When We went For Loan to Bank of India, The past Manager Ram Nath Chhabra asked to buy a policy of Dai Ichi company to be eligible to get a loan. We don't know how much commission he got from Ahuja because Ahuja was supposed to get one-third of the premium for first 3 years.
Everybody is advised to check the credential of managers before taking loan. There should be a website which also tells rating of Bank managers and loan givers so that one can know the 'extortion' ranking.
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