Bajaj Finance launches India's first 100% end-to-end unsecured online business loans

Bajaj Finance Ltd, the lending and investment arm of Bajaj Finserv group, today said it has launched India's first 100 per cent end to end online business loans for its premium self employed customers.

"This is the first of its kind offering by any financial services company in India," the company said in a statement.

The service is a completely automated process, allowing customers to apply for business loans online and receive instant approvals directly from the company. It does away with the cumbersome 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.

Bajaj Finance offers business loans to self employed customers from a minimum of Rs8 lakh to a maximum of Rs30 lakh. The loan can be availed by professionals such as architects, doctors, CAs as well as firms and companies in various sectors including manufacturing, trade and services.

To apply for online loans the customer 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 significantly quicker than the current industry average of 30 days.

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

Currently Bajaj Finance has a market share of 16 per cent in the business loan segment, with a monthly acquisition of over Rs200 crore of loans. The current business loans book stands at around Rs2,050 crore. The company expects this new capability to contribute to over 10 per cent 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 the quickest possible time," said Deepak Bagati, business head, business loans, Bajaj Finance Ltd. "The idea is to not just give finance but also flexibility and peace of mind to the customer.''

Bajaj Finance 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 from 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.

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.