Unwanted Advice: ICICI Bank — We Want You To Be Perpetually Indebted To Us

Last week, I went to ICICI Bank’s Commissariat Road branch in order to obtain a loan foreclosure statement. What I ran out with, along with the foreclosure statement, was a lot of unwanted [investment] advice.

Here’s a sample:

The interest rate on your loan is just 10 percent! Why do you want to foreclose such a cheap loan? Did you know that the stock market has grown by 38 percent?

Why don’t you instead invest your [saved] EMIs in one of our schemes which will give you a return of 13 percent?

Where do you work? We can also help you with Section 88 income-tax savings.

[The lady then went on to explain an investment scheme that honestly made no financial sense whatsoever.]

I ran away — with my foreclosure statement — at the first opportunity I managed to get. All I wanted to do was foreclose my loan and here’s ICICI Bank trying its best to push me into perpetual debt.

I didn’t even have time to say “WTF mate?”

Have you ever had such unwanted advice from ICICI Bank?

Further reading:

1. Lame Finance: ICICI Bank Flexi Cash — How Dumb Does ICICI Think You Are?
2. To ICICI Bank: If Passwords Expire in One Year, Why Give Me a Welcome Kit With an Already Expired Password?
3. Lame Advice: What’s The Worst Equity Investing Advice You Have Heard?
4. Do You Have a Single Source of Truth for Your Finances?
5. Know Your Rights: From May 01, 2007 Your Bank Should Compulsorily Tell You Why Your Loan Application Was Rejected

Tagged as: advise, banks, debt, loans, WTF