India’s largest Non-Banking Financial Institution offers the nation’s first end-to-end, 100% online, unsecured loan for business expansion.

Pune, June 30, 2014: : Bajaj Finance Ltd, the lending and investment arm of the Bajaj Finserv group, has launched India’s first 100% end to end online service to offer business loans for its premium self-employed customers. This is the first of its kind offering by any financial services company in India.

The service is a completely automated process, allowing the customer to apply for business loans online and get approval instantly and directly from the company without any hassle. It does away with the complex process of filling lengthy forms and waiting for the company executive to file and process the application form. With the introduction of this new facility, loans can be approved within 5 minutes of completing the application and can be disbursed within 72 hours. The customer enjoys the convenience of applying for a loan anywhere and anytime, receiving a prompt response.

Eligibility
Cities Business Type Minimum Annual Turnover
Metros: Bombay, Bangalore, Delhi,
Hyderabad, Chennai
Manufacturing Rs. 5 Crore
  Trade Rs. 7 Crore
Service Rs. 3 Crore
Others (CA, Architect Doctors) Rs. 6 Lac
Non Metro: Rest of India Manufacturing Rs. 4 Crore
  Trade Rs. 3 Crore
Service Rs. 1 Crore
Others (CA, Architect, Doctors) Rs. 5 Lac

Bajaj Finserv offers business loans to self-employed customers with a minimum ticket size (minimum loan amount required) of Rs. 8 lakhs, and maximum of Rs. 30 lakhs. The loan can be availed by professionals such as architects, doctors, chartered accountants as well as firms and companies in various sectors including manufacturing, trade and services.

The process of applying for loan online is very simple. The customer simply needs to log on to ,the company website, fill in the details and the required amount. The customer can then get an immediate approval of the loan amount depending on the authenticity of information provided. On receipt of the relevant documentation, the company will then disburse the loan to the customer’s account within 72 hours, which is substantially quicker than the current industry average of 30 days.

Bajaj Finserv has always been at the helm of technology based innovation. The company has been providing a superior digital experience to all its customers since 2013. This includes end to end online personal loans for its salaried customers and India’s first 100% online loan against shares and bonds, for both salaried and self-employed customers.

“At Bajaj Finserv we are constantly investing in innovation and technology to ensure that we can reach out to our customers and provide them the comfort of quick processes, and minimal documentation and human intervention,” said Mr. Rajeev Jain, CEO – Bajaj Finance Ltd.

Currently, Bajaj Finserv has a market share of 16% in the business loan segment, with a monthly acquisition of over Rs. 200 crores of loans. The current business loans book stands at around Rs. 2050 crores. The company expects this new capability to contribute to over 10% in the next few years.

“Our business model is built on a technological platform which allows us to extend loan approvals with minimum hassle and in the quickest possible time. The idea is to not just give finance but also flexibility and peace of mind to the customer,” said Deepak Bagati, Business Head – Business Loans, Bajaj Finance Ltd.

Bajaj Finserv is also running a short duration promotional offer to drive the online adaptability of its loans. The company is offering iPads to the first 100 customers who apply through the online channel.

The online business loans are currently available in 8 cities and will be expanded to 90 locations across India over the next couple of quarters.

About Bajaj Finance Ltd

Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 6 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Personal Loans, Loan against Property, Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Shares and Rural Finance which includes Gold Loans and Vehicle refinancing Loans. Bajaj Finance Limited prides itself for holding the highest credit rating of FAAA/Stable for any NBFC in the country today. To know more about the brand and its businesses,click here.

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