How ABN Amro and Other Foreign Banks including Indian Private Banks cheat customers

When you take a personal loan from any Foreign or Indian Private Bank including ICICI, HDFC, Kotak Mahindra, please be sure of the fact that they have decided to cheat you right at the very outset itself.

When you take a loan, you are given a cheque which is normally dated for the second or the third week of the month. By the time the money is in your account, it is the end of the month.

And as per agreement executed by you, the bank is now ready to take back the first installment. This is where the cheating happens.

First, the bank does not give you the full amount of the loan, deducting the processing charges at source along with the service tax and all other levies.

Secondly, the bank takes back the first installment in the first week of the month that follows the disbursal date. Therefore in effect you are paying back the bank interest on the entire amount within 7 to 10 days of getting the loan.

This is a standard sharp practice deployed by all the banks other than nationalized banks.

With nationalized banks you may face a delay but they will never cheat you. Do you know why? Because promotions in Nationalized banks are not linked to returns generated by an individual. Whereas in MNC and Private Indian Banks, fresh MBA's are hell bent on increasing the profit of the bank in the hope that they will be able to climb the ladder of success faster, and they do!

KV Kamath takes home 10,00,00,000 per month as salary, how is that for success! He also holds stock options in the bank that he is heading. Do you think the owners of these banks pay these salaries?

If you said yes, you are completely wrong. It is the customers of the bank that make it possible for the company to pay Mr. Kamath the salary quoted above. And what does Mr. Kamath and his team do? Find new ways of cheating the customers that are paying for his salary!