Reality of mudra loan

[Abyadav]

I applied mudra loan of 8.3L and got approval of 6.78L . But now the branch manager asking me for FD of 2.5L . I gave quotation of 9L and lone approved of 6.78L , so i had to give margin of 2.22L . Afterwards the 9L will be given to my vender .

Here’s the catch i will pay 2.22L and create an fd of 2.5L total 4.7L approx the amount I receiving is 4.28L after deducting FD.

Emi is 11900 pm
I have a small shop and no backing as well that why manager said for FD.

Otherwise the process is simple you must have union bank account (savings/current). Min 6 months old account then you can apply online and easily get sanctioned

 

[Personal Finance by Nish…]

The branch manager is too smart and tries to sell multiple products of their banks against the requested mudra loan in one go. He is just trying to convince you through his cross-selling skills for the next product.(FD or Saving account) It's a very common strategy in sales.

Suggestion:
Jaise bank wala jaankar demand se kam offer kar raha or FD, SB account ke lie bol raha hai, tum bhi usey bolo bato me leke ki amount kam se kam 7.50 ya 8L tak karo phir mai final batataa hu, sath me bolo tumhare pass dusre bank se same mudra loan ka 8L ka offer already hai, aap apna final batao, negotiate karo bank wale se. Agar ish se kuch baat banti hai to thk hai or FD and account ke lie agey ke lie excuse de dena. Ya agar nahi manta manager toh jitna mil raha hai utna lelo after 6-7 month pre approved offer ke call aane lag jaege tumhe, loan ke credit card ke loan top up vagerah ke.

Pro Tip: Always buy what you need, not what the salesperson wants to sell.

Thanks