Some food for thought for members here....

I have always wondered why Indian banks have been giving away huge loans of 20-25-30 lacs (specially to IT people) when everyone knows that there is no visibility in an IT job beyond 1-2 years (at the max)???

Any answers? I am not sure why banks have been so confident about IT jobs' stability... Anyone working in IT would vouch that he/she even does not know what his/her task will be in next day or in next month if one is not in a regular long term project...

There is no certainty in IT still banks have a view that one would pay regular huge EMIs for 20 years??? Seems very strange to me...
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  • If any BSC, BCOM graduate by doing small 6 months/1 yr programming course can do the same task which a hardcore computer engineer does, what's the benefit of doing hardcore computer engineering? If your hardcore engineering has given you extra skills and knowledge, then why you feel scared of a person with six months/1 year course?

    And why there has to be need for long formal education if a person has born instict or he has gr8 interest/desire to excel in a field?

    In US, there is no need of having such a long formal education to be eligible for engineer.

    If somebody agrees with your point of view, then Dhiru Bhai Ambani should not be entitled for the success he has got because he does not have a formal MBA degree. But fact is that he was a much better businessman than his highly qualified sons.

    Do you think it will make sense if a rule is made that people graduate with NSD or other acting schools can only join acting career?
    Originally Posted by tpoonam
    Ya there are lots of freshers and low level coders. All people want to come in IT industry, 75 % don't know what is actual meaning of world, they can see dreams like good pkg, foreign trips, girlfriend from same company, big bonus, lavish lifestyle.
    But guys who talk about required qualifications,skill-sets,pressure,tensions,stress etc. Its like a page3 party for which everybody invited. If all wants to became s/w lulls what about other industries. Any BSC,BCOM graduates does small 6 months/1 yr programming courses and come to kick us hardcore computer engineers.
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  • Originally Posted by pawarnilesh
    any central government / state government jobs are stable, untill u didn't got catches in any corruption or things like same :bab (59):


    First - Those are not private jobs .
    Second - What percentage of engineers/graduates churning out every year will land into those jobs ?
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  • So wisey you accept you are the sixth blind man and your view is as good as the blind man standing opposite side of yours - towards the trunk , except your desciption are loooong ones .
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  • Not too many people were ready to accept the kind of uncertainty that was prevailing in IT sector when I had started this thread. Now that there is huge debt crisis in US and Europe, IT seems to be the worst hit. Already IT index in BSE has falled by 15% - daily it is losing 5%.

    US ratings downgrade: IT sector could face difficult times - The Times of India

    Difficult times for IT ahead. Will IT junkies still go for huge loans and will banks still approve such loans?
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  • Originally Posted by Murtaza_t
    Not too many people were ready to accept the kind of uncertainty that was prevailing in IT sector when I had started this thread. Now that there is huge debt crisis in US and Europe, IT seems to be the worst hit. Already IT index in BSE has falled by 15% - daily it is losing 5%.

    US ratings downgrade: IT sector could face difficult times - The Times of India

    Difficult times for IT ahead. Will IT junkies still go for huge loans and will banks still approve such loans?


    IT companies will still keep going....

    In all these recessions IT what IT copanies is a Dip in profit percentage they are making.......but nevertheless they are making profit after meeting out all expenses.....

    There is lot of effort and money involved in hiring......so no good and sizeable company starts firing its employees just if the marke blinks for one day.................
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  • Originally Posted by Murtaza_t
    Not too many people were ready to accept the kind of uncertainty that was prevailing in IT sector when I had started this thread. Now that there is huge debt crisis in US and Europe, IT seems to be the worst hit. Already IT index in BSE has falled by 15% - daily it is losing 5%.

    US ratings downgrade: IT sector could face difficult times - The Times of India

    Difficult times for IT ahead. Will IT junkies still go for huge loans and will banks still approve such loans?


    Murtaza : I am in IT and leading a project.. There is and there will always be uncertainity for IT folks when you have new joinee or fresher availabe to replace senior and high salaried people.. Infact every project goes through a cycle where initial work done is by experienced resource and down the line passed to new joinee or inexperienced resource in order to improve profit margin.. But with launch of new technologies and increase in acquisition and mergers ... most of the projects goes into revamp in every five years or 8 years ... Thus engaging Senior resource for long period of time.. I do see Offshore rates falling on continue basis so is quality of work.... But it will not go a minimum level set for such work done ... it will impact Salaries in the long run.. but with attrition rate it will be difficult for both Client and IT companies to retain good people with out paying them good amount..
    Secondly.. If IT Goes down so as other business too .. i.e. Vendors business for IT Companies, Real estates, Entertainment, banking Industries etc as they will loose a major group of customers and you can expect layoffs in other sectors too.. Anyway it will not happen..
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  • I have question about Indian Home Loan System?

