Tata power solar partners with Bajaj Finserv to make solar more accessible

Interest-free EMI finance on Solar available here and now! Read on.

 

The interest-free EMI finance will be available through their pan-India dealer network

Bangalore, India, 16 July, 2014: Tata Power Solar, India’s largest integrated solar player, has partnered with Bajaj Finance Ltd, one of the largest non-banks in India, to provide interest free EMI options to consumers looking to buy solar products. This national financing tie-up will help make solar much more attractive and affordable alternative to conventional power sources.

The interest-free EMI option will be applicable to all Tata Power Solar products across various categories including solar lighting products (Tata Solar Venus series having LED/ CFL lights), solar water heaters products (Tata Solar Duro Zing & Ultima series) and power packs systems (Tata Dynamo). This option will provide instant credit processing for items below INR 2.5lakhs, and will be initiated in the top twenty cities across 10 states in the first phase with a country-wide roll out over the next few months.

“Solar products are the need of the hour, given the increasing power shortage India is facing. We are happy to launch our first consumer financing option with Bajaj Finserv, the market leader in this space. We have ensured that the offer is simple and without any hidden cost. There are a number of people who are hesitant to invest in solar due to initial upfront cost. We are sure that this offer, with its strong financial incentive, will help people find our products very affordable”, said Gagan Pal, Vice President – Products, Tata Power Solar.

While solar is extremely economical over the long-run, the entire investment is upfront. Compared to this, only a fraction of the total investment is upfront in other forms of non-renewable energy sources like diesel. This financing option aims to solve this issue and make solar products a viable alternative. The interest free EMI finance from Bajaj Finserv has no hidden charges and has a nominal processing fee. The loan is approved in as low as 3 minutes. The customer pays a nominal initial down payment and the rest can be paid through easy EMIs, ranging from7 to 10 months.

Speaking on the tie-up, Mr. Devang Mody, President – Consumer Finance, Bajaj Finance Ltd said, “We are extremely happy to tie-up with Tata Power Solar. Together we aim to empower consumers by giving them different financial choices for products which can impact their lives.We have developed credit policies and created partnerships to ensure the customer goes through a simple, hassle-free and quick process.For the customer, this life-event should be about buying his desired device without having to worry about the money he may need”.

About Tata Power Solar:

Tata Power Solar (TPS), with 25 years of deep domain expertise, is one of the pioneering solar manufacturers in the world and India’s largest specialised EPC player. Founded in 1989, the company was originally formed as a joint venture between Tata Power and British Petroleum Solar (BP Solar). As a pioneer and market leader in the solar space, headquartered in Bangalore, TPS now operates independently as a wholly owned subsidiary of Tata Power. TPS has a strong national presence with 8 regional offices, 40 authorized service centres plus a network of more than 1000 channel partners nationwide.

As one of the largest solar manufacturers in India, TPS operates three world-class manufacturing units in Bangalore, with a production capacity of 200 MW of modules and 180 MW of cells. It has completed more than 160 MW of ground-mount utility scale and 40 MW of rooftop and distributed generation projects across the country as of FY14. It also offers a diverse line of solar products for both urban and rural markets – these include water heaters, home lighting, street lighting, power packs, and water pumps among others. TPS is committed to enabling solar everywhere and aims to provide energy access to millions of people across the country via its integrated solar solutions. For more information visit: www.tatapowersolar.com

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 interest free Consumer Durable Finance & Lifestyle Finance, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Shares and Bonds, 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.

For more information visit: www.bajajfinserv.in

<Click here to check your Home Loan eligibility>>

For media queries, please contact:

Leena Sapre Debolina Mukherjee
Tata Power Solar Text100 India
M: +91 9632313688 M: + 91 9686604612
E: leena.sapre@tatapowersolar.com E: debolina.mukherjee@text100.co.in
How-Bajaj-Finserv-Leverages-the-Cloud

How Bajaj Finserv leverages the cloud

The Cloud refers to the internet. We explain how anyone can benefit from cloud computing and how we have leveraged it here.

Cloud Computing is nothing but moving the actual ‘processing’ work away from the client (user’s computer), over the internet, to a centralized location which will contain a group of powerful servers which will do all the actual work.

What kind of work, and how much processing the servers do, depends on the solution implemented. A cloud storage solution like Dropbox will just store all your files for you on a centralized location and allow you to access it from anywhere. A cloud solution like Microsoft Word Online, will allow you to create a Word document and execute all the computing on a central server managed by Microsoft. The actual work done by the client machine is only to transfer the input/output data, to/from the server, over the internet, and display the Graphical User Interface for Microsoft Word Online.

