Over the last few years, the role of Non Bank Finance Companies in India has only been increasing in reaching out to and servicing the hundreds of millions of unbanked and difficult to reach rural and semi-rural populations. The importance of local financing is continuing to grow in developing economies and emerging markets. Here let us introduce Aris Capital, a fast-growing Non-Banking Financial Corporation that focuses on commercial vehicle financing. From light, medium, and heavy commercial vehicle to used and new tractors, the organization stands out to be an expert in lending to retail borrowers in the logistics industry.
Aris follows a robust data-driven credit assessment process that takes into account not only the borrower’s creditworthiness, but also factors like work experience, market conditions, and the philosophy of “The Bhodrolok Culture” where Harsh Poddar, Executive Director at Aris Capital, explains, “We are respected people and we provide loans to people who are perceived to be with a good character.”
An Ardent and an Efficient Leader
Harsh completed his MBA from Yale University, where he was a Silver Scholar, and has a BSE degree in Engineering and Economics from Duke University. Along with an exceptional academic background, Harsh has also studied Mandarin Chinese at the Beijing Language and Culture University. Entrepreneurship was not just another word in his dictionary. For him, its passion, and that is what ignited him to give foundation to several companies in the USA, Israel, India and China in diverse sectors such as IT, Shipping, Semiconductors, Environmental Engineering, Finance and Oil & Gas.
Understanding and Improving Customer Service
The organization not only follows “Bhodrolok Culture” in its business process, but also applies that in its recruitment process. Even after being in the financial service sector, the company follows a strict hiring policy and cautiously selects its employees. In this business, clients typically come from low-income households who have limited access to formal sources of financing and whose livelihood is directly dependent on the vehicle. The staff of Aris Capital reaches out to every such person who is aiming to start a livelihood by driving a commercial vehicle but is not getting that financial support.
With an aim to create awareness among the economically poor yet hardworking people, Aris Capital reaches out to chai stalls, dhabas (roadside food stall), garages, and truck stops and guides them on the banking and other financial services that they could avail to grow their business. The staff goes through numerous stages and enquires every detail and gives every effort to understand the person who is looking for financial support. Harsh says that “We understand whether the person can benefit from and repay the loan. We also guide them to repay with honesty.”
Establishing Symbolic Relationship with Unique Strategies
Growing number of markets are becoming extremely competitive, and clients are having an ever-widening choice of financial service providers to choose from. With the vast majority of NBFCs functionally confined to offering short-term credit products, the clients are effectively given the option of staying with or leaving their current service provider at the end of every loan cycle. Aris Capital stands out by maintaining a direct relationship with the customers where other companies use brokers to find customers who want to take a loan, and they pass on the credit to financiers.
“We don’t believe in brokers; we are a company which does direct lending to customers,” says Harsh.
The organization believes in the importance of educating clients and responds to their questions. It also obtains other critical information that can be fed into future marketing activities. This is particularly important in a competitive market where clients have a large number of choices and therefore want to ask many questions about the service before finally choosing which NBFC to use. Aris Capital believes in developing long-term relationships with its customers and wishes to support their financial growth over many years.
Conducting Awareness Programs for the Customers
Mostly in rural areas, customers are unaware of the specific terms and conditions, which are required for them to conduct the loan re-payment process. Aris Capital tries to educate its customers by conducting customer-relationship programs and educative events. Through this process, the customers are enlightened about the entire payment criteria and process.
The employees of the company make sure that they meet their customers frequently, hence maintaining a long-term relationship with the customer and creating a bond of understanding and trust.
Values and Factors Attributing to Success
With the growth of technology-based opportunities, the company has grown manifold. To enhance service standards and delivery processes, the organization believes that Speed, Energy, and Flexibility are required to build and expand. Aris strives to inculcate mobile banking habits among its customers and field staff using smartphone technology and customized, easy-to-use apps to greatly improve the speed and efficiency of financial transactions.
An Entrepreneur’s Advice to the Youngsters
Harsh Poddar states that there is never a perfect time to start something new. He further states that success and failure are part of life and business, but what is more important are the ambition and will to succeed. It is the unwavering commitment to their vision and a passion for their work that are critical components of an entrepreneur’s value proposition.
Expanding and Securing the Organization
Aris Capital provides diversified financing of vehicles such as commercial cargo vehicles, passenger commercial vehicles, tractors, and buses. With local branches in various regions of West Bengal, Jharkhand, Bihar, Odisha, Sikkim and Assam, the organization is among the largest finance providers in Eastern India. With an ambition towards delivering its services to more number of people, Aris Capital plans to expand aggressively towards north-eastern Indian states in the near future.
Source :-The 10 Most Admired Non Banking Financial Companies In 2018
Aris Capital: Creating Benchmarks in the Commercial Vehicle Finance Sector
