Bajaj Finserv Launches Intelligent Home Loan Series
Bajaj Finserv Strengthens its Home Loan Portfolio, by Providing 3 EMI Holiday
Pune, Aug 12, 2014:
Bajaj Finance Ltd (BFL), the lending and investment arm of Bajaj Finserv Ltd, has launched Intelligent Home Loan Series. The company’s first offering is 3 EMI Holiday, which provides a 3 month grace period to the customers, before starting the EMI payments. This option can be availed by both salaried and self-employed individuals. Bajaj Finserv has already disbursed loans worth Rs 77.5 crores, within the very first month of its launch, which was in June 2014.The objective is to increase the Home Loans book size, incrementally by 15% every month. The company’s current Home Loan book size is close to Rs. 3,500 crores. By the end of FY15, the overall loan book size of the company is expected to cross Rs. 28,000 crores.
The interest for the first three months will get capitalized. To put it simply, the interest component of the first three EMI’s, would be added to the principal amount. And, the repayment schedule would get calculated on this amount. There is no additional interest or charge to the customer for availing this option. Also, the loan tenor will remain the same.
Commenting on the launch, Deepak Reddy, Sr. Vice President Mortgages, Bajaj Finance Ltd. said “Even after stretching to the maximum loan tenors, the Home Loan EMI forms the biggest monthly outflow component for the customers. We understand that cash flow planning is one of the most critical factors and the 3 EMI holiday option would ensure that our customers are comfortable during the first 3 months of their property transaction.”
“At Bajaj Finserv, we constantly focus on customer delight, value added services and transparency. We aim to reach out to the maximum number of people and provide them with the comfort of efficiency, quick processing and bouquet of products for aiding their life needs. The intelligent Home Loan series is a testimony of our desire to launch new and innovative customer centric products at an accelerated pace”, said Rajeev Jain, CEO Bajaj Finance Ltd.
Down payment of Home Loan, stamp duty & registration etc. are integral parts of home buying. These expenses bog down the customer’s budget and make EMI payments stiff, within the first 45 days of taking a loan. Bajaj Finserv’s 3 EMI Holiday option has been introduced to give flexibility to the customers, thereby assisting in better financial planning.
This offering can be availed by Bajaj Finserv customers, with a Home Loan requirement 25 lacs to 15 crores. However, part prepayment or foreclosure of loan will be possible only when the 1st EMI gets cleared, after the 3 month grace period ends.
About Bajaj Finance Limited
Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv Ltd, 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, Small Business Loans, Home Loans, Credit Cards, Two and Three Wheeler Loans, Loan against Securities, Fixed Deposits 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.