MyLoanCare: Online Loan Advisory Platform that Ensures Neutral & Unbiased Results

Gaurav Gupta ,  Founder & CEO,Deepak Gupta,  Founder & Director

Gaurav Gupta , Founder & CEO

Deepak Gupta, Founder & Director

Gaurav Gupta while working as an investment banker with one of the largest private sector banks came across a best home loan deal that was unimaginable. Successfully negotiating a high value loan, he felt proud of his negotiation skills. The joy of happiness lasted only for few months when he came into the effect of a marketing gimmick. Narrating his story, Gaurav Gupta, Founder & CEO, MyLoanCare, speaks, “I received a letter from the bank mentioning that my interest rate was hiked to 1.75 percent on the floating rate. Thereafter, finding out the mistake and knowing that it was per the provision I decided to prepay the loan or refinance it with other lender but was denied and charged penalty. Thus, coming across a personal experience of non – transparent banking process I realized that many people could fall prey to such marketing gimmicks. Evoking a eureka moment from real time experiences I came up with MyLoanCare in order to assist the people with a transparent & convenient process for availing loans.”

Lessening Human Interventions, Accessing Technological Results

Derived by the motto 'Care & Committed service'MyLoanCare aspires to bring transparency,simplicity,and convenience to borrowers in innovative ways

Gurgaon based MyLoanCare today with a team of 75 members is considered to be one of the largest aggregators in the financial space of the country. Born from a real experience of Gaurav Gupta, alumni of IIM-C, and a highly experienced finance professional who has worked with some of the premier investment organizations, MyLoanCare endeavours to be a platform that inculcates transparency, fairness and cost effective services throughout the entire loan cycle. Explicating on the innovative journey, Gaurav mentions, “When we entered the market we saw there were platforms that established connection between the borrowers & the lenders but felt the sense of dissatisfaction from both the ends as there were a number of lenders calling the same borrower that led to ample calls, incomplete information and more, thus creating a state of confusion. So addressing the pain points through learning customer & bank behaviour, expectations and others we tried to bring in a model that ensured a differentiation in the market.” Powered by the state-of-the-art custom made technology, MyLoanCare has eliminated human intervention from the comparison process. It allows its customers to compare loans and get neutral & unbiased results along with providing a real time tracking on the status of loan
applied online and also imparts content in an understandable format.

Developing a B2C business without incurring any losses and setting up a process at its own investment, MyLoanCare today has 1 million visitors per month with 30-35,000 in a day. The company at present disburses over 25 loans per day and receives 1 loan query every 30 seconds. Having a PAN India presence, MyloanCare currently is working with 17 banks and has partnered with Axis, Bajaj,Citibank, HDFC, ICICI, IDFC, Indiabulls,PNB HFL,RBL Bank,Tata Capital, SBI & more.

Tapping the Online Finance Market with Proprietary Model
Driven by the motto 'Care & Committed service’, the company aspires to bring transparency, simplicity, and convenience to borrowers in innovative ways. Offering professional advice to borrowers, protecting their interest, helping them to make an informed choice, negotiating their deals on various types of loans, MyLoanCare toady has made its services reach to 300+ locations across the country. With the USP of filtration, conversion of leads & encouraging the customers for feedback, Gaurav concludes, "We will be investing on the paperless & online mechanism to capture the market. As there are large numbers of new customers in the credit segment, our plan is to leverage on it with the proprietary technology within 6-12 months besides having a special focus on personal finance categories."