Several reports are doing the rounds after ‘The King of good times’, Vijay Mallya got accused for a default loan of Rs 9,000 crore. One such story is about Mallya getting cheap parking for his car by using bank collateral. Well, the story might be real or fake but is an interesting quick read. On February 28, 2016, a video was posted on social media that claimed Indian millionaire Vijay Mallya using his Ferrari car as a collateral for a small loan of $5,000, the video gained more 10 million view within 5 days. The story was originally posted on ‘The Vijay Mallya Blog’ on September 2, 2012.
Here’s the story
Businessman Vijay Mallya walks into the New York City bank and tells the loan officer that he is visiting India for two weeks for business purpose and is in urgent need of $5,000. As per bank’s rule, the officer asks for some security against the loan. Mallya agrees to keep his new Ferrari car, submits documents as a collateral and completes all the formalities. The bank officer and loan officer are surprised with Mallya’s idea of keeping a $7,50,000 Ferrari for a loan of $5,000.
But here’s the twist. Mallya after two weeks visits the bank, the officers asks him to pay $15 extra as an interest. He clears all his dues. Surprised by his gestures, the officers asks Mallya that they had done a complete research on him in his absence and found that he is an Indian multi-millionaire businessman. So why did he borrow $5,000 from a bank? To which he replies, “Where else in the New York City can I park my car for 2 weeks for $15.41 and expect it to be there in perfect shape when I return?”
Origin of the humorous tale
While the exact origin of the tale is unknown but over the years various versions have been published with the change in the borrower’s name from ‘an Italian’ to ‘a businessman’ to ‘a Chinese’ to now ‘an Indian’. Also the name of the car is being updated from a ‘Rolls Royce’ to ‘Bentley’ to ‘Ferrari’. Well, though the story is going the round since years it seems impossible for a bank in New York City to bear all the troubles for a mere interest of $15.