We strive to live up to the stature of a reliable coach so that employees value our advice and guidance. Our CEO, Rajeev Jain discusses coaching for success with the Economic Times. Click here to read.
Chairman of Bajaj Group, Rahul Bajaj discusses India’s growth prospects in this exclusive interview Click here
Our net revenues have grown 23% in the third quarter of the financial year 2014-15. Watch Sanjiv Bajaj, Managing Director – Bajaj Finserv, discuss the financial results with ET Now Here
Catch a glimpse of our goals for 2015. Check out this exclusive interview with our Managing Director, Mr. Sanjiv Bajaj.
Here is a glimpse of our goals for 2015. Check out this exclusive interview with our Managing Director, Mr. Sanjiv Bajaj https://lnkd.in/ejWrRg3
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
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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:
- 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
- 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.
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.
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.
Bajaj Finserv interviews Suhas Gopinath – Chairman & CEO, Globals ITeS Pvt Ltd. One of the youngest CEO’s of India.
Bajaj Finserv:Suhas, Welcome to Bajaj Finserv
Bajaj Finserv: When we first heard that you have agreed to be our next speaker at Confluence, we were all pleasantly surprised. Bajaj Finserv is so much different from your domain. What made you come here today ?
Suhas:So I spoke to the organizers and they told me that they are planning to scale up and want to foster entrepreneurship so that a sense of ownership is fostered in the company. This is what excited me and gave me an opportunity to understand , get some knowledge and also share some of my experience with the young leaders at Bajaj Finserv. I think it is important for them to feel that it is their company because I have faced some individuals who feel that they are employees of the company from 9-5, they feel it is not their company because it was founded by someone else and they are just the employees. I feel every staff and employee should have a sense of ownership. And you should foster those in the company itself.
Bajaj Finserv: Talking about ownership and as you said one should feel that they own this place, you built Globals Inc. from scratch. What has been your experience, rather what has been your biggest learning ?
Suhas: The fact that I started a company was my passion and that is exactly what is needed for every individual. He or she should do something that he or she is passionate about and have fire in the belly. When I started Globals, there were multiple hurdles like prejudice because of my age. People found it hard to accept that a 14 year old, who hasn’t even grown a moustache has actually established his own company. So it was very hard for my own employee to take me seriously. It was very hard for my partners to take me very seriously. But I have tided through that prejudice and also I was very assertive in my life and I never allowed failure to stop me from my success. I understood that it was part of the process to succeed in something.
Bajaj Finserv: So, building on that, in many other forums also you have said that, you have an impatient and an aggressive work personality. How has it really helped you in your career or your workplace?
Suhas: I am an impatient optimist, so I wouldn’t say that I’m only impatient. If you are only impatient then, at times it is seen as a weakness. But I would say that I am an impatient optimist because I feel that opportunities don’t wait for anyone so and its very important that you don’t miss the bus. So If you have a great idea but don’t think it is the right time to present and wait, you may end up opening the newspaper one day to find out that someone has already gone ahead and implemented it, and that really sucks! I have always felt that it’s important to be impatient and also an optimist just so that if you have any ideas it’s important to act on them and have belief in your ideas.
Bajaj Finserv: So do you follow such people practices in your company
Suhas: Yea exactly, so in my company we follow flat hierarchy structure. I still remember how when I was 15 and was hiring for my company, some of the candidates who were 29/30 commented that how can they work under someone half their age. This is exactly when I started to emphasize that at our company you didn’t have to be working under anybody but are looking for opportunities to work with you. So we removed the culture of boss and subordinate and it’s a flat hierarchal structure, which fosters innovation ultimately. I think that sets the outcome. There are other outcomes like attrition is low; it’s very easy to acquire talent. So in terms of workplace where the teams can interact more and exchange ideas to foster innovation and that means the outcomes are set.
Bajaj Finserv: Suhas you are now 26. You are the youngest entrepreneur. Your company has a huge turnover, and offices all across the globe, almost everything that people think is the pinnacle of achievement. So what’s next?
Suhas: I think it’s still the beginning for me. I think success has no full stops. When I met Bill Gates, that’s what he indicated – that success is not a stamp on you saying that you will always remain deeply successful. It’s important for you to understand that when you start your day, it’s actually the beginning of new opportunities and it could also have some hurdles. It is also very important for you to stay modest and to understand that you should have sustained success and that can only happen through values and ethics. At the same time, you should always be innovating in the company. So you can’t sit back and say – ok, we reached here, we have got operations in 14 countries and we are all good. I think that the entrepreneur has to feel it’s still the beginning.
Bajaj Finserv: Right. So Suhas, this is about your work and businesses. The world knows you as a person driven by the entrepreneurial spirit. But what does the world not know about you?
Suhas: Something the world doesn’t know about me is that as a personality I am an introvert.
Bajaj Finserv: Well that’s hard to believe!
Suhas(Smiles): When I speak in public forums and when I attend conferences and events, I assume it’s part of my job, so I speak up and network. But when I am with my friends or when I’m with my family I think I’m an introvert. I won’t be speaking much. I would sit back and observe others. My relatives think that at events he speaks so much and I keep seeing him at the media but when he attends this marriage or family gatherings, he is so shy. Quite a contradiction to my public image!
Bajaj Finserv:In your work life, you have always been improvising. You do something and you are already looking at your next goal. If I say the phrase “What is, is not as good, as it can be”, what does it mean to you ?
Suhas:I have always felt that when somebody gives you feedback like “excellent work” or “good show” etc or you have already achieved that, it’s important to emphasize that you are not sitting back and you are taking on appreciations and taking all the positive feedback. It’s also very important that you also personally believe in the work you have done and are satisfied with the results. If not, then sustenance will be a question.
Bajaj Finserv:Thank you Suhas, for sharing your views and thoughts with us. We hope that a lot of people would gain from this conversation and thank you so much for coming today
Suhas:Thanks for having me here.