To cash in on the burgeoning sales of lifestyle products, Bajaj Finance Ltd has forayed into financing of products like furniture, home furnishings, fitness equipment, luxury watches, etc., at zero per cent interest.
“We have already tied up with a number of stores across 10 cities to provide zero per cent finance on purchase of lifestyle products,” Bajaj Finance Business Head (Sales), Mr Devang Mody, said.
The company, which claims to be the first non-banking financial institution in the country to enter into financing of lifestyle products, has tied up with retail chains like Evoke, Reliance Living, Hypercity, Fitness One and Durian to push its just launched product.
According to an estimate, the market size of lifestyle products industry in India is about Rs 2 lakh crore.
“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 zero per cent interest proposition to lifestyle products,” Mr Mody said.
Bajaj Finance, which is present across 80 cities in the country, has been into finance of consumer durables and vehicle finance.