FW: Bank Never Help

[Sai Krishnan]

Dear all,

Here is an explanation on the subjected line from my financial planner.

With best regards,
Sai Krishnan S.D
098438 46776

-----Original Message-----
From: Akash Mahagaonkar [mailto:aka...@dreamz2wealth.com]
Sent: 30 May 2009 11:17 PM
To: 'Sai Krishnan'
Subject: RE: Bank Never Help

Dear Mr.Sai Krishnan

Sorry for my delayed reply.

Firstly, I am amazed to receive this email and I completely disagree with
the statement that "Banks Never Help".

I agree that most of the banks are unfriendly and not service centric. We
should help ourselves through these banks.

Being a Personal Financial Planner, I can say that if you have the right
information and some persistence ( needed in India ), we can get whatever we
want.

Let me explain a key scheme mooted by a financial institution and how we can
use them for our benefit.

1. Working Capital Credit from SIDBI

The RBI has earmarked around 7900 crores to SIDBI for financing to
entrepreneurs like you and me. This Working capital loan requires no
collateral / security or IT returns. What it requires is a Strong Business
Plan. A Business plan which is sustainable, which is innovative and is
strong enough to ride the ups and downs of business.

More important than the business plan is the person who is to run the
organisation. Many people consider business as a easy to do activity. They
borrow money, start business & then when the money exhausts, they just shut
it down ! This is not the way to do business. It is these people who have
made our lives with the bank difficult.

The person concerned should have sufficient technical or business skills to
run the show. He should have a clear family background, meaning no fraud or
cheat or illegal activity.

Smart work, persistence and the thirst to grow should be a part of this
person's DNA.

SIBDI's scheme is ready to finance upto 2.5 crores for this and that too at
a very affordable interest (13% to 17% ).

The FACT: - Last fiscal year out of the earmarked 6450 crores, only 3664
crores was disbursed. (The reason may be that these kind of mails were
widely circulated and potential people lost hopes!!!)

THE SOLUTION: - IF YOU WANT CHEAP CREDIT, YOU HAVE TO GO AND SEARCH FOR IT.
ASK FOR IT. DEMAND IT. It doesn't come to your home.

Secondly, why do every one want to go with private banks like ICICI, Axis,
HDFC, Standard Chartered, etc ???

Mostly cos' they want better service. Then shouldn't you pay extra for
getting extra services ????

Tell me one Public sector bank who charges on all transactions or who asks
you to pay for your visit. There will be atleast one basic plan where all
this does not exist.

SILENT ?

Thirdly, regarding the valuations of 60 to 70% of the property prices are
for our own benefit. We inflate the property prices and expect the bank to
pay every penny of it!

Believe me, this is what caused the failure of the complete economic and
financial system in the US.

Our banks are more robust and better and this may be the cost which we all
pay for the safety!

Isnt that affordable than have an Indian sub-prime crisis ?


Bottom Line :
The problem with we Indians is that we take things for granted. Go, explore
and you will know more and better about whatever you want!
I don't blame the forwarder of the below mail at all, Mr.Sai Krishnan. The
above are my personal views but 100% proven.

Regards

Akash Mahagaonkar V
Lead Financial Planner
Dreamz2wealth.com

Head-quartered at Coimbatore & serving more than 16 Indian cities & 7
countries across the world! Visit us at www.dreamz2wealth.com



-----Original Message-----
From: Sai Krishnan [mailto:S...@NumeroTec.com]
Sent: 25 May 2009 07:49
To: 'Akash Mahagaonkar'
Subject: FW: Bank Never Help

Is this true Mr.Akash?

With best regards,
Sai Krishnan S.D
098438 46776


-----Original Message-----
From: omrsol...@googlegroups.com [mailto:omrsol...@googlegroups.com]
On Behalf Of roh...@gmail.com
Sent: 24 May 2009 01:08 PM
To: OMR Solutions
Subject: Bank Never Help


I came accross one of the teething problem for the entrepreneurs and
this is not related to OMR Business , but yes Business so I thought to
share one of our experiences of late .

Bank Never Helps ?

Does your bank helps you . Flat answer No . Now you say how

Ok Consider a situation . You are an entrepreneur starting to do
business . Go to bank

a. Need your ITR ( Ha . I have no income , how can I have an ITR)
b. Security Collateral ( Ha ! If I had property I would have rented
and made some money)
c. FDR /LIC or anything ( Ha ! Boss I only have a plan on piece of
paper)

Bank - SORRY !

Now somehow you manage funds and start business

You Open a Current Account, Bank again do nothing , except

a. Do not give you any interest
b. Charges on All Transactions ( Cash /Cheque (outside deposit) , as
they expect you to do business and earn most of it from your town) /
DD /any FDR / )
c. Some Banks even charges to visit you .

Now go and ask a Bank again a Loan

a. Even if you carry 1 Million Bank Cannot loan you . You need to make
an FDR and arrange to deposit it in Bank ( Fun , your money only)
b. Even if your turn over is 1 Cr Bank will even not give you 5 Lacs
on this .
c. Even if your profit is 5 lacs bank would not give you Rs 1 lac
d. Security Deposit , in terms on Non -Movable Asset . Do you believe
in Buying a low cost property these days , fun again ,they would only
give 60-70% of the valuation .

Concluding , Bank in India Help Salary Class people who deposit
savings at 4% Annual Rate of Interest . After all its all about
Finance .

[roh...@gmail.com]

Dear Akash

I agree with you in India, all you need is a real persistance and
power . I appreciate your response .

This was a mail from one of the IITian ( IIT kanpur) who started the
business around 6 years back had faced this issue ( so just wanted to
give this as a comic touch kind an article , may be he didnt tried
SIDBI) , and now he has a venure of over 10 Million USD and only from
ICICI Ventures and some angel investors , He had plan and a repute of
being the good educational back ground but faced this situation, today
he operates one of the fastest growing travel portal in India .

I personally agree with your view points but cannot ignore his proven
success record .

I never had any chance to reach bank and ask for Loans personally .
But agree to one thing , before asking prove it that you can do it .
No plan on paper is worth more than a paper until executed . Tell the
world what you intend to do but first show it , and thats when money
starts flowing .

Thanks again , this is my personal view and cannot be generalised

Regards

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