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Non-banking financial company Bajaj Finserv Lending will now offer loan against securities on its online platform.
According to the company, an applicant with a current securities portfolio of minimum Rs 45 lakh will be eligible to apply and depending on the quality of portfolio, the eligibility will be processed.
Targeted at self-employed individuals, salaried professionals and small and medium enterprises, the company will offer online processing and loan approval after evaluating the primary data, check the creditworthiness of the applicant and share the eligibility of loan as well as in-principal approval within five minutes, the company said in a statement.
The minimum ticket size for the loan is Rs 25 lakh and maximum is Rs 10 crore. Further, it provides part pre-payment facility at any interval as per available liquidity.
Securities portfolio
Securities portfolio would include the current stock portfolio, mutual funds and insurance (currently only from Bajaj Allianz).
“The company aims to increase its loan portfolio from Rs 700 crore to Rs 1,200 crore in FY14,” it said.
“With this launch, consumers across India can secure approval for a loan against securities in five minutes and get disbursal in 72 hours. The loan approval system is integrated to the movement of stock prices in real time on both BSE and NSE,” said Samir Satyam, Business Head - Loans against Securities, Bajaj Finserv Lending.
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