    Suppose I make 10L PA and as some one mentioned before you are eligible for 50L Loan for say 15-20 yrs period. If I take loan from xyz bank in Pune based on same salary slip and If I go to my native place and again apply for same kind of loan, for same period..for same amount from a different bank.. is this possible?

    Is there any credit background check made in India? Does any bank really bother how many personal loan and credit card debts are on any individual person's head?

    If I need to pay a downpayment for a house, I can always go for Personal Loan or Credi card loan.. so basically without touching a single penny from my savings, I can play in RE industry in India.

    Any thought?
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  • Originally Posted by madgeri

    Is there any credit background check made in India? Does any bank really bother how many personal loan and credit card debts are on any individual person's head?


    There is an organization 'CRISIL' which maintains records of all credit/loans taken by an individual. they maintain records of credit cards payment history as well. If somebody has bad payment history it affects his loan taking ability as well.
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  • Originally Posted by madgeri
    I have question about Indian Home Loan System?

    Suppose I make 10L PA and as some one mentioned before you are eligible for 50L Loan for say 15-20 yrs period. If I take loan from xyz bank in Pune based on same salary slip and If I go to my native place and again apply for same kind of loan, for same period..for same amount from a different bank.. is this possible?

    Is there any credit background check made in India? Does any bank really bother how many personal loan and credit card debts are on any individual person's head?

    If I need to pay a downpayment for a house, I can always go for Personal Loan or Credi card loan.. so basically without touching a single penny from my savings, I can play in RE industry in India.

    Any thought?


    :bab (6):
    good idea..there is only one way to find out... go ahead and do it..

    but to give you some info,
    Largest nationalized bank SBI has a core banking system (CBS)..what this means is all their branches across india are interconnected... it is not long until wrong doings by a customer are passed to other branches...
    infact there is an open and free interbank exchange of credit information ...so these guys are smart...

    of course, you can always find some loop holes and take advantage..but again why would u want to do it ?????
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  • Originally Posted by UncleScrooge
    There is an organization 'CRISIL' which maintains records of all credit/loans taken by an individual. they maintain records of credit cards payment history as well. If somebody has bad payment history it affects his loan taking ability as well.


    It is CIBIL(Credit Information Bureau India Ltd) and not CRISIL.
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  • Originally Posted by UncleScrooge
    There is an organization 'CRISIL' which maintains records of all credit/loans taken by an individual. they maintain records of credit cards payment history as well. If somebody has bad payment history it affects his loan taking ability as well.


    It is CIBIL (Credit Information Bureau India Ltd).
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  • Originally Posted by andy912
    It is CIBIL (Credit Information Bureau India Ltd).


    Oops...
    Thanks for correcting.
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  • Originally Posted by Murtaza_t
    Not too many people were ready to accept the kind of uncertainty that was prevailing in IT sector when I had started this thread. Now that there is huge debt crisis in US and Europe, IT seems to be the worst hit. Already IT index in BSE has falled by 15% - daily it is losing 5%.

    US ratings downgrade: IT sector could face difficult times - The Times of India

    Difficult times for IT ahead. Will IT junkies still go for huge loans and will banks still approve such loans?


    From this psot of Aug 2011, how has IT sector done in retrospect.

    Also do we still think bank in India are lending aggressively ?

    We recently has discussion that the loan criteria for houses is stringent in India and in general they are of good quality.
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  • Ignorance is bliss !

    I think most of the people here have a very rudimentary understanding of what folks in the IT industry really do. They are in the business of 'business transformation'. Over the past 25 years, Indian IT firms have transformed business processes of major MNCs in the West and have realized millions of dollars in savings for these companies through improved operational efficiency and continuous innovation. The continued revolution of today's IT into Cloud and Integrated ERP solutions, usage of more and tablet solutions and higher usage of analytics will ensure that IT as an industry will not go out of fashion in the next 10 years at the very least. Businesses are always looking at ways to improve their processes, and the Indian software industry has an unmatched reputation for transforming a whole lot of Fortune 500 companies over the past 3 decades. If you think, in your simplistic and unintelligent analysis, that the Indian software professional is going to go out of fashion, out of wishful thinking so that you can buy a flat at a cheaper rate, you couldnt have been more wrong my dear friends. Most of the opinions given here ('even a BCom can do the work of an experienced IT professional') are totally uneducated and show a complete lack of understanding of the way the industry works.

    There is no end to progress and improvement in software. So, those of you who 'wish' the Indian IT industry dies a quick and painful death, you're in for a very very long wait indeed.
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