Soon to be reality in INDIA ?
An Illiterate Tribal went to a Bank for a Loan of INR 2,00,000/- to buy Buffaloes.
The Branch Manager asked what Collateral Security will he offer.
Since the Tribal didn’t Understand the Concept, the Branch Manager explained in detail about Collateral Security.
The tribal kept his house as Collateral and the Loan was sanctioned for INR 2,00,000/- @ 9% interest for 5 Years.
In 6 months the Tribal repaid the entire Loan. The Branch Manager was very happy and asked him what he was doing with the excess Money in the hope of Getting his FD target fulfilled.
The Tribal said he kept it in his house locker.
The Manager then pitched for his FD deposit saying that the Bank will give 7 % interest and that his Money will Grow.
Now Came the interesting Part
The Tribal asked him
.
.
.
.
.
.
“What Collateral Security will Your Bank offer Me to keep my Money in Bank?”
The question needs to be asked now, only with the intention of safeguarding our own Money.