I’m Quite Sure Your Parents Wouldn’t Need You For This

by Vinaya HS on April 20, 2012

in Finance

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Here’s an ad that I saw from the “bank that claims to know it all”

Image of an ad from HSBC

Tell me this — would your parents be proud/happy knowing that you’ve taken a personal loan to pay for their vacation? I’m also quite sure that they aren’t going to say “We’re so so proud of you my dear son/daughter. At 18% per annum plus a 2% processing fee, we’re quite delighted that you’ve taken a personal loan from the bank that claims to know it all just so that we can go on this vacation of our lifetime. I’m confident that we’ll have a really great time while you sit here worrying about how to pay the EMIs for the next several years.”

Yeah. 18% + 2%, that’s the nightmare you’d be getting into.

Image of a chart showing interest rate and processing fee for a personal loan from HSBC

What our parents would instead say is “Get the hell out of here. Do you really think that we need your money to go on a vacation? Or is it the other way around my dear son/daughter?”

Caution: I know that I that might be generalizing/stereotyping a bit here (please let me know if you think otherwise). But in general, I truly believe that our parents are way more hard working, are financially way smarter, know the real value of money, and don’t really need our help financially. I wish I could at least be a fraction of what my parents were.

Also shows how little the bank that claims to know it all actually knows. What do you think?




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.

{ 8 comments… read them below or add one }

Roberto el Sandriano April 20, 2012 at 12:18 AM

Can’t agree more with you on that.
I would be interested to meet those chaps, if there are any, who borrowed from this bank and sent their parents on vacation.

Roberto

Indian Thoughts April 20, 2012 at 10:34 AM

though I haven’t seen this advt. but completely agree with you.
banks know it all about how to make your money theirs money.

Vinaya H S April 20, 2012 at 12:54 PM

@Roberto el Sandriano –

Seriously. I’d be interested too. :-)

@Indian Thoughts –

I’ve received your email on the ERE liquidity-breakup. Will reply over the weekend. Thanks for your patience.

Sekhar April 20, 2012 at 3:50 PM

I Agree with you and its another good post from you.

T S Ashok April 20, 2012 at 5:08 PM

Ha Ha…comedy add..

Vinaya H S April 20, 2012 at 7:52 PM

@Sekhar –

Thanks. :-)

Rakesh April 20, 2012 at 10:20 PM

@Vinaya,

Good one. HSBC sales team are good, they use good catchy/emotional phrase, i think there would be quite a few people will fall for it. 18% + 2%, that’s way way high.

Jasmine April 22, 2012 at 11:40 AM

It makes more sense to gift a beautiful flat in the outskirts of Bangalore;)

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