What is MyLoanCare All About? Why do we exist?
Do you agree that EMI's are the largest share of wallet of most working people in the age of 25-40? Yes, most of us spend more on EMI's than we do on all our other expenses put together. MyLoanCare's mission is to help you save something out of your largest spend item. We are India's first focussed online liabilties management firm!
We are a fast growing team of people focussed on bringing a big change. From Sun soaked beaches in Goa to the Himalayas in Guwahati, from tech valley in Bangalore to business hubs in Delhi and Coimbatore, from business-focused Ahmedabad to weekend-focused Gurgaon – we are changing the way people choose and avail loans in India.
Legend of Mr. B and birth of MyLoanCare:
A young energetic professionally qualified investment banker working with a large private sector bank, Mr. B, got the best home loan deal he could imagine. He had successfully negotiated a high value home loan at an attractive rate of 8.25%. Mr. B felt proud of his negotiating skills, after all he was an MBA from one of the IIM’s, had an engineering degree from country’s premier institution, and was a CFA charter holder. He had surely got the best home loan deal, better than anyone else.
A few months later, he received a two line letter from his bank that left him in a state of shock. He couldn’t believe what he had just read. The interest rate on his floating rate loan had been revised upwards by a whopping 175 bps (1.75%) without even a stroke of pen (the letter was digitally signed, hence needed no signature!). That meant an increase in loan tenure from 15 years to 20 years.
With so few words, this letter had achieved so much for the bank, almost. If brevity was a virtue, this bank must be its master. Mr. B spoke to his bank “relationship manager” who said she knew nothing of this letter and that Mr. B should contact the banks’ customer care from his registered email id. Customer care auto-replied “Thank you for writing to us. We have received your query. We will reply within 5 working days.” On fifth working day, someone called Mr. B and asked what was the issue. Mr. B thought the “mistake” was about to be corrected. No, the story had just begun. Customer care officer heard Mr. B and reverted after a few days that the change in interest was as per the second proviso to clause 16 of the first schedule of home loan agreement read together with the last footnote printed on the reverse of the home loan sanction letter and that there was no “mistake” at the bank’s end. The interest rate on Mr. B’s loan had actually risen by 1.75%.
Mr. B offered to prepay the loan or refinance it with another lender. No, the loan could not be prepaid, not even partially, in the first six months, prompt came the reply from bank's customer "care". Bank further added, in its solo gesture of transparency, that any prepayment after six months would attract 2% penalty. And yes, please remember to pay 12.36% “service” tax on that. What, someone said “service”?
As they say, one mostly knows what one knows but one almost never knows what one doesn’t know. Mr. B realized how little he knew about his home loan and its fine print. Mr. B didn’t know his loan agreement. He didn’t know he had been tricked into buying a loan that was not as good as it looked. Mr. B couldn’t catch the non transparent terms he had been made to sign by the bank. A six month battle that went all the way to the office of the RBI’s Banking Ombudsman got Mr. B justice and the bank was forced to roll back the unfair part of the interest rate hike. But something big was about to happen. Eureka!
Mr. B is the founder of MyLoanCare! Today, Mr. B is all too thankful to the bank. The bank had unknowingly delivered Mr. B a life changing idea. All of us need a service that will help them know what they need to know, with transparency and honesty, a service that will not push-sell loans that generate highest commissions but ones that are suitable for the customer. A service that will deliver speed and efficiency and more!
Mr. B knew he needed someone who could understand the world of ones and zeros (ones without a rupee symbol attached to them) and of gigas, megas and teras. So, he thought of his old pal from college Mr. T. He narrated his experience with the bank to Mr. T and asked if he would come along to set up a platform that would actually "care" for the customer. The smile on Mr. T’s face said it all and more.
Mr. T had spent over a decade dealing with issues around technology, hardware, software, processes and automation. Just like Mr. B, Mr. T also stood for some principles in life. Honesty, transparency and professionalism.
Born of this real life experience, MyLoanCare’s mission is to build transparency, fairness and real cost effectiveness to people availing loans. We are there to service a customer’s need through his loan cycle.
MyLoanCare is a team of techno-financial experts that aspire to bring transparency, simplicity and convenience to borrowers in India using technology in innovative ways. Our mission is to:
- Offer professional advice to borrowers in India
- Protect the interest of borrowers
- Help borrowers make informed choices when comparing loans
- Negotiate best deals for home loans, balance transfer, loan against property, personal loans and business loans,
MyLoanCare is powered by a state-of-the-art custom-made technology platform that enables us to deliver loan related services to customers with speed and transparency.
More about Mr. B:
Gaurav Gupta (Founder-cum-CEO)
Gaurav, is a specialist and highly experienced finance professional. In addition to being a Chartered Financial Analyst (CFA) charter holder from The CFA Institute, VA, US, he holds an MBA in Finance from the prestigious Indian Institute of Management, Calcutta (IIM-C) and a Bachelor’s degree with distinction in Engineering from the Delhi College of Engineering (now known as Delhi Technological University). Gaurav was placed on the cherished IIM-C Roll of Honour for all-round excellence.
Before founding Myloancare, Gaurav held the position of Executive Director at Kotak Investment Banking, India’s premier investment bank and a part of the Kotak Mahindra Group. Before this, Gaurav worked with DSP Merrill Lynch Limited (now part of Bank of America Merrill Lynch) and at Asian regional offices of Goldman Sachs and Merrill Lynch in the investment banking field. Gaurav holds vast experience having worked with clients in multiple sectors such as automobiles, consumer, engineering, media, metals and mining, pharmaceuticals, oil and gas, power, real estate, retail, technology etc.
More about Mr. T:
Deepak Gupta (Founder-cum-Director)
Deepak is an experienced engineering and management professional with expertise in process design and automation using technology. He holds an MBA in Systems from NITIE, Mumbai and a Bachelor’s degree with distinction in Engineering from the Delhi College of Engineering (now known as Delhi Technological University).
Before coming aboard MyLoanCare journey, Deepak has worked with Ranbaxy Laboratories, India’s leading pharmaceutical giant (now owned by Sun Pharma and earlier by Dai-ichi Sankyo). Before this, Deepak worked as a consultant on process design, ERP and automation with Bristlecone and Mahindra Consulting.
About A, C-S, U-Z, AA - ZZ:
As MyLoanCare found its feet, professionals across technology, IT, Finance and Customer Servicing joined the bandwagon. All of them are committed to a single mission – to never do to anyone what happened to Mr. B – lest we create more Mr. B’s! We are supported by accomplished consultants and freelancers in the fields of content, database design and optimization.
