February 02, 2006

With the Bank Officials

While in UK my mother has been going to this bank branch and had asked about the feasibility of the loan. The MBA classes were going to start from September 2005 and hence I targeted to get my documents in order by July 2005. Being aware that I will have to reach the bank personally to apply for the loan take the installments from there, we also started to show all the documents to the bank officials so that we can arrange in the next four months to come.

After doing all this, the bank officials had conveyed to my mother that the loan could be arranged and I could go and meet them.

And after this, I flew to my place and had a word with Bank Manager….
…and surprises starting to roll in…

First I was informed that I am not eligible as I do not have a residence proof in their operating area…I am based in Pune in the state of Maharashtra and I had to fly to YamunaNagar in the state of Haryana. Although the Bank Officials were already informed by my mother about the case!!!

Then according to them I was not eligible because I did not have a valid MBA admissions confirmation from Strathclyde University and Bradford University. (I do not know how can a person be not eligible for a education loan, just because one person does not understand what the procedure of international MBA is!!!)

Then I was informed that I was not eligible because I was not a holding a admission letter from a recognized university. If at all I wanted to be eligible for the loan amount, It would be better, if I go to Indian Embassy and get the attestation from there that the university was eligible. (Well…all I can say is Strathclyde and Bradford MBAs have been appearing in FT rankings and numerous other rankings in the past. These bank managers should definitely have a say in these rankings otherwise this is an insult to them!!! Their participation is required so that it can FEED their EGO!!!)

After this hatrick of-sorts, and after some more conversations, the I was again informed that I can apply for the loan its better that I get the documents of the property which I am planning to keep as security so that things could be moved fast. (Till date I could not figure out what triggered the bank manager to think about the fast process now since I know that I am not that great a negotiator). I was given the contact number of the advocate and I contacted him almost instantly. And then began the real surprises to roll in….

After the advocate made me to run from one office to another and being available for discussions only for half an hour, for seven days, it was proved to me that the property we own is really not ours. That property belonged to my grandfather, who died in 1960s. and therefore there is no paper on which we can the security for the loan amount can be kept and hence I am not eligible for the loan.

I was advised to pack my bags and not return to my job so that I do not put the job at risk. My well wishers were right in a sense. With six working days, I was still trying to prove that I was eligible for the loan and the bank officials were of the opinion that I was not eligible for the education loan. I decided not to waste time since it was august already and I had to be in the class by Setember 19th.

This time the reason for denying a loan was convincing.

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