Properties and Loans, bridging the gap between loan provider and the consumer
The need for financial services does not have to be debated. While loans are available in plenty, the processes relating to it, the paperwork and the back and forth on several issues pertaining to loans is something most of us have experienced. In today's fast paced life, a third party, who can make this process less cumbersome is surely welcome. Here we talk to one such player in the financial services sector.
Properties and Loans, the brainchild of Tejinder Singh, was founded in March 2012 with his previous experience in retail loan segment at ICICI Bank and Barclays. Tejinder felt that the market of distribution of financial products was largely unorganized with no genuine brand for customers to rely on. ‘My experience helps me understand the exact pain points of a consumer’ says Tejinder on why he decided to take the plunge.
Another problem the company is looking at addressing is the information differential between the loan provider and the consumer. ‘The content pool which we are populating right now would cater to inform everyone about the various procedures, processes and parameters used to evaluate a loan application’ says Tejinder, of what he believes is their ‘actual value creation’ which, he is hopeful will generate loan queries. With this objective in mind, the company is also looking at providing value added services such as title searches.
According to Tejinder, what makes his company unique is the fact that they are focussed on all asset distribution segments and not just individual consumption products like personal loans and home loans. Tejinder says he is looking at tapping into the gap which exists for products like business loans, loans against property and overdraft services.
The company has tied up with Banks such as ICICI, HDFC, Standard Chartered, IDBI, Axis Bank and DHFL and Non Banking Financial Institutions, Fullerton India and Bajaj Capital for providing competitive prices. They are currently catering to Delhi/NCR, Mumbai, Bangalore, Hyderabad and Chennai.
Tejinder tells us their biggest challenge so far has been loan approval turnaround time and the amount of paperwork required by Banks.
While the company is currently focussed on building content on their portal for clients who they are hoping will eventually drive sales, the team has also grown in the last one year to 9 people. Tejinder believes their growth will be driven from their focus on non popular categories like overdrafts and mortgage loans.Competing with the likes of Bankbazaar will be an uphill journey but Tejinder and team are ready to fight it out.