Big Buys Through Bank Loans
'All I want is a room somewhere, filled with goods that would make the neighbours stare,' is what would probably be the refrain of the modern-day Eliza Doolitles. But with prices escalating at a mind-boggling pace and no commensurate increase in the pay packets, how is it possible to convert our House of Want to a House of Have?
By automatically looking for other avenues. And one doesn't have to peer far for there are a number of financing schemes that claim to provide an easier alternative. The question is which scheme to opt for - where would the squeeze on your pockets be the least and how soon can you get the loan amount?
Some domestic banks have schemes designated to answer the first question while the second would find a favourable response from finance companies that have special schemes established for the purpose of purchasing consumer durables provided that the items are brand new and of reputed lineage. While State Bank of India (SBI) includes cars, furniture and carpets the Bank of India steers clear of vacuum cleaners, furniture and bicycles.
Finance companies include names such as Countrywide and Escorts Finance Limited. The latter for the moment has opted for selective tie-ups and finances selective lables. But,