GNB India firms base with group buying portal on financial products
With the idea of group buying, GNBIndia.com aggregates like-minded people interested in taking loans in various categories through the internet and then negotiates group discounts with banks and other financial institutions.
Published - Nov 1, 2011 9:13 AM Updated: Nov 1, 2011 9:13 AM
GNBIndia.com, a new group buying portal introducing discounted deals on loan products has opened its doors to consumers. With the idea of group buying GNBIndia.com aggregates like-minded people interested in taking loans in various categories through internet and then negotiates group discounts with banks and other financial institutions.
GNB does not charge its customers any fee for the services provided. GNB has loan sourcing agreements with most major private sector banks & NBFCs. As part of the loan sourcing arrangement, they source clients who are interested in taking loans. Based on their industry experience and sound understanding, they group the potential borrowers in different baskets and negotiate group discount from the financial institution which is likely to provide maximum benefits to the borrower. They offer home loans, loan against property, business loans and personal loans via group buying.
Talking about the initiative Ashish Jeph, Co-founder & Director, GNBIndia.com, said, “Group buying is essentially a mechanism where one brings together people sitting in different parts of a city or country who otherwise would not know each other. Internet or web is the most effective medium for this process of getting unknown people to join hands. These are normally those people who would first search on the internet for the best deals available in the market rather than approaching their bank straightaway. Our primary objective is to help all Indians save their hard earned money while taking a loan by providing them discounted deals both in terms of rate of interest and processing fees. At the end the big idea is to leverage the power of group in favor of the consumer and help them save as much as possible.”
Further talking about the marketing initiatives Mr. Ashish added, “To start with 80-85% of our marketing budgeting will be spent on the Internet based marketing activities. Currently we are focusing our energies on internet based marketing activities. All these campaigns are being managed in-house. We are in the process of discussions with different agencies for the purpose of print and television ad campaigns. However, this process may take 6 to 9 months since we do not intend to start print and television marketing immediately.”
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