POSTED BY January 8, 2013 1:26 pm COMMENTS (203)ON
Hi All, Today i got one interesting call from HDFC. Thought i must share this with you all Guys.
Caller was from HDFC bank and saying that Sir, We have launched a new plan in new year and offering Personal loan (any loan) at 0% ineterest rate. I was amazed to hear that and asked him How HDFC will make profit out of this deal. Here is the explanation told to me by executive. Plan name he told me is OD.
Sir, Suppose if you take 3 lakh personal loan. Tenure will be 10 yrs and your yearly EMI would be 30 thousand but you have to pay first EMI i.e. 30 thousand in advance and with this money we will open a HDFC insurance policy for you (3 life lakh cover + 3 lakh medical cover) and in next 30-45 days we will disburse your loan amount i.e. 3 lakh in you account.
Now every year you get 12% return on EMI you are paying (30 thousand per annum for 10 yrs) so after completion of 10 yr, We will give you 12% of your total returns and out of these 12% HDFC will get 9% and remaining 3% you will get.
This way HDFC will make profit out of it thus you dont need to pay any interest.
I am still doubtfull about this. Are they really offering PL on 0% interest rate or they are hiding some thing from us.
Pl shere your inputs so that we could get the actual picture and if anyone really looking for loan will take necessary precaution before going ahead.