The saying that every cloud has a silver lining seems to be apt in the case of automobile loan-seekers from banks. The slowdown of the economy, the scaling down of production and even closing down of units by some manufacturers seem to have put pressure on banks to disburse as much loan as possible. They have shed their habit of looking at potential borrowers with suspicion and making them go through a plethora of paperwork. Now it is the banks that stalk and pester them to exchange their old cars with brand new ones, financing no problem. They cleverly hide the fact that you can expect a visit by a couple of guys with bulging muscles if you fail to pay the EMIs on time, politely asking for the car’s key.
That takes me back to the early 1960s when I was first employed. Cars and scooters were rarely seen on the roads and bicycles were the popular mode of transport, sometimes carrying even a whole family. Bells were compulsory and so were lights—both the head-light and tail light—powered by a dynamo near the rear wheel if you wanted to pedal at night. Though I fervently wished to own a bicycle, buying it outright was unthinkable, my salary being what it was.
My joy was, therefore, boundless when a friend told me that I could buy one under the hire purchase scheme and the price could be paid in easy monthly instalments.I paid a visit to the shop without losing any time and agreed to the terms and conditions. The total cost would be Rs 200, with a down payment of Rs 20 followed by 10 monthly instalments of Rs 8 each. A discount of Rs 1 would be allowed if the instalment was paid on or before the 10th of every month. An agreement had to be signed. I was then dismissed with the promise that I would hear from them soon.
The call came after a week of suspense and anxiety, asking me to visit the shop with the down payment. And within an hour I became the proud owner of a brand new bicycle. I came to know later that someone from the shop had visited my office and verified my credentials.I am happy that the new generation can flaunt the latest models of cars without going through that kind of an ordeal.
Sivan Pillai
Email: pillaikss@yahoo.in