Bajaj Finserv Lending, which soft-launched online services last week for the first time in India to offer personal loan to premium salaried professionals, aims to garner business worth Rs 500-550 crore in the first year of operations.

The company is offering online personal loans between Rs one lakh and Rs 15 lakh instantly.

“With this new facility, loans will be approved within five minutes of the application and disbursed within 72 hours if all verifications are in order,” Ashish Panchal, Business Head, Salaried Loans, Bajaj Finserv Lending, said.

Currently, the company offers personal loans to salaried customers up to Rs 25 lakh for its offline service.

After submitting the online application, the customer must keep ready three photocopies of his/her salary slips, the KYC document, and proof of identity, address and employment. These will be collected by the company itself before disbursement.

The service is a completely automated process. Once the customer submits the details, Bajaj Finserve will commence the verification of details provided by the customer and approval will be given instantly.

For this facility, the company will be charging Rs 999 as commitment fee for accepting online loans and a 15.5 to 17 per cent rate of interest depending upon the customer’s profile.

Already, it has received about 300 applications within a week of the launch.

Currently, Bajaj Finserv has a market share of 10 per cent in the personal loan segment, which is growing at 20 per cent.

India’s market for personal loans is about Rs 100,000 crore, including loan against gold and credit cards. In the case of salaried persons, the personal loan market size is Rs 27,000 crore, which is expected to double in five years.

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