Bajaj Finserv launched new Services for Finance Lifestyle Products

Bajaj Finserv Lending will start financing life style products like furniture, home furnishings, fitness equipment, luxury watches, etc, at 0 % interest.

The size of lifestyle product industry in India is Rs. 200,000 crore.

Bajaj Finserv is the first non-banking financial institution in the country to enter into financing of lifestyle products and has already tied up with retail chains like Evoke, Reliance Living, @Home, Hypercity, Fitness One and Durian to push its just launched product.

Bajaj Finserv finance schemes will be initially available in Delhi NCR, Mumbai, Bangalore, Kolkata, Chennai, Hyderabad, Ahmadabad, Pune, Chandigarh and Cochin.

Bajaj Finserv Lending plans to replicate its established network of 0% interest Consumer Durable Loans with presence in over 4000 outlets across 80 cities.

“Given the changing socio-economic spectrum with rising aspirations and the growing demand for acquiring better lifestyles, it was natural for us to extend the 0% interest proposition to lifestyle products. This further reasserts our role in our customer’s life of enabling better realities,” said Rajeev Jain, CEO, Bajaj Finserv Lending.

The loan size in the segment ranges from Rs 25,000 to Rs 3 lakh and the total cost of the purchase gets divided into 12 equal installments (with tenor option of up to 24 months) and customer is required to pay only 4 installments as down payment.

The company expects total lending to touch Rs 350 crore during the current fiscal and will cross Rs.1000 crores by 2015 with the furniture alone contributing about 50 per cent of the total lending.