goes by in office without some sweet talking girl employed by a telemarketing agency hired by a bank trying to convince you to accept their loan. HSBC even sent me a colorful printout of a cheque for INR 100,000/-. American Express called up to inform that I was specially chosen to receive a loan of INR 100,000/-. I felt like screaming; “Huh? Mate, when did I put up my name for loan selection?”.
Indian citizens however seem to be utterly captivated by this lure of easy money. The trend is to take a huge loan irrespective of your repayment capacity. The dream reality actually stops when it is time to cough up the monthly payments. Truth really seems bitter then!
If you can add a personal experience to this, please write to me.
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.