I have received called from Barclays Bank for Personal Loan w/o any securities.
Everything went smooth till the initial process.
Then they called me to there branch @ Mulund(West), Mumbai, to complete the process of paper signing.
To my surprise there I came to know that to avail a Personal Loan of merely 50, 000/- for the tenure of 48 months I have to take a New York Life Insurance Policy of 15 years with minumum 15, 000/- annual premium.
The funny part is that, to pay the first premium, Barclays will add 15, 000/- to my required loan amount and after I get the loan cheque credited to my account, they will deduct those 15, 000/- through ECS from my account.
That means first they will call for a Personal Loan without telling u that u must buy an insurance, then they will force a insurance policy, then they will give money to pay the first premium and then they will treat that as a loan and charge interest on that.funny people.huh.
I request all members of MS not to deal with this bank and spread the word of awareness among friends also before they get cheated.