If we all go back ten years when we hear the word loan we remember only the bank and the bank used to give loans only for building a house and buying car or bike. In very rare cases the working people got personal loans. From a wheeler to a smart phone whatever we want to buy in our life the money required by a company gives us a loan in seconds. Same as Bajaj Finance. Once it took many days weeks and some even months to get a loan from the bank. Getting verified you will get a loan was Bajaj Finance able to do what was not possible even for the big banks in India If you want to give a loan to a person how much Bajaj Finance can know in just seconds whether he can repay the loan he has taken or if he can repay it what is the secret behind this today I am going to tell you what is the actual business of Bajaj Finance In 2007 Bajaj company was split into three subsidiary companies namely Bajaj Auto Limited and Bajaj finserv now we are talking about Bajaj Finance is a part of it but the reason
Why Bajaj Finance is successful today is that once upon a time, to get a loan in a bank the documentation process verification approval. because of this banks do not give loans to buy small items like TV, AC, washing machine if you apply for a loan in a bank, the process for buying a car is the same as for buying a TV. Loans are not given a loan to a working person is very easy based on how much salary he gets he can easily analyze whether he can pay his loan or not and it was a very big process that took a lot of time. But it is very difficult to give loans to self employed people who do small businesses because their monthly income is never stable and varies from month to month based on their business so Bajaj Finance has seen this as a business opportunity which means that many small business people in India need money but they need a bank loan. Bajaj Finance has started giving loans to such people but to find out how much loan to give them whether they can be repaid or not Bajaj Finance has interduced data science into the business.
It has been collected from a few crores of people and this is called customer data. Because of this the use is that as soon as someone applies for a loan in which area they are located the information about how much they earn per month and how much they spend will be known in the information will be That is the power of data science so this difficult data is with Bajaj finance so Bajaj finance business has taken a genius step to explain that no cost emi means when you buy any item if you select this emi option you will pay in installments for few months so the original interest Transaction charge should be added do not need to pay even a single rupee of interest but there is a time limit for this.Bajaj finance has become a multi billion crore company today because of introducing low cost EMI option.Believe it you have a doubt that how do you say that the company has grown due to this the logic
Here is that many people who are watching this think that the reason why Bajaj Finance has grown to this level today is because of the money collected from all of us in the form of interest. If you think so then you are wrong Bajaj finance gets all this money not from us who take loan and buy the goods but from the companies who manufacture and sell those goods. So you understand but look at this example you went to an electronic show room and thought to buy an AC with a budget of 50 thousand showroom has Samsung and Blue Star AC for your budget If you buy Samsung AC you have to pay the whole amount at once but blue star company collaborates with Bajaj finance and gives no cost emi facility now which company will you buy ac blue star with no cost emi yes because here you do not need to pay the whole amount immediately and without interest to pay you also get extra time because here you do need to pay all the money immediately and you also get extra time without interest to pay.
Herenmore people buy Blue Star AC than Samsung from Bajaj Finance that company also gets profits so Blue Star Company is all done at no cost so it is provided by Bajaj. Finance gives 5% discount on that AC. Simply put if you put 50,000 and take a Bajaj Finance loan and buy an AC its price will cost you 50,000 but it will cost Bajaj Finance 47000 or less. This is the game that Bajaj Finance is playing few thousand companies selling products online and offline using this single sale stock have collaborated with Bajaj Finance and are providing EMI and No Cost EMI options that today Bajaj Finance has grown to be the largest company in India in the segment that finances hard to find products. If it happens Bajaj Finance will give loan for more than 70 products Bajaj Finance will take the risk by giving loan to the customer so companies will give Bajaj Finance in the form of discount on their products for the same amount you may have a doubt whether they will withdraw or not. According to the information in Bajaj Finances data base before giving the loan it is easy to decide how much the customer can pay back the loan.
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