Marketing executive Rahul Chauhan, 25, sought a personal loan of Rs60,000 from Canara Bank to pay for liposuction, lip and nose fillers.
Want to improve your personal appearance? Opt for a personal loan. The urge to acquire Angelina Jolie lips or Brad Pitt abs is driving several people in Mumbai to avail of personal loans for cosmetic surgery, which for many is an expensive affair, and has largely been celebrities’ domain.
Given the high interest rates being charged on personal loans, it was generally believed that people consider them only as a last resort. However, the trend seems to be changing in the city of dreams.
Marketing executive Rahul Chauhan, 25, sought a personal loan of Rs60,000 from Canara Bank to pay for liposuction, lip and nose fillers.
But, he did not want to disclose this to his family, who would not understand his logic behind the investment in looking good. “Good-looking executives attract more clients. But, spending a huge amount in one go was difficult for me, so I took this loan,” said Chauhan.
Similar was the case of researcher Anshil T (name changed), 30, who went for a hair transplant at a south Mumbai clinic. “Banks offer the option to pay them back in installments,” he said.
“With my salary of Rs30,000 per month, the implant seemed like a difficult proposition,” said Anshil, who chose not to disclose the name of his bank.
There are many who even borrow money from private lenders or friends to get that perfect look. “Let alone Mumbai, people from interior places like Akola and Amravati also come to my clinic,” said Dr Viral Desai, cosmetic and plastic surgeon. “Many patients tell us that they have borrowed money for the treatment from banks or friends,” he added.
What could perhaps be making personal loans for cosmetic surgery a hot financial option is that one is not required to disclose the purpose for which one avails of the loan.
“It may be possible that people are taking loans for cosmetic surgery, but we do not necessarily go into those details,” said KVS Manian, head retail liabilities, Kotak Mahindra Bank.
Also, the fact that medical insurance policies do not cover cosmetic surgery prompts many to seek bank loan. Doctors said that many patients were now asking them to manipulate their records so that the cost of surgery could be covered under insurance.
“But we do not write false reports as it is against our code of ethics,” said Dr Milind Wagh, plastic, aesthetic and reconstructive surgeon at Dr LH Hiranandani Hospital in Powai.
d_sumitra@dnaindia.net
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