Overview Of Loan Process.docx

 INDEX CHPTER NO.

CONTENTS

Executive Summary I

INTRODUCTION 1 What is Loan? 2 Types 3 Target markets 4 Financial Sector

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PROFILE OF THE ORGANIZATION 1 Adecco 1.1 Code of Conduct 1.2 Vision 1.3 Offers a spectrum of services 2 Bajaj Finserv 2.1 About 2.2 History 2.3 Profile of the Organiasation

III

Research Design and Methodology 1 Source of Data Collection 2 Objective of the project 3 Scope of the project

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9 11 - 15 11 12 14 15 16 - 35 16 17 17 18 19 20 21 24 36 - 37 37 37 37

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4 Research Methodology 6 Analysis of Data IV VI

BRAND IDENTITY CONSUMER FINANCE PROCESS 1 Flow Chart Of The Application Process, To Loan Approval To File Documentation And File Send 2 Documents Required For The Loan Approval

6 Features and Benefits 7 Extended Finance 8 Eligibility and Documents 10 Fees and Charges 11 How to Apply 12 Advantages of BFL scheme over its competitors: 13 Competitors 14 SWOT 15 Data Analysis 15 Case Study V

OBSERVACTION

VI

SUGGESTIONS

VII

COCLNUSION

VII

BIBLIOGRAPHY

38 38 39 40 – 64

41 - 42 43 53 53 54

55 56 58 59 64 68 73 82 83 84 85

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3

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INTRODUCTION India is undergoing rapid development “It means that there are millions of people who dream of better home better infrastructure and a better life. This opens several avenues of potentially limitless growth in the infrastructure and construction sector. Bajaj Finserv Lending will help grab this opportunity to grow real estate businesses. A category of stocks containing firms than provides financial services to commercial and retail customer. This sector includes banks investment funds insurance companies and real estate.

What is Loan? In finance, a loan is the lending of money from one individual, organization or entity to another individual, organization or entity. A loan is a debt provided by an entity (organization or individual) to another entity at an interest rate, and evidenced by a promissory note which specifies, among other things, the principal amount of money borrowed, the interest rate the lender is charging, and date of repayment. A loan entails the reallocation of the subject assets for a period of time, between the lender and the borrower. In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time. The loan is generally provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although

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this article focuses on monetary loans, in practice any material object might be lent. Acting as a provider of loans is one of the principal tasks for financial institutions such as banks and credit card companies. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.

Types:-

Secured A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral. A mortgage loan is a very common type of loan, used by many individuals to purchase things. In this arrangement, the money is used to purchase the property. The financial institution, however, is given security – a lien on the title to the house – until the mortgage is paid off in full. If the borrower defaults on the loan, the bank would have the legal right to repossess the house and sell it, to recover sums owing to it. In some instances, a loan taken out to purchase a new or used car may be secured by the car, in much the same way as a mortgage is secured by housing. The duration of the loan period is considerably shorter – often corresponding to the useful life of the car. There are two types of auto loans, direct and indirect. A direct auto loan is where a bank gives the loan directly to a consumer. An indirect auto loan is where a car dealership acts as an intermediary between the bank or financial institution and the consumer.

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Unsecured Unsecured loans are monetary loans that are not secured against the borrower's assets. These may be available from financial institutions under many different guises or marketing packages: 

Credit card debt



Personal loans

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Bank overdrafts



credit facilities or lines of credit

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Corporates bond (may be secured or unsecured)



Peer-to-peer lending

The interest rates applicable to these different forms may vary depending on the lender and the borrower. These may or may not be regulated by law. In the United Kingdom, when applied to individuals, these may come under the consumer credit act 1974. Interest rates on unsecured loans are nearly always higher than for secured loans, because an unsecured lender's options for recourse against the borrower in the event of default are severely limited. An unsecured lender must sue the borrower, obtain a money judgment for breach of contract, and then pursue execution of the judgment against the borrower's unencumbered assets (that is, the ones not already pledged to secured lenders). In insolvency proceedings, secured lenders traditionally have priority over unsecured lenders when a court divides up the borrower's assets. Thus, a higher interest rate reflects the additional risk that in the event of insolvency, the debt may be uncollectible

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Demand Demand loans are short term loans[1] that are typically in that they do not have fixed dates for repayment and carry a floating interest rate which varies according to the prime lending rate. They can be "called" for repayment by the lending institution at any time. Demand loans may be unsecured or secured.

Subsidized A subsidized loan is a loan on which the interest is reduced by an explicit or hidden subsidy. In the context of college loans in the United states, it refers to a loan on which no interest is accrued while a student remains enrolled in education.

Concessional A concessional loan, sometimes called a "soft loan", is granted on terms substantially more generous than market loans either through below-market interest rates, by grace periods or a combination of both. Such loans may be made by foreign governments to developing countries or may be offered to employees of lending institutions as an employee benefit.

Target markets

Personal Loans can also be subcategorized according to whether the debtor is an individual person (consumer) or a business. Common personal loans include mortgage loans, car loans, home equity lines of credit, credit cards, instalments loans and payday loans. The credit score of the borrower is a major component in and 8

underwriting and interest rates (APR)of these loans. The monthly payments of personal loans can be decreased by selecting longer payment terms, but overall interest paid increases as well. For car loans in the U.S., the average term was about 60 months in 2009.

