Dec 26, 2005 08:29 PM
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(Updated Dec 26, 2005 08:29 PM)
Like every one, I was quite impressed with the ad campaign of SBI. But not very ''surprisingly'' it was old wine in new bottle. Here is why:
One of my colleagues accompanied me on my way back home from office. We were surprised to see a grand car loan Mela being organised by SBI in their compound. Surprised because not only was it well past the Public Sector Banking hours, but they had displayed an array of new cars to choose from. Having recently discussed with me his intention to purchase a car, my colleague made me to drive in and enquire.
The reception we were accorded was again surprisingly pleasant. Sales staff form manufactures side was on hand to educate us on the technicalities of different models on display. Coffee and some biscuits preceded the discussions at neatly organized loan sanctioning counters. The bank’s staff took over from there on. As always, they were adept at calculating installment figures under various options. Considering the time of the day and the type of crowd present, they were surprisingly courteous while clarifying the ensuing doubts we had. Crisp forms were pulled out from under the table and filled up on our behalf. Then came an abrupt end to all the surprises. I will just write the significant part of the dialogue here:
“you have the car itself as the security”
“but this is the policy of our bank, sir, one surety is must for the car loan, sir.”
”see, I work for a reputed company, I am an income tax payee, I am residing in this city for the last 20………”
“all that is fine, sir, in our bank surety is a must”
“look, I am making a reasonable down payment, the car is hypothecated to SBI, you will have all the powers to cease the car and recover your loan in case of default. The bank is collecting interest on the loan whereas the person standing in as surety will have no hold over me and gains nothing out of the deal. How do you expect me to convince anyone to sign your papers for me? Can I talk to a senior manager?”
“that is the thing, sir. As per our rules, surety is a must, sir, we have to follow the rules, sir. I am a manager and talking to the senior will be of no use, sir.”
I butted in and offered to sign in as the surety for my colleague. But on principle, he would not accept it. When the process fell through, one of the car sales staff suggested us to take a chance with the ICICI bank. We drove to the nearest showroom selling the model of car selected. A young lady manned a Standard Chartered Bank loan counter located within the car showroom. Subject to submission of relevant papers, she assured us, loan will be sanctioned in 24 hours – no surety required. In less than 3 days, my colleague was happily banging around the city in his brand new car.
Moral of the story: It takes more than ad campaigns to change attitudes.
