Bajaj Finserv Lending launches online personal loans for salaried individuals

NEW DELHI: Consumer finance major Bajaj Finserv Lending has put personal loans on the fast track by introducing a facility for online approvals. The facility, which is only for salaried persons, allows a customer to apply for a personal loan online.

After he keys in his details, including PAN number, income and employment details, he gets to know how much loan is he eligible for.

If the loan is approved, the company arranges for picking up the relevant documents from the customer. These include proof of income (2 month salary and 6-month bank statement) and identity details (copy of PAN card and address proof). Bajaj Finserv says if documents match the information provided by the customer in the online form, the loan is disbursed within 72 hours of applying.

"We are constantly innovating to ensure that we can reach out to people and provide them the comfort of quick processes, minimal documentation and human intervention," says Rajeev Jain, CEO of Bajaj Finserv Lending.

This comfort comes at a price though. Besides the normal processing fees of 1-2% of the loan amount, Bajaj Finserv charges a commitment fee of Rs 999 to weed out non-serious applicants. In return, it offers customers an accidental insurance cover of Rs 5 lakh, a 6-month access to a money manager portal for aggregation of financial affairs, free online tax filing (for one year) and a 0% EMI card that can be used to make purchases on EMIs.

Bajaj Finserv Lending offers personal loans to salaried customers with a minimum ticket size of Rs 1 lakh and maximum of Rs 25 lakh. However, for online aopplications, the maximum amount is Rs 15 lakh, which may be increased in the coming quarters.

"The idea is to not just give finance but also flexibility and peace of mind to the customer," says Ashish Panchal, business head, salaried loans, Bajaj Finserv Lending.