Bajaj Finserv introduces finance for consumer durable products in Gwalior

Bajaj Finance Limited (BFL) targets 9.3% of the Consumer Durable Finance market size of Rs. 60 crore in Gwalior. Read more.

Gwalior, August, 2014: Bajaj Finance Limited (BFL), the undisputed leader of Consumer Durable Finance, announced finance on consumer durable products in Gwalior, targeting 9.3% of the market size of Rs. 60 crore. A champion of the segment, BFL enjoys a share over 15% of the Rs. 65,000 crore consumer durable industry in India. The company has plans to tie-up with over 15 branded stores in Gwalior, where consumers can avail the benefits of this unique finance option. The consumer durable finance from BFL is available in places where other finance options are not.

Bajaj Finserv, with a current loan book of 8329 crore, has been growing at a constant rate of 30%, largely due to its interest free EMI finance on consumer durable loans. With this launch in Gwalior, Bajaj Finserv continues to consolidate its position as the leading consumer durable finance organization of India.

To avail an interest free EMI finance from Bajaj Finserv, a customer needs to simply walk into any of the consumer durables stores in the country, choose the desired product, and approach the in-store Bajaj Finserv representative. Within a few minutes, the person gets an approval on the loan. The customer pays the defined down payment for the selected product and the remaining amount, is divided into equal monthly installments. The customer can also choose from a range of loan tenors, ranging from 12 to 24 months. This brings down the cost of ownership and also helps the customer trade up. For example, if a person had a budget of 40,000, in case of a cash-down option, he would have managed to get a 32inch LED. With consumer durable loan, he can now trade up to a 46 inch LED and bridge the gap. What’s more, in this case, he may choose to make a down payment of even lesser than 40,000 preserve the rest of his savings.

We intend to establish a strong foothold in the Central India and Gwalior presents us with a huge business opportunity of 60 crore. Our technology platforms allow us to approve loans within 3 minutes while the costumer is in the shop, selecting his favorite product. For the customer, this life-event should be about buying his aspirational device without having to worry about the money he may need”, says Devang Mody, President – Consumer Finance, Bajaj Finserv.

Today, BFL disburses CD loans to more than 6 million happy customers across 110 cities in India. These loans are available on all major consumer durable products, that fall in the price range of Rs. 7,000/- to Rs. 5,00,000/-.

The company has gone a step further and introduced an innovative offering through the EMI card. The EMI card is available only for existing consumer durable loan customers. The existing customer can visit any of the Bajaj Finserv Lending affiliated stores and pay for his next consumer durable purchase, by simply swiping the EMI card. The customer already has a pre-assigned loan line on his account, which is determined through the internal policy framework and past behavior on his previous loan.

“We have invested deep in technology and process innovations to create long term sustainable advantages. This has allowed us to create win-win propositions for all members in the ecosystem. Our long-term strategic intent is to do more with our existing customer. EMI card is a proof point of how we approach innovation and our internal policy framework to create compelling long term brand propositions for our customers”, says Rajeev Jain, CEO Bajaj Finserv

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, Small Business Loans, Home loans, Credit Cards, Two Wheeler and Three Wheeler Loans, Construction Equipment Loans, Loan against Securities 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 details, Click Here.

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Urban Ladder ties up with Bajaj Finance limited to offer interest free EMI payment option

The online furniture company is making high ticket purchases easier by introducing a new payment option. Read more

The online furniture company is making high ticket purchases easier by introducing a new payment option

Bangalore, 1st July’14: Online furniture company Urban Ladder has joined hands with Bajaj Finance Limited (lending arm of Bajaj Finserv), the market leader in EMI finance in India, to offer interest free EMI payment option to its customers. Bajaj Finserv’s EMI finance facilitates easy down payment and convenient monthly EMIs, for paying the remaining balance of the purchase. Urban Ladder is the first e-commerce site in India to offer this payment option which was launched last week, to the customers with Bajaj Finserv. The total cost of the purchase just gets divided into 12 equal installments (with tenure option of up to 24 months). The customer is required to pay only 4 installments as down payment. The rest of the installments are paid through automated electronic transfers.

Rajiv Srivatsa, COO & Co-founder, Urban Ladder said, “At Urban Ladder, we continuously strive to make furniture shopping easier for our customers. Since furniture is a comparatively high ticket purchase, ease of payment helps make speedier purchase decisions. We are confident that this hassle free payment option will immensely help our customers.”

Several orders have already been placed through this payment option, especially for products such as sofas, beds, wardrobes and dining sets. The average ticket size of the company’s products is Rs. 20,000, which is the highest in Indian e-commerce market. This payment facility aims to further boost sales of some of its best selling consumer durables such as sofa sets and beds.

“Our business model is built on the technological platform that allows us to extend loan approvals on the spot. The idea is to not just give finance but also flexibility and peace of mind to the customer. Our partnership with Urban Ladder is a reiteration to our role in our customer’s life of enabling better realities”, said Devang Mody, President – Consumer Finance, Bajaj Finance Ltd.

The company is receiving favorable responses on this finance option, since its launch.

About Urban Ladder

Urban Ladder was launched by co-founders Ashish Goel (CEO) and Rajiv Srivatsa (COO) in July 2012 with the aim of providing a curated destination for home solutions, to help the urban Indian consumer build beautiful homes. The website provides shoppers with a wide range of contemporary designs of high quality, handcrafted furniture that blends beauty with functionality. The furniture is personally delivered and installed by Urban Ladder’s own logistics team for safe delivery.

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, Small Business Loans, Home loans, Credit Cards, Two Wheeler and Three Wheeler Loans, Construction Equipment Loans, Loan against Securities 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 details, Click Here

Media Contact:

For Urban Ladder: Suruchi Jajoo | +91-9739388168 | suruchi@urbanladder.com

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