Banked Loans and Blanked Loans

Shazeer(name changed)is an employee with a private limited company. A family man with two children, he had a good track record of credit. He belongs to a middle class family and as would be the dream of anyone, he too had a dream to own a house/flat. After finalizing a flat for purchase, he approached a government bank for a loan of Rs.25 lakhs after planning to chip in his own savings of another Rs.5 lakhs to complete the purchase. After several rounds to the bank and signing a thousand times on hundreds of documents along with his wife as co-applicant, the loan was approved. Having purchased the flat and living in that, he ensured that the post dated cheques given to the bank were honoured. This went on for five years. Suddenly one 'fine' day, he lost his job owing to the tough market conditions that his company faced. He was one among the staff that the company laid off. 

For the next six months he couldn't pay the housing loan EMIs and went to the bank to explain his situation and requested them some time to restart paying the dues. The bank staff did not heed to his requests or pleadings and went ahead to 'snatch' the flat away from him using force and finally Shazeer is out of his 'own' flat. He and his family went through inexplicable trauma and are completely shattered that this happened to them, an experience which they would live for the rest of their life even if they manage to regain the flat.

Now contrast this with the loans that banks extend to 'corporates' - crores of rupees. They give a royal treatment to the 'directors' on 'fake' documents'. No proper collateral, no verification, no 'guarantors'. Nothing at all and finally these loans become NPAs due to willful default. But nothing happens to these 'regal' 'thieves'. They continue to enjoy positions of power, luxury and what not. They use their 'influence' to not repay and shamelessly go around as if nothing happened. Unless the 'top' level bank staff 'co-operate', receiving and defaulting on such loans is not possible. There is more to it than that meets the eye.

Will the law catch up? It is a million dollar question. There seems to be some movement happening in the right direction with Supreme Court asking for details of defaulters. Let the tax-payers' money not go to such fraudsters. Let the likes of Shazeer get better treatment.

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