Bajaj Finance Forays Into Financing Lifestyle Products

Monday, April 30, 2012
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New Delhi: To cash in on the burgeoing sales of lifestyle products, Bajaj Finance has forayed into financing of products like furniture, home furnishings, fitness equipment, luxury watches, etc, at zero percent 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) Devang Mody said.

The company, which claims to be the first non-banking financial instituion 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," Mody said.

Bajaj Finance, which is present across 80 cities in the country, has been into finance of consumer durable and vehicle finance.

Specifying some of the products which would fall under the category, Mody said, furniture, home furnishings, luxury watches, fitness equipment and high-end cameras and many more.

Mody said the loan in the segment amount ranges from Rs 25,000 to Rs 3 lakh, he said, adding, the total cost of the purchase just 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, he said.

The furniture alone would contribute about 50 per cent of the total lending, he added.

Source: PTI
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