This is an email I sent to every single contributor to Project Hope on September 8, 2013.
Hi,
This is an email I sent to every single contributor to Project Hope on September 8, 2013.
Hi,
Bajaj Capital just offered me a Rs 15 lakh loan on 0% interest rate. That’s right, you read it correct. 0%.
Is there a catch? Of course there is. Do I know what the catch is. Of course not, I don’t know.
I don’t know how these schemes work. And they way the agents sell the plans its just impossible for a naysayer like me to read between the lines.
Anyway, so here is the deal the agent tried to sell me on the phone:
For example if I go ahead with a Rs 5 lakh loan with 10 year repayment I will be paying Rs 50,000 every year.
Bajaj Capital will invest the loan repayment EMI in a life insurance policy which will have a maturity of Rs 9.60 lakh (This is where the locha is). This entire money will go to the company.
Since Bajaj will get Rs 9.60 lakh at the end of the maturity they don’t need to charge me any interest rate. Hence, I get the loan at 0% interest rate and Bajaj still makes its money on the life insurance policy.
Now I want someone to explain how this works and what is the catch.
I should update this blog a lot more often.
Let’s begin with Project Hope numbers. I have collected Rs 1,84,000 as on February 8! Isn’t that fabulous? I genuinely did not believe this was possible. Definitely I was under the influence of the most potent alcohol of all when I thought of starting this initiative – hope.
And since I was in Delhi last week I met people who happily wrote a few cheques to me! Talk of offline collection drive!
But as I said earlier, contribution is not only in terms of money. A friend was seemingly upset knowing that people don’t even have just Rs 800 to give. Well, neither do I blame her, nor do I blame you. Any sum that has the potential to change someone’s life isn’t small.
And its not about the cash totally. People are also helping me spread the word and that help crosses the ocean faster than a Concorde.
Now the repercussion.
Project Hope has slightly changed my behaviour on Twitter. Earlier I could get into arguments and mild trolling. Now I can’t. Because the people I used to argue and troll with have come out and helped me so generously that its embarrassing for me to argue with them.
Not that they have shown their discomfort but I am myself not able to separate the two.
People talk of Chinese Walls all the time. Although I have conquered one literally it is the figurative Wall that has put me in the dilemma.
But I am not complaining. Its a small price to pay. Moreover, maybe I don’t disagree with them now at all.
Possible? Yes. Hope.