BANK LOAN

BANK LOAN

All the banks give loans to people and almost all give them to people who don’t need it.
This is my personal experience.

When I started my private practice as GP [General Practitioner] one of the bank employee, my neighbor and good friend said I can avail bank loan for my clinic and will introduce me to the manager.
So I dutifully went to the bank and he introduced me to the manager saying that I am a loyal customer with an a/c in their bank and has come for a loan
When the manager asked me how much I wanted I said Rs.2,000/- Yes. You heard [read] me right, it was Two thousand rupees only !!.
The manager immediately engrossed himself with his work, signing some papers and looked at me again only after about 10 minutes seemingly surprised to see me still there.
‘The bank is in a tight situation now and usually doesn’t give loans
[It is a blatant lie, sir , as my good friend here will confirm, I said to myself].
However if you can manage Rs.1,000/- as fixed deposit I will sanction you Rs.2,000/- , he continued.
I stood appalled at his stand. I was a permanent Government employee and whatever might be said of Government job in terms of security it is unparalleled..
If I have Rs.1,000/- with me why should I ask a bank loan I replied and walked out.
My friend trotted along with me saying how sorry he was.
When we were out of manager’s sight he complimented me on my retort.

Fifteen years later- the same bank, the same yours truly- the manager and the staff have changed but many were professionally acquainted with me and were [are] my friends.
I just strolled into the manager’s cubicle at about 10.15 a.m. unmindful of the persons waiting outside [waiting is strictly for the birds !!].
I said to the manager that I have come for a loan of Rs. 3 ½ lakhs for buying an Operating microscope, presented the Quotation and added that I wanted the amount the same day itself at about 1-30 p.m.
The manager said that I had to put up marginal money of about 20 %.
When I agreed he added that he had power to sanction only up to Rs.2 lakhs and have to send the papers to Chennai office.
I said it is a pity as I want the loan immediately and will be going to another bank for loan.
“No, no, please wait. I can split the drafts into two. I hope that will be O.K.”
I said I didn’t mind but I don’t want my Fixed Deposits to be linked to the loan and I won’t ask anyone to sign as surety for me.
If the bank requires a guarantor I will ask my wife, who is also an a/c holder to sign as guarantor, I said.
The manager just nodded.
I went off saying I will be dropping at 1-30 p.m. to collect the drafts.
At about 1.00 p.m. the manager himself came to my clinic with two demand drafts one for Rs.2 lakhs and another for Rs.1.5 lakhs and gave it tome saying that he had to go urgently to a village for some bank business and thought he will hand over the drafts personally to me as I have said that I wanted them the same day.
I have also given ‘one year interest free holiday period’ to you. He explained that I can start repaying the loan after one year. Actually it is a good procedure meant to help the small entrepreneurs to pick up their business and start making profit before they are burdened with loan repayment.
But as usual it doesn’t apply to me.
I thanked him and said I have neither signed the loan agreement nor given the margin money.
“No problem, sir. You can come to the bank tomorrow at your leisure time and do it.”.

So what happened in between and why the VIP status to me.
Elementary my dear Watson…Now I have considerable amount of money stashed in fixed deposits – much more than the loan amount.
Those of you naïve enough to be perplexed as to why I have opted for a bank loan when my money is earning much lower interest in fixed deposits better ask your auditor!
Hence my saying “banks are very keen on giving money to those who don’t require it”.