Non-Bank Financial Institutions (NBFIs) play a significant role in meeting the diverse financial needs of various sectors of an economy and thus contribute to the economic development of the country as well as to the deepening of the country’s financial system. As the development process proceeds, NBFIs become prominent alongside the banking sector. Both play significant roles in influencing and mobilizing savings for investment. However, they are also complementary to each other as each can develop its own niche, and thus may venture into an area where the other may not, which ultimately strengthens the financial mobility of both. Established in the year 1996, Olety Finance is a well known brand in Bangalore specialized in NBFC providing loans on Pre-owned Two Wheelers & Used Car Loans, using simple underwriting policy and able to sanction loans to customers with bare minimum documentation, entire processing time in one day.
“We were one of the first NBFC providing loans for used two wheeler in the industry. The firm also provides customer to buy certified used two wheeler from its own Olety Two wheeler & car dealership, which buys and sells two wheeler and cars under one roof. So we can proudly say we were the First NBFC with captive funding model providing customers an option to buy two wheeler & get Loan from the same company, first of its kind in the industry in early 1996,” says Kumaran Sampath, CEO, Olety Finance.
The Pillars behind the screen
Mr Santosh Olety is the Founder and Chairman of Olety finance, pioneer in pre owned two wheelers & cars in Karnataka, founded in the year 1993. During the first year of operations, Olety Finance achieved a milestone sales of about 120 two wheelers per month from its Sajjan Rao Road outlet, which had given enough confidence to scale up the business by having more number of branches across Bangalore. During the year 1996, the second branch was inaugurated in V.V. Puram and in 1998 the third one in Diagonal Road with a display capacity of 100 two wheelers each.
In the year 1996, Olety diversified into financial services by launching Olety Finance a Non-Banking Financial Company [NBFC] and also a travel division as a forward integration to its two wheeler business. Mr. Santosh has an overall experience in the automobile industry for 26 years and has gained excellent technical expertise & created a brand for himself and today Olety is a house hold name in Bangalore.
Kumaran Sampath is the Director & CEO of Olety Finance. He joined the company in the year 2018. A pioneer in lending business and worked with various corporate finance companies at Senior Management level, a Retail Banker with more than 23 years of experience specialized in retail loans covering all kinds of loan products from Car Loans, SME, Mortgages, CV & CE, and Inventory funding. He also worked at leadership roles in 20th Century Finance Corporation, General Motor Finance, Kotak Mahindra Prime & Reliance Capital Ltd. Kumaran managed retail Loans across all functions and geographies in India for nearly a decade handling, Business, Credit, Product, Leasing & Collections at Area, Regional, Zonal & National Level. He has joined the board with his expertise in consumer retail lending across geographies and taking business forward and spread across the country and makes it a Pan India player. He leads the vision of the company to be first choice of customers in Pre Owned Two Wheeler & Used Car Loans. Being an experienced speaker on Retail Loans, Policy & Procedures relating to NBFC’s Kumaran is also a Certified Speaker on public speaking from Dale Carnegie Intuition. Further Kumaran was a National Trainer at Reliance Capital and awarded with various National Award at leadership roles in Sales, Marketing, and CRM & Cross Selling from General Motors Acceptance Corporation ( GMAC ), Kotak Mahindra Prime & Reliance Capital Ltd. A regular marathon runner Kumaran, completed National Marathon Circuit 2017-18 conducted by NEB sports, a pan india running event for amateur runners and Procam Slam in 2018-19 conducted by Procam International, a prestigious competition for Amateur runners and first of its kinds in India.
Olety Cars had a path breaking Agreement with M/s Mysore Sales International Ltd (MSIL) a state government organization. A state Government organization venturing into a private used car dealer was a tremendous achievement of Olety Group. Inventory Funding / Credit lines with MSIL, this was a path breaking relationship with MSIL, a state government run organization providing limit to the Olety group was a great recognition for the brand and business model built over 2 decades in the market. Excellence Award in the recently held 8th MINE India 2019 – Microfinance & NBFC conference at Chennai for continues contribution in support retail vehicle loans for over 24 years.
“The NBFC acquire customer in view to retain him for life, our credit process is customer centric and not majorly depended on financial centric, we analysis customer to customer so that their needs are addressed rather having a fixed policy which cannot fit all the potential customer segments in our financial sector. Olety Finance help customer to indentify quality vehicles under our group company so the sense of belief is built which helps customer to prefer loans through our own NBFC more over we offer multiple loan options pre-approved if their repayment track remains clean and this we communicate to customer during our first loan disbursement so that customer recalls and come back to us for multiple loans,” elaborates Kumaran.
Olety Finance has a very sociable organization with a highly experienced team. “We are building our company with senior level corporate resources who have vast & experienced back ground from top bank & finance companies. We are a people friendly organization, empower employees, ease up employee policy, provide quality training, helping employees to learn new techniques on sourcing new business & develop selling skills as per market changes. We have a robust employee & customer policies so in all we are an employee & customer friendly corporate organization,” added Kumaran.
The firm with an optimistic outlook aspires to increase its clients and revenue in the years to come. Olety Finance also aims to spread its wings geographically pan India. “NBFC is also called shadow banking in our sector so it’s critical for Govt in ensuring this sector grows as faster as possible to be in the line with economic growth of the country. With new stable Govt at centre and RBI taking lot of measure to support NBFC liquidity requirement, we are certain & confident in raising capital smoothly to build our biz,” concludes Kumaran.