There are many benefits to using a cloud solution. The biggest benefit is reduced IT infrastructure costs. Let’s look at an example. If you have a medium sized organization with 600 employees, and you need to provide email solution, you have 2 options:

  1. On premise: Buy all the required mail servers, storage (NAS hard drives), networking equipment, and software licences. Set up the infrastructure, hire a team to manage it, and invest in making sure you provide close to 100% up-time for the email solution. If the company size increases, you probably need to buy additional servers and storage to manage higher requirements
  2. Cloud: You could pay a per-user per-month fee to a cloud email service provider. You won’t need a team to look after the servers and storage. You won’t need to worry about uptime, or catering to additional users. And because of the pay-as-you-go model, you only pay for the licenses you use, and the provider takes care of everything else.

Accessibility – your employees can access a cloud solution at any time from any network. The software provider hosts the software and makes it accessible over the internet. So all you need to access the software is an internet connection. Whereas, if you wanted to do that yourself, you would either have to specially configure your servers to allow internet access, or extend a separate connection (cable) to the end-point (computer) at which you want access.

Software updates are direct from the service provider and are immediately applied to your solution. In an on-premise solution, you usually buy a version of the software; you run an instance (individual copy) of it on your servers. The software provider makes updates to their own instance of the software, and releases it once ready. For you to update your instance, you need to use the new version and re-apply all changes/customizations which were done on your instance. With a cloud solution, the software provider keeps making changes which reflect when you use the software. Think of it like Windows OS vs. Facebook. To upgrade your Windows, you need to use a DVD and install it on your computer. It takes time to backup and restore all your settings/documents. Whereas, with Facebook, you may be using a particular version of the software on Wednesday, but on Thursday when you login you might see a new version of Facebook with a different set of features, and user interface – and you didn’t need to put in any effort to upgrade.

Cost is a major benefit of cloud services. It is not necessarily cheaper than an on-premise solution but it is cheaper for now. What this means is, with an on-premise solution, you need to spend all the money at one shot. If a year later, you need to scale up, you may need additional infrastructure, and if you need to scale down, you can’t really fully recover the investments made. In a cloud model, you pay only for what you use – so if you feel that a number of software licenses are no longer required, you can reduce your costs immediately. Also, you don’t have to spend the entire amount at once, as capital expenditure.

Customer Acquisition for Consumer Durables:

We are India’s largest users of SalesForce.com (SFDC). The base SFDC offering if modified to run our entire sales and underwriting process workflows. For enabling our 3 minute approval process for consumer durable loans we have deployed SFDC at over 14000 dealerships. Because we use a cloud solution like SFDC, dealers are free to use any computer with an internet connection to hook in to our Consumer Durable (CD) underwriting system.

While most of the CD underwriting is done on SFDC, the final leg of the in-store process is carried out on a system on our own servers. While this setup has served us very well until now, the volumes we process daily has grown exponentially. This is why we have recently hosted this final step on the Microsoft Azure platform. This has enabled us to tap into Microsoft’s vast server infrastructure to handle much larger volumes that we were capable of handling internally.

Customer Acquisition for SME Loans

We also use SFDC extensively for our SME Loan credit approval processes. The sales team logs in the file/case on SFDC. It is then passed on (physical file and SFDC case) to our credit operations team who process the file in order to approve/reject it. Once all the data entry is completed by the sales and credit operations team, SFDC, which has our credit policies embedded, responds with a approval/rejection message for that case.

Since it is accessible from anywhere, our sales team can access SFDC from their mobiles, or using their laptops on any internet connection (home, Bajaj Office, customer office etc.). This helps our credit process to be efficient as they don’t have to wait till they come to their main office location to action in particular case.

Employee Self Service

Our Employee Self Service software is cloud based. So an employee can access all his employee related information, transaction and service features from anywhere.

Email

We use Microsoft as our cloud email service, Sharepoint, and Office 365 provider. We get all the features listed here, by paying a per-user per-month fee. We do not need to invest in any hardware infrastructure or a team to run this. Microsoft handles everything.

The technology team at Bajaj Finserv are strong advocates of Frugal Engineering, and using cloud solutions play a very important role in enabling us to be frugal.

<Click here to check your Home Loan eligibility>>

Family-Day-at-Bajaj-Finserv-2014

2014 family day at Bajaj Finserv

Bajaj Finserv celebrated Family Day 2014 across 24 locations in style.

With over 3,000 families attending the event, Family Day 2014 was a grand success. Family Day was celebrated across 24 locations with everybody enjoying a fun-filled evening. Click here for more.

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