Interview with Sanket Hasabnis from Loanbaba.com
YEF – Tell us a bit about yourself and your background?
Sanket – I am a Chartered Accountant by qualification. I grew up and studied in Nagpur, Maharashtra. After completing my Chartered Accountancy course, I took up a job in Mumbai in a Financial Consultancy. I handled medium to large sized clients and also set up a Trade Finance arm for them in Dubai. I got exposed to Domestic as well as International Finance which gave me a thorough understanding of the field. Currently, I am the CEO & Co-Founder of loanbaba.com. We facilitate users in getting loans & handhold them throughout the process, which can otherwise get tedious.
YEF – Why an entrepreneur, why not a high paying job?
Sanket – The kind of satisfaction you get by working for yourself and the kick of building a company is inexplicable. Also, there is something new to learn every day.
YEF – What inspired you to start your own businesses?
Sanket – I always wanted to do my own thing. My father, my grandfather, both are Chartered Accountants and both had their own practice. I always looked at them in awe, seeing them manage their setup and work hard for themselves. I can’t live a monotonous life. Entrepreneurship brings that something new every day factor in one’s life. It’s very exciting! Moreover the self-satisfaction is unbelievable.
YEF – What is your company into and what problem does it solve?
Sanket – loanbaba.com was founded in August 2015. In a short span, we have tied up with major Banks and NBFCs in India. We facilitate users in getting loan, handholding them in the whole process. For a layman, finance is too complex, the terms too confusing. We aim to solve this problem. Just by answering few very simple questions, you can calculate your Loan Eligibility. We also throw options from various Banks on real time basis. All you have to do is pick one and apply. We have also launched a Loan Portfolio Manager, wherein somebody who has few loans running can manage his EMI payments, get reminders. A user can also switch existing loans easily at a click of the button. Overall, we plan to make finance simple and accessible to everyone.
YEF – Tell us more about your brand name?
Sanket – The idea was to have a portal which will cater to all types of loans. “loanbaba” fitted the bill and also had a good recall factor to it. It’s funky and serious at the same time. The name tells that we help, hand hold, guide and advise. Client relationship is of utmost importance to us.
YEF – How did the idea for your company come about?
Sanket – Me and my Co-Founder Satchit Hasabnis, who is also my elder brother, have a finance background. We have seen the difficulties that people face while taking a loan and they have to run from Bank to bank. We wanted to solve this problem and make loans available on the fingertips.
YEF – What are key services you are providing which are differentiator from the rest?
Sanket – We are tied up with more than 20 Banks & NBFCs and provide real time assessment of one’s Loan Eligibility. We also have a Loan Portfolio Manager (LPM), which helps you in keeping track of your Loans. You can also easily switch your Home Loans to current Market Interest Rates and save lacs by using the LPM. Oh and everything’s free.
YEF – What is the pricing strategy and marketing strategy you have been using?
Sanket – Currently we are doing a mix of Digital, TV & Radio. We believe Radio works really well in Mumbai whereas there is no substitute to Digital these days.
YEF – How’s the business going on and who are your key clients?
Sanket – Our target group is every single citizen of India. We are also working towards getting loans accessible to the Tier II & III cities of the country.
YEF – Your current target regions and future plans?
Sanket – We operate at a PAN India level. All you need is a Mobile phone with Internet. We are launching another product which we believe will reach out to a wider audience. I can’t reveal much about it, but yeah, watch this space!
YEF – What do you think are the most important factors that will make your company a success?
Sanket – I think the below factors will play a huge role in our success:
- We have a strong team in place. We have brought together experts in their respective fields. It took us 6 months to build this team and I am glad we didn’t rush into it and took our time. We are a young and passionate organization.
- Our Customer Support. We have a Customer First attitude and pride on our relationship with them.
- Industry Veteran as a mentor and a seasoned Businessman as a Seed Investor.
- Experienced founding team.
YEF – Who are your role models?
Sanket – My Father and Mr. Ratan Tata. Immense respect for both of them.
YEF – What words of advice would you give to other young entrepreneurs?
Sanket – As clichéd as they may be, I have found the following adages to be true:
- There is never a right time for anything, except today.
- An idea is yours only if you work on it and execute it.
- It gets tough, stressful, frustrating. Just hang in there, hold tight and the storm shall pass.
- He who stands till the end wins.
YEF – What do you think about this initiative of youth entreprennovators forum?
Sanket – It is a brilliant initiative and is the fuel needed for the Youth. Keep up the good work!
Visit Company Website: Loanbaba