Bajaj Finance Bets Big This Festive Season

Pune, November 2, 2015: Bajaj Finance Limited, India’s leading and most diversified NBFC, today announced the launch of “Bajaj Finserv Experia” mobile application, to offer ease and convenience to the customers opting for consumer durable loans.

A first-of-its-kind mobile application, Bajaj Finserv Experia will provide EMI finance in less than 60 seconds, anytime, anywhere! With this app, customers will now be able to check their loan eligibility at the comfort and convenience of their home or office thus helping them plan and purchase well.

The company has already received an overwhelming response on the app with over 32,000 applications within the first 10 days of its launch. The company expects over 18 lakh applications during this festive season through this mobile app. Currently, Consumer Durable loan book size stands at Rs 2465 crore as on September 30, 2015. Bajaj Finance aims to increase its share of finance in the consumer durable market to 25% as also expects 2X growth in its book size in Q3 versus last year.

The ‘Bajaj Finserv Experia’ app is free and customers can now download it and fill 4 fields pertaining KYC to apply for loan approval. The app also leverages company’s superior credit scoring expertise, which includes real time integration with the credit bureau and other platforms like Aadhar for seamless experience.

“Providing new and more convenient channels to customers and expanding into new geographies are key in the present times. We continue to simplify EMI financing for customers through digitization initiatives going forward as well” says Devang Mody, President Consumer Finance, Bajaj Finance Ltd.

“We’ve seen a strong start of the Festival Season. Our new mobile application has made it possible for customers to get an instant EMI Finance approval even before stepping into the stores for purchase. We have a robust process in place and if the festive season goes as planned, we expect our assets to grow 30-35 per cent”, says Rajeev Jain, CEO, Bajaj Finance Ltd.

Bajaj Finance Limited continues to strengthen its market leadership opportunities in EMI finance, and has therefore, over the last couple of quarters, expanded its presence from 8500 retailers to over 10000 retailers spread across 195 cities, including significant penetration in tier III & IV towns. It has taken a slew of initiatives which apart from the mobile App, include geo expansion and addition of new product categories like smartphones, digital products, furniture, and fitness products and is expecting significant sales from these categories (for e.g. the company expects to finance over 12 lac mobile phones this year as compared to 6.34 lacs last year). The company has also tied-up with all leading manufacturers across categories, covering the entire consumer durable landscape.

To capture the spirit of the festivities, Bajaj Finance has launched ‘Sparkling Diwali’ – a one of its kind promotional offer, wherein the company is offering Hyundai i20 elite cars as bumper prize to new customers besides Apple Mac books, Bose sound links, Air fryers and PSPs.

The promo is available in all the 172 cities from October 14 to November 15. The company expects over 18 Lac loan applications during this period and looks forward to double its consumer durable loan book.