MoneyLeo.com: Apply for Multiple Loans by Filling a Single Form
Applying for loans is a cumbersome process. It involves a lot of paperwork and often requires you to visit the financial institution providing the loan, more than once. Then there is the issue of having to deal with middlemen.MoneyLeo.com is an online service provider for loans in India. MoneyLeo.com enables its customers to compare, select and apply with multiple Loan providers by filling a single form.
Having earlier started a Financial Services company in Mumbai, in 2005, Founder and CEO, Vijay Khubchandani, saw a steep increase in customer woes as 2009 approached. “I had an Authorized Direct Sales Agency tie-up with Citibank N.A. for their range of mortgage loan products. The company did very well in its initial years of business, but by the time it was 2009, I had started to realize that an online presence was essential,” said Vijay.
It was at this time that Vijay registered MoneyLeo’s domain name. The Industry, he thought, had a huge untapped potential with very few online players offering a true solution. Moreover, the online medium also offered him a door to expand operations. With a prior certification in Web Software Development and Application, and industry knowledge and exposure, Vijay started working on MoneyLeo from December 2010.
MoneyLeo’s results page provides information/parameters/criteria of up to 9 private banks to compare with, across 8 loan products. With the help of their Advanced Eligibility tool, one can narrow-down and shortlist only those banks that offer the best deals for their respective customer profiles.
“Unlike other service providers, we don’t sell the application details of our customers. Instead, we route the applications directly to the authorized personnel of the banks applied to by the customers. No DSA's and no middlemen. MoneyLeo ensures the security of customer details,” informed Vijay.
To acquire new/returning customers seeking mortgage loan products of various private sector banks in India is the highlight of MoneyLeo’s business model. They achieve this via tie-ups with various private banks in the Industry, who provide them with relevant content/data pertaining to the bank’s respective products, which is then streamlined by them to present it to the customers in a unified manner in tabular formats. MoneyLeo receives a pre-decided percentage of the loan availed by a customer, as commission. The commissions range from 30 basis points (INR 30,000 for an INR 1 crore Loan) to 75 basis points, varying from bank to bank. They are currently looking to raise funds as well.
MoneyLeo currently offers only home loans and loans against property products, which account for around 46% of the Indian personal finance loan market, valued at INR 9,32,000 crores in 2011.
The site gets around 15-20 unique visitors per day. To increase that number, they plan to take MoneyLeo into the major metros of India, where there is a huge concentration of high-income groups with good spending capacities. They plan to expand their product basket and introduce additional loan products like education loans, loans against securities etc. and also, foray into parallel online financial markets like insurance etc.
“We want MoneyLeo to be an obvious choice, a one stop shop for loan seekers in India. We expect to automate the loan procurement procedure in India, as much as possible. We want to organize this otherwise unorganized sector by providing optimum quality of service with the help of cutting edge technology,” concluded Vijay.
To know more, visit http://www.moneyleo.com/
