Getting the best out of the Banker

Many of us must have visited the Bank either seeking a Business Loan, Housing Loan, Vehicle Loan or Personal Loan. Most of us must have faced problems and cursed ourselves and the bankers as well. I give below some insight to the problems and its solutions:

Visit different banks and explore various finance options, including interest and repayment period. Before approaching the banker, decide how much you can contribute (i.e. your margin) and how much do you expect from the Bank. 

Do not take their time continuously for more than 30 minutes. Meet him after one or two days and clear your doubts. Do not know the difference between floating and fixed rates? Ask him politely. Ask which suits you best and why. Best option is to note down your queries and seek clarifications.

When the banker is not in the right mood or busy, excuse yourself and meet him again. Ask him questions about his family and how he likes his work. Listen his side of the story peacefully and develop friendship with him.

After all, he is also an employee like you. He will also have good and bad moods. Share your experience with him. If he is young, guide him. Share some jokes. Don’t forget to send greetings on festivals through SMS. He remembers you well.  Establish a working relationship with him.

The Banker will have many products to suit your needs but always suggests one that he is comfortable with. By developing a working relationship you get the best out of the bank.

If you fail to pay one or two installments for any reason, meet him personally and explain. Don’t avoid him. It increases his suspicion. Make it a point to visit him rather than calling him over phone. Treat him as a friend rather than a banker.

Make it a point to visit him often and say hello to him. It helps. Helps in the long run.

If you receive a legal notice, reply it in writing. But show it to him before sending it to him officially, it works wonders.