Bajaj Finserv has introduced online personal loans to its kitty of offers to high networth individuals. While net-savvy customers would like it, they need to be vigilant
Bajaj Finserv, a diversified non-banking finance company (NBFC), has launched online personal loans for high net-worth individuals, with a ticket size between Rs1 lakh and Rs25 lakh, where approval is said to happen in a timeline of five minutes and disbursement within the next 72 hours.
The product is advantageous to target customers. Most of them being corporate employees do not have the time to visit bank branches to apply for loans, or else hold meetings with the sales persons. The expected ease and speed would be an edge for the product. Besides the issue of time, customers would be saved from mis-selling and mis-quoting, a rampant practice in the financial services industry currently.
The factor to be careful about is the interest rates charged online. That needs to be compared with the offline offers since you would not get a chance to negotiate online. The other issue that customers might face would be the cross-selling of other financial products. It may become frequent enough, to the distaste of customers.
Although banks have the online facility of applying for personal loans online, it is mainly designed to generate a lead. The sales person gets in touch with you and you get to do the same documentation like you would have done had you applied offline—by visiting a branch or else fixing up a sales meeting. Applying online only saves you from the initial visit or meeting.
With Bajaj Finserv’s online personal loan, the complete application will be filled online an e-approval will be generated instantly. Once that is done, the disbursement will take place within the next 72 hours of your submitting the documents.
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