VASANTHA KUMAR THE PIONEER FOR EMI LOAN SCHEME Venkatachalam Salem

Vasantha kumar CONSUMER LOANS PIONEER 

Harikrishnan Nadar Vasanthakumar 

(born 14 April 1950 – 28 August 2020) 

.

A Great personality

Vasanthakumar Congress M P, who died recently is an example for the next generation youth.

He was the pioneer for the now famous consumer goods EMI loan scheme.

It is unbelievable to read that he started with Rs.22 as a capital from his friend. And another Rs.8,000 loan from the  building owner.

From a turnover of Rs 5 billion in the year 2007, he managed to double it by 2020 to Rs 10 billion.

In the election affidavit filed before the EC in May 2019, he disclosed assets worth Rs 412.45 crore. 

He perfectly utilized the insatiable appetite for materialism in the middle class sector which did not have the purchasing power. 

He made the middle class people create a recurring deposit and accumulate amount. Once half of a product's amount had been accumulated, he gave the product on long term loan. The balance amount could be paid in easy monthly installments.

Over a period of ten years, many poor and lower-middle-class families achieved their dreams of having mixies and grinders of their own, which reduced their drudgery.

Vasanth never used any pressure tactics to recover the loan amount.  

He began on a meagre salary of Rs 70 a month. Vasanth had to visit the customers to collect the instalment amounts. It was then that he got vital feedback about consumer demands and needs.

At the same time, Vasanth and Co endeared itself to the customers by its strategy of giving priority to after-sales services.

He had set up a 100-line call centre and booths with separate staff to handle customer  grievances.

Vasanth also tapped the huge rural market.  "People don't realise that a huge market lies there. More than 60% of my customers are in rural areas,” said Vasanth when I met him a few years ago and wanted to know the secret of his strategy. 

ALL YOUTH SHOULD READ HIS LIFE

HISTORY.

source 

https://www.thenewsminute.com/article/vasanthakumar-man-who-delivered-middle-class-dreams-instalments-131920

Abridged 

by

Ezhilarasan Venkatachalam 

Salem 

Tamil Based English Trainer

THIS IS ONLY FOR EDUCATIONAL PURPOSES