When I was Thirty five years of age, I was desperately looking for one bedroom apartment in Delhi. This was the best that I could afford for my family with two school going children. The cost of the flat was close to 6 lakh rupees (US$9,000), but I had 4 lakh (US$ 6,000) in my savings account. Approached not one but several banks with all the possible documents like Address proof, Electricity Bill, Telephone Bill, Income tax Returns for past three years, Bank Statement, Three Photographs, Passport etc. Not one of them sanctioned a loan of Two Lakhs Rupees (US$ 3000). I was not found worthy of.
I waited for another two years to accumulate a savings of 6 lakhs.(US$9,000) By this time the property price escalated to 8.5 lakhs(US$12,800). Approached several banks on my two wheeler. I was denied once again.
When I turned forty, I had close to 8 Lakh Rupees(US$ 12000), but the price of the flat headed to double digits( more than a million rupees). Thought I was chasing a mirage. Banks refused me for the third time.
Today I am fifty five years of age. The banks who thought I am not loan worthy, have to recover 7000 Crore rupees from just one private sector company. Moreover it is a wilful defaulter.
The company was worthy of loan. I wasn’t.
Sanjay Agrawal's Blog 