HOW A SIMPLE TWO-WHEELER LOAN HELPED AJAY GAUTAM INCREASE HIS PRODUCTIVITY AND MAINTAIN WORK-LIFE BALANCE

Many a times, a loan is not just money. It is a trust you put into someone else’s dream. It is the confidence you have in the person you entrust the loan. It is your belief that fulfilling a short term money requirement can bring about long term financial stability.

At Hero FinCorp, this is what each loan means to us. It is a stepping stone for someone’s success. And we love to be a part of this journey. We’ve often seen people with no prior experience come to us with apprehension. Is the process long drawn? Are there too many documents to be filled out? Will the interest rate be too prohibitive? Will they get the loan at all? It is great to see people relaxed when they leave our office because after their first experience with us, they are no longer afraid of the system. They dream bigger and take on bigger risks. This case study of our one of our customers Ajay Gautam. You'll see how his first loan helped enhance both his business and life.

Background:

37-year-old Ajay is a farmer who resides in a small village in the interior parts of Maharashtra. His small and happy family are among the farmers in India who still hold a ray of hope for the future. He is an organic cultivator of Chili pepper, among other crops that he grows.

As a farmer who feels the pulse of the market, Ajay realized early on that organic farms had better monetary value in the future. People in big cities are eager to shun pesticide-laden vegetables and spices, if given an opportunity. Given that his hometown was home to this unique variety of chilli pepper, he not only wanted to give a twist to his tale by farming organically but also wanted to ensure that the crop yield increases year on year.

Problem:

Eager to optimise his yield, Ajay has been working hard to connect and learn from other chilli farmers and organic farmers. He has been striving to connect old-world wisdom with new-world technology to improve crop output. While things started out great initially, travelling between different villages and cities took up a lot of his time. The local bus transport was unpredictable and Ajay seemed to spend a lot of time just waiting to get from one place to another.

His enthusiasm to innovate was soon being overshadowed by the practical reality of poor road connectivity. On the personal front, Ajay was facing another dilemma. His increased travel time meant he had little time to spend with his family. His 5-year-old daughter was constantly seeking attention and play time and Ajay could almost never meet her expectations because he was either too tired or coming home too late. He had to find a way to do well in his business... and find it soon. The chilli crop duration is 150 – 180 days on an average. If he missed one round of experiment and testing, he would have to wait half a year before could experiment again. Time was running out.

Solution:

During one of Ajay’s meetings, a fellow farmer gave a suggestion to buy a bike. It would solve a lot of Ajay’s travel problems and help him concentrate on his work. The idea seemed great. But earning just about 25,000 a month, the only way Ajay could buy a bike now was with a loan. He had never taken a loan before. And he had also heard of stories of farmers in debt. From far away, it looked like an impossible dream.

Incidentally, his friend read his mind and suggested him to visit the Hero showroom to discuss the possible options. Ajay had chosen the splendor bike that was priced at around Rs. 50,000. There was no harm in giving it a try so Ajay decided to head to the nearest showroom located near his village.

As Ajay started zeroing in on the bike he wanted, the showroom executive simultaneously started explaining the loan schemes available to him. The good part was there was flexibility in choosing the down payment and tenure, which allowed Ajay to repay a little every month without affecting his expenses.

Process:

Once the basics were clear, things moved quickly. The customer service executive entered Ajay’s details into the system. Everything was transparent and Ajay could see everything that was being typed via Hero FinCorp’s dual screen monitors. The executive explained that the system would check for duplicity or existing loans, Ajay would have a simple telephone verification or field verification. This was completed in three days and Ajay was asked to initiate the down payment. Within a week, Ajay was able to ride home with his first two-wheeler!

What happened next:

The bike was first taken to a nearby temple so that the priest could bless it to give a safe ride. Such is the Indian customer. Even inanimate objects become a part of the family and are welcomed with ceremonial grandeur. The first person who got a pillion ride on the bike was Ajay’s little girl. The whole family and even the neighbours were super excited.

Once Ajay was steady, he started using the bike for regular commute between villages. He could now meet up with other organic farmers often and monitor the progress of his crops. He was even actively participating in the local university’s experiments to increase chilli yields. After the day’s hard work, he could make it home on time to play with his daughter and have a quite and happy family dinner. The crops were looking up and Ajay was overall in a much better position mentally to take on newer challenges with other crops. The EMIs on the bike was set in a way that Ajay would have to repay over a year. A good crop would ensure that he could do this without any problem.

A little loan went on to change the fortunes of a family. Ajay went to recommend Hero FinCorp to many friends who were looking to take a loan. Just as the year comes to an end, he plans to approach Hero FinCorp once again, this time for a business loan. After all, why should we stop dreaming for a better life!

Disclaimer: Actual name changed on customer’s request.