The word bank conveys a feeling of  safety and stability. Most people generally trust their bank more when compared to other institutions.Lately,banks in India (where I live) seem to have gone overboard in their quest to increase profitability. The calls from banks are generally about any one of these : Home loans,car loans,credit card loans,EMI offers and Close ended insurance schemes.

If you take a closer look at most of the schemes,you will notice that almost all the so-called offers are designed to keep you in a state of debt.Some offers are positioned in such a way that people with limited financial knowledge become easy prey. Consider this : when you apply for a personal loan,the procedure can be a hassle depending on whether you’ve applied at a private or a national bank. However, national banks offer a marginally lower rate of interest and fixed rate of interest but agent from private banks encourage customers to go for personal loans at “reducing rate of interest“. The word “reducing” creates a kind of psychological connection in the customer as it implies that he is paying less when in reality,the major chunk of the interest in paid upfront.The bank has no moral obligation to explain the difference.

So,the next time you get some offer from your bank, don’t jump at it. Most offers occur in cycles and it will you serve you in the long run to stop and research the pros and cons before you make a decision.When you have the temptation to make a purchase and split the cost;remember that you are paying more.

Procrastination is the best policy when arriving at a final decision about bank offers

It also helps to have a caller identification app like Truecaller,if you have problems saying no;you can block the solicitation calls or simply screen and avoid the ones that are beyond persuasive.At the end of the day,you need to be the master of your money and hence need to make the extra effort to be well-informed to avoid getting raw deals.