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Loan @ interest 3% p.a ?

Ravi Kumar. Narayana (student) (48 Points)

07 March 2012

U may have seen ads like loans r available @ interest rate 3% p.a

- can we believe them

- what is thier source of money ?

- is GOVT. know this, hw is it possibel to give loans even below the rate of FD's

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2 Replies

sanil (Accountant) (149 Points)
Replied 07 March 2012

Originally posted by : Ravi Kumar. Narayana
	its simple yaar they are making the balance with the increased sales and thier profits margins. U may have seen ads like loans r available @ interest rate 3% p.a - can we believe them - what is thier source of money ? - is GOVT. know this, hw is it possibel to give loans even below the rate of FD's

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CA SUDHAKAR (CHARTERED ACCOUNTANT) (189 Points)
Replied 09 March 2012

Never believe in these types of adivertisment or referred by any person known to you. They are all cheaters and they generally target the people who are in big debt trap. Their interest rate is very low, but commission for arranging loan is very high. Their minimum amount will be always in Crores, may be around Rs 30 Crores or more. They collect commission first and then they vanish. In my 22 years experience, a number of persons came to my clients. But, I always discouraged my clients and all of them survived.. Don't entertain them and advice your client not to give any advance, reimbursment of airticket or other incidental charges. Don't waste your time for arranging a meeting with them.