...no salary slips, no document, no guarantor documents or bank statement...Just ask for it.
- If there is no documentation...why the 1% processing fee? Just put it in my account
- 12.36% service tax on interest...normally we tax income...now we have decided to tax cost...if I buy something with this money..I will pay another sales/service tax...and the bank will pay tax on the interest received...reminds me of Ronald Reagan who said: Government's view of the economy could be summed up in a few short phrases:If it moves, tax it.
If it keeps moving, regulate it.
And if it stops moving, subsidize it. - No documents means bad news...I will just say what money, when the time comes?
- The Rs 7.2 lakhs is 3 times the borrowers limit on the credit card...where is the credit department?
Now imagine if a customer banks with three or four institutions and they all had this offer. And competitive pressures have created such an environment...this is a recipe for trouble..the bank or the borrower...which means both.
Reminds me of the US when institutions were chasing customers so fast that the family dog was receiving a pre-approved $500 limit credit card.
This is another slippery slope...