Loan in Touch | The Bridge Between Customer and Bank
- ByStartupStory | March 20, 2021
“Don’t chase success, chase the process!”-Sumeet Pareek founder CEO of Loan In Touch In an exclusive interview with Startup Story Media, the founder talks about his venture Loan in Touch and how his financial services help people get home loans and bring them closer to their dream house.
The Inception of Loan in Touch
Since childhood Sumeet wanted to be an entrepreneur. He wanted people to be inspired by his work. He mentioned a frame in his office that said” I want someone to look at me and say because of you I didn’t give up.” Belonging to Aurangabad, after completing 10th standard from SSC board, Sumeet had to start working at a construction company while simultaneously pursuing his graduation as his family’s financial condition wasn’t good. He worked for this company for five years. The day he completed his graduation he told his boss.” I will be leaving this job post 31st March” in the year 2015. His boss didn’t believe him and thought he was joking. His boss asked him “what are you going to do?” to this Sumeet replied, “I have a plan”. One fine day he quit his construction job and started working with SBI as Home Loan Counsellor. While working for SBI, Sumeet found himself immensely satisfied watching people get their home loans approved. That is when he thought that this is the line of work that he should commit to and that’s how Loan in Touch was born.
After his realization, he started hiring people, and built his own team. Coming from a small town, Sumeet was clear that he had to do something big and now was the time. Sumeet started to look for work in Pune but it was difficult for him, “it is difficult to get trust in this business as we are not charging people” explained Sumeet. Since Sumeet had a good portfolio of families that he had helped with loans, he started a marketing campaign, reaching out to them, communicating and raising awareness about his venture. He received a good response. He set up his office in July 2019 and has completed 2500+ home loans till date.
Providing Swift Home Loans
“You can’t satisfy everyone, but we try to give them the best of our service as much as we can”-Sumeet Pareek
Talking about the service he provides through Loan in Touch, Sumeet says, “often people don’t know how the financial things work and how loans get sanctioned, we bridge the gap between customers and banks, we get the documents on the customer’s behalf and submit it to the bank and get the process done without the customer having to visit the branch.”
His services make the whole loan process hassle and tension free for the people. They update their clients regularly about the process and proposal. All the requisite SOPs for the bank are regularly tracked and updated as well. They don’t charge their customers anything for this process. Loan in Touch is appointed by the SBI bank to cater to the needs of the customers.
Loan in Touch has a team of twelve people operational in four cities. Sumeet still remembers buying three chairs with his first pay cheque. The customer experience for Sumeet has been great. When he started out everything was new, it was tough for him as he didn’t know the whole loan approval process and the process was time taking in a Bank. But today he can get a loan sanctioned in 24 hours. “It basically depends on the needs of the customer” says Sumeet.
The USP of Loan in Touch
Their wide presence in four cities and vast experience of 2500+ customers is what set Loan in Touch apart from similar services in the market. Sumeet has a plan to expand to every city of Maharashtra. He believes as soon as your presence expands, your business expands.
Challenges of the Lockdown
“Sometimes I think I should stop, but then I am reminded of the fact that I have to provide jobs so I have to keep going” –Sumeet Pareek
The lockdown was hard for Sumeet as in his entire career of eleven years, he was always working and had only taken four days off. He describes himself as a workaholic. The first few days of the lockdown were really frustrating. Sumeet was managing the whole operation by himself. He used this tough time positively, to think and plan how to grow his business.
He faced a lot of losses as they kept paying salaries. He even thought about shutting the Pune unit which was not making profit. He felt like he was forcing it. Talking about the tough times, Sumeet says “There is a time when you start thinking that nothing is going my way, we are not getting the amount of money that we are investing and it is too long now”. Despite all the troubles, Sumeet didn’t give up. Sumeet also mentions that the rising number of financial frauds hamper the trust people put in financial services which can adversely impact his business.
Our generation should learn to be patient. In entrepreneurship, patience is the key. You need to be honest to yourself, unless you are honest to yourself you can’t be honest with others. Don’t fall prey to social media tricks. Social media isn’t always right. Patience and consistent hard work are Sumeet’s shared his business mantra with Startup Story.
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