Loan should be taken not for luxuries but only when it is absolute necessity, otherwise it is better to live within one's means. Going on vacation is a luxury.
Dont have money to replace your torn underwear, but wana rub ur back on the snow-covered peaks of ladakh.. on borrowed money.... Gosh and people advertise this sh*t too!!!
Re: loan
by Visharad Software on Apr 08, 2010 07:41 PM
This is not good. If one has taken loan, then it is the duty of the borrower to repay the amount. Moreover, what you have suggested is not safe also. Before granting loan, the bank will take the applicant's photograph, the phone numbers and the addresses of two referees, current and permanent addresses, and various other details. Therefore, if you shift to another city, they may harass those whose names you have given as reference.
Food, Shelter, clothes...important things in life. Travel(especially holiday ) is luxury. Prompting people to take loans for such luxury is actually not advisable.People are tempted by credit card companies to use CC but when you miss out your payment, you will face the music. So stay away from such advertisement.
It seems The rediff has got no meaningful articles. Media people are appeared to be paid up for such publications. Please don't encourage such thing where the common people are trapped in.
Why is rediff encouraging people to take loans on things that are not a neccesity. Journalism should be responsible one not paid marketing. I understand the revenue model but there sould be some amount of decency. Agreed, Home loans can be positive at times because of the potential appreciation of the assets . Education loans are also fine as the potential benefit of gaining education at the right time is greater compared to the financial loss due to the interest paid. I can't really think of any oter loans that do not have a negative impact on the borrower. In this case itself if a promise of vacation was made it should ahve been thought of and some savings towards that should be made. Vacation abroad is wonderful but it should be from your own money. Even loans you have to repay right ? So it it cost 3 laks for a vacation you need to have a plan to repay around 4 lakhs inc interest in say next 3 yrs. Instead start saving 3 lakhs and in 2 yeasr it will become say 3.5 lakhs. Including inflation that can fun your vacation. Atleast you dont ahve to pay the banker for your vacation insetad you can use your money and interest gained on savings to fune your vacation. Again loan for Home and Education is fine. Also in some cases loan for a vehicle is also OK considering the transportation problem. But all other loans are pure trap
