Tuesday, September 7, 2010

Subject to approval...

I quit the company I worked for in 2006. My PF took 6 months to come into my account.

Those 6 months told me what Banks think of a person, especially 'a person without money'. Even though I had my salary account and spare monies with them for 8 years, they did not deem it fit to approve my personal loan application. I was going to travel over 25000 kms in six months and needed a video camera. I approached over 4 banks (I had monies in all four). None of them gave me a loan of INR 50,000/- . My request was 'subject to approval' they said.

I went on the trip without a camera of my own.

I came back and so did a big fat PF cheque from my company. I put it in my salary account and made an FD.

Soon I was eligible for a personal loan of INR 15 lac! Pre approved they said.

I opened a business. I needed a current account.

I went back to the bank. They took a long long time. 'Subject to approval' they said.

I withdrew monies from other banks and made out a big fat cheque to be put in the current account. It was opened in three days and I even had a 'relationship manager'.

Business grew. The bank gave me a financial planner/manager.
Business grew bigger. Bank sent silver coins, umbrellas, planners, calendars at regular intervals. Business account became Businessvantage, savings became Powervantage.

I fell in love.
I decided to marry.
I withdrew my money for the preparations.

I got married. Moved to a different city. Business dwindled. Businessvantage and powervantage accounts became normal business & savings accounts.

ATM card malfunctioned. Delhi branch said 'your Mumbai relationship manager' will have to get it for you. 'Mumbai relationship manager' no longer existed. Mailing address disparity they said.

I am to travel abroad this month. Credit card company refuses to increase the credit ceiling. In their own words 'past payment history (however spotless) didn't matter'. What mattered were this years IT returns. Subject to approval they said.

It's funny, the way they work. When you need the money, you are not eligible for a loan. When you don't need the money, you are.

Thank God the world doesn't work like a bank. Family, friends....they love you more each day, no matter what. Not subject to any approval!


  1. Thank God the world doesn't work like a bank. Family, friends....they love you more each day, no matter what. Not subject to any approval!

    Thank God! I hope & pray it will remain forever like this.

  2. Vandana...this is so true. I had this experience recently when I applied for a personal loan. This was the first time was doing it.

  3. The first rejection is the worst. It hits your self confidence so badly. I sat and cried, i remember. They treat you as if you were a worthless liability. But thank God...many things in life don' work on that principle. Close family and good friends will always be there. Nurture them :)

  4. vandanaji, Bank is a financial institution having bonds with finances only and not with emotions as we have in family.
    Our friends & family is our emotional bank. it lends or reciprocates what we deposit there. am i right?

  5. Maybe u r right to an extent but sometimes we love even when we are not getting it back. especially parents. so unconditional.

    what i find absurd is that banks and other financial institutions advertise as if they are our best friends...all they want are fat wallets. they just don't know a good investment from a bad one...in human terms. frauds will always be able to cheat them...loyals will always stick with them (loan or no loan).


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