The Divine Loan: Lord Balaji and Kubera
Amazing Facts !
Lending & borrowing is an old phenomenon. We have many incidents of lending-borrowing in the Indian mythology, of which we intend to discuss one today: Loan by Lord Kubera to Lord Venkateswara (popularly known as Lord Balaji).
In the realm of Indian mythology, countless stories of lending and borrowing exist, each carrying its own significance. Today, let’s delve into one such tale: the loan granted by Lord Kubera to Lord Venkateswara, affectionately known as Lord Balaji.
Lord Venkateswara, an incarnation of Lord Vishnu, resided in the celestial abode of Vaikuntha. Once, Goddess Lakshmi, in a fit of anger, left Vaikuntha and took refuge on Earth in disguise. Lord Vishnu, yearning for her presence, descended to Earth in search of her. Despite his efforts, he couldn’t find her. During this quest, he encountered Padmavathi, the daughter of the King of Seven Hills in Tirumala. Love blossomed between them, and they decided to marry.
However, Padmavathi’s father demanded an enormous bridal price. To fulfill this requirement, Lord Venkateswara sought a loan from Lord Kubera, the divine treasurer of Hindu mythology. The loan agreement stipulated a tenure of 1000 years (one Yuga), with Lord Venkateswara undertaking to repay the borrowed sum of 1.4 million Ramamudra coins by the end of the Yuga, with the assistance of his devotees.
This explains why countless devotees today make significant donations to the Tirupati Tirumala Devasthanam. In fact, during the fiscal year 2018–2019 alone, a staggering amount of Rs. 507 crores was deposited in the temple’s coffers. Is Lord Venkateswara’s debt truly astronomical? Consider this: the Tirumala temple was constructed in 300 AD. Consequently, the interest accumulated over centuries far exceeds the principal amount borrowed. Calculating the total outstanding amount (principal + interest) on a loan of Rs. 100, taken approximately 1700 years ago, yields an astronomical figure of 2.32 * 10^72!
What lessons can we derive from this story today?
One can draw a parallel between Lord Kubera and modern-day credit card companies. Having once borrowed from a credit card company myself, I understand the consequences of high-interest loans.
Kubera, an astute lender, recognized that Lord Venkateswara had no income or employment. Nevertheless, he took the risk of lending to him based on the deity’s popularity among devotees. Kubera understood that the devotion of Lord Venkateswara’s followers would never allow their beloved deity to default. Any bank today lending based on similar principles would undoubtedly thrive.
In the modern world, credit appraisals have become far more efficient. With data readily available, financial institutions can assess the creditworthiness of borrowers within minutes. Lord Venkateswara had devoted followers who added to his creditworthiness. Today, this is replaced by CIBIL scores, whereby individuals with high scores are more likely to obtain credit.
Albert Einstein famously said, “Compounding is the 8th wonder of the world. The one who understands it, earns it; the one who doesn’t, pays it!” In our story, it becomes evident who reaped the benefits of compounding and who continues to pay the price.
Many perceive investments in debt and bonds as risk-free. The relationship between Kubera and Venkateswara represents one of the most successful lender-borrower relationships in history. In the 21st century, finding such borrowers is highly unlikely. Therefore, it is essential to think thrice before lending to candidates without income or employment.
Imagine the fortune shareholders of Kubera Bank (had it existed then!) would have amassed. Net interest income, capital adequacy, return on assets, and other financial indicators would approach infinity by now. Fortunately, some fortunate investors have discovered their mini-Kubera banks in the 21st century: institutions like HDFC Bank and Bajaj Finance.
Lastly, even if your spouse is a Lord or Goddess of wealth, unfavorable borrowing terms can still burden you with debt.
The story of Lord Balaji and the loan granted by Lord Kubera offers several valuable lessons:
Risk and faith: Lord Kubera took a significant risk by lending to Lord Balaji, who had no income or job. However, he had faith in the devotion and support of Lord Balaji’s followers. This highlights the importance of taking calculated risks and having faith in the potential of individuals or ventures, even in challenging circumstances.
Creditworthiness: Lord Balaji’s creditworthiness was based on the unwavering devotion of his followers. In the modern world, creditworthiness is evaluated using systems like CIBIL scores. The story emphasizes the significance of maintaining a good credit history and reputation to secure financial support.
The power of compounding: The story alludes to the power of compounding, as the outstanding amount (principal + interest) on Lord Balaji’s loan grew exponentially over centuries. Understanding and harnessing the benefits of compounding can lead to significant financial growth.
Caution in lending: Lenders should exercise caution and evaluate the creditworthiness of borrowers before extending loans. The story encourages lenders to consider the financial stability and repayment capacity of borrowers, even if they possess illustrious backgrounds.
Debt and borrowing terms: The story serves as a reminder that even individuals associated with wealth may still face the burden of debt if borrowing terms are unfavorable. It highlights the importance of carefully considering borrowing terms and ensuring they align with one’s financial capabilities.
Historical wealth creation: The story suggests that investors in Kubera Bank (if it existed) would have witnessed substantial wealth creation over time due to the interest on Lord Balaji’s loan. This emphasizes the potential for long-term wealth generation through wise investments and compounding growth.
By reflecting on these lessons, individuals can gain insights into prudent financial management, risk assessment, and the significance of creditworthiness in both personal and professional contexts.
Courtesy
Written by Prof wg cdr Dr SP Kaushik
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