Loans and the logistics associated with them can be bothersome for many of us especially when we are not acquainted with the nooks and crannies of the finance sector. It is a boon to find a well-meaning helping hand that can take us through the entire process without us breaking our heads over it. Sumeet Pareek is doing just that with his passion project ‘Loan In Touch.” Sumeet Pareek completed his graduation from Aurangabad and simultaneously worked in a construction company. In 2015, he started his home loan consultancy firm which is operating in multiple Indian cities like Pune, Nashik, Jalna, and will soon expand its operation in 10 other cities. Read more to know about the ambitious Sumeet in this informative conversation with Storiyaan.
Questions and answers
Tell us about the crux that kick-started your entrepreneurial journey and what drew you towards it in the first place?
Initially, when I used to work with a real estate company, I used to see people having a lot of difficulties in procuring home loans. Even when I joined the State Bank of India, I realized that there are several untapped markets. Since I wanted to do something different and sound in my career, I thought of capitalizing on that opportunity, and so my journey as an entrepreneur started.
What made you choose home-loan consultancy as your area of focus, and what are some of the challenges that came your way when you were initially trying to lay the foundation of this business?
My journey as a home-loan consultancy started when I joined SBI. I was not aware of the problems until the time I understood the process first hand and then I wished to do something about these problems. Initially, everything seems challenging, but good support and guidance from banks, feedback from customers helped ease things.
When you began ‘Loan In touch’ in 2015, you were the sole person taking care of the business. What are some of the strategies you resorted to gather and mobilize human resources over time?
My early exposure in the real state helped me understand the importance of people who work for you or with you. When I started with SBI, I understood how the formation of a team is crucial for a company’s success. My strategy for Human resources was simple – I look for people who are hungry to perform. The other aspects, I feel, can be managed by training or guidance.
It is mentioned that the sole purpose of ‘Loan In Touch’ is to make sure that your clients have the smoothest experience. What are some of the methods that you imply to ensure that?
In the beginning, the process is mechanical and not smooth so the essential method was not to involve the customers in the process of documentation so that the experience is easy for the customers. So I made a team that was well efficient in documenting, procuring, and submitting documents in the necessary place at the right time.
What are some of the lessons you have learned over time and from your previous mistakes in your entrepreneurial journey that you would like to share with our readers?
To date, each customer has been a source of new learning to me. It’s not only about the mistakes but also the success of the customers that have made me understand how vital the loans are for them and how emotionally they are connected to them. Our top lesson was to communicate and connect with our customers and so I believe customer satisfaction should be the topmost priority.
The pandemic has been a bane for all business owners and has caused terrible losses for most. How well were you prepared for the second wave, and what are the measures taken by you?
Yes, the Pandemic has been a bane for all the business owners, but it has been a great source of learning for us. We learned a lot from the first wave, and we were prepared for the second wave as we started taking all the preventive measures at all our offices and made mandatory rules of wearing masks and gloves for all the staff and customers.