May 11, 2016

Insurance scams - loans at 5% - a must read

So, the other day, I received a routine junk call from a Delhi-based number. But the man at the other end of the line didn’t start with the usual “Sir, are you looking for a loan?” spiel.

Instead, he asked: “Sir, I can offer you a loan at 4.99%. Interested?” He got my attention.

How could he possibly offer me a loan at 4.99% I wondered? “If I take a loan from you at that rate and deposit it in my Savings Bank account, I’ll get double the interest rate. What’s the catch?” I asked of him.

“Nothing,” he said. “I am from the Future Group founded by Kishore Biyani. It’s a two day offer and we’re doing it to attract new clients to whom we can cross sell other products later from our portfolio,” he said, sounding rather earnest.

Having spent two decades in business journalism, I know if something sounds too good to be true, it can’t be true. I ended up engaging with him in an hour-long conversation.

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