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Bajaj Finserv Lending has forayed into the financing of products such as furniture, home furnishings, fitness equipment and luxury watches at zero per cent interest.
The size of the lifestyle products industry in India is Rs 2,00,000 crore. Bajaj Finserve, the first NBFC in India to enter into lending for such products, has tied up with retail chains such as Evoke, Reliance Living, @Home, Hypercity, Fitness One and Durian to grow this business.
This facility will initially be available in the Delhi NCR, Mumbai, Bangalore, Kolkata, Chennai, Hyderabad, Ahmedabad, Pune, Chandigarh and Kochi.
With the loan size ranging from Rs 25,000 to Rs 3 lakh, the company expects the total lending to touch Rs 350 crore during the current fiscal, and to cross Rs 1,000 crore by 2015, with furniture alone contributing about 50 per cent of the total lending.
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