Commercial Loans to businesses are similar to the above, but also include commercial mortgages and corporates bonds. Underwriting is not based upon credit score but rather credit ratings.

Financial sector A category of stocks containing firms than provides financial services to commercial and retail customer. This sector includes banks. investment funds. insurance companies and real estate. Financial services perform best in low interest rate environments. A large portion of this sector generates revenue from mortgages and loans. which gain value as interest rates drop. Furthermore. when the business cycle is in an upswing. the financial sector benefits from additional investment improved economic condition usually leads to more capital projects and increased personal investing. New projects require financing. which usually leads to a large number of loans “Finance" is often defined simply as the management of money. However, is a family of business activity that include the original. marketing. and management of cash and money surrogates through a variety of capital accounts. instruments. and markets created for transaction and trading assets. Liabilities and risks. Finance is conceptualized. structured. and regulated by a complex system of power relation within political economies across state and global market.

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PROFILE OF THE ORGANISATION

Adecco India Adecco India is a part of Adecco Group – the world’s leading provider of HR solutions and a Fortune 500 Company. Adecco India, headquartered in Bangalore, is a leading end-to-end HR solutions company that focuses on Executive Search, Recruitment, Learning and Temporary Staffing services to client organisations. With a national presence through 85 branches across the country, Adecco is the fastest growing HR Services company in India.

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Rapid growth with the largest network of over 85 branches

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Over 110,000 associates on assignment everyday, nationally

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Distinguished list of over 1500 clients across all segments

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Placement of around 8000 candidates per month, across India

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Over 1100 trained and specialised consultants to customise HR solutions

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CODE OF CONDUCT

The importance of work, and what we do to help people find it, cannot be overstated. Work can define who we are. It can give purpose and meaning to our lives. It permits us to apply our talents to contribute to society.

The success in helping others realise their dreams is based upon the trust and loyalty they have in them. Trust and loyalty are the most precious assets in any business, but it cannot be bought or manufactured, it must be earned.

They are dedicated to earning the trust and loyalty of our associates, clients, customers, shareholders, the communities in which we operate and one another, by performing our work in accordance with there Code of Business Conduct and there

core values of Team Spirit, Customer Focus, Responsibility and

Entrepreneurship.

Vision The aim is to give everyone involved with Adecco the opportunity to improve their situation, be it at work, at home, in leisure activities or in life.

They are the world leader in connecting people both globally and locally with the talent they need and the work that they want. They seek those motivated to make change and know that, as partners we can help them to shape and achieve their personal.

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Offers a spectrum of services o

Recruitment Solutions

o

Staffing Solutions

o

Professional Staffing

o

Talent Management

o

Assessment Solutions

o

Payroll Management

o

Managed Services

o

Recruitment Process Outsourcing

Domain expertise across specific industries •

Information Technology

•

IT Enabled Services

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Telecom, Media, and Entertainment

•

Engineering, Process, and Infrastructure

•

Consumer Services and Retail

•

Banking, Financial Services, and Insurance 12

BAJAJ FINSERV

Bajaj Finserv Bajaj Finserv was formed in April 2007 which is situated in 4TH Floor, Bajaj Finserv Corporate Office, Pune-Ahmednagar Road Viman Nagar, Pune 411014, Maharashtra. As a result of its demerger from Bajaj Auto Limited to act as a pure play financial services business. The process of demerger was completed in Feb 2008. This demerger was not only to unlock values in the high growth business areas of Auto, Insurance, Finance sectors and Wind Power but also to run independently these core businesses and to strengthen the competencies. The wind power project, the stakes in the life and general insurance companies and consumer finance along with their respective assets and liabilities got vested in Bajaj Finserv Limited.

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ABOUT Bajaj Finserv Ltd., incorporated in the year 2007, is a Large Cap company (having a market cap of Rs 46296.91 Cr.) operating in Finance sector. Bajaj Finserv Ltd. Key Products/Revenue Segments include Dividend which contributed Rs 111.08 Cr to Sales Value (45.84% of Total Sales), Interest which contributed Rs 62.93 Cr to Sales Value (25.96% of Total Sales), Wind Energy which contributed Rs 58.37 Cr to Sales Value (24.08% of Total Sales), Income from Sale of Share & Securities which contributed Rs 9.94 Cr to Sales Value (4.10% of Total Sales), for the year ending 31-Mar-2016.

For the quarter ended 30-Jun-2016, the company has reported a Consolidate sales of Rs. 2731.36 Cr., up 10.69% from last quarter Sales of Rs. 2467.57 Cr. and up 29.25% from last year same quarter Sales of Rs. 2113.19 Cr. Company has reported net profit after tax of Rs. 816.30 Cr. in latest quarter. The company’s management includes Mrs.Sonal R Tiwari, Dr.Gita Piramal, Mr.D J Balaji Rao, Mr.Kevin Dosa, Mr.Madhur Bajaj, Mr.Nanoo Pamnani, Mr.Naresh Chandra, Mr.Rahul Bajaj, Mr.Rajiv Bajaj, Mr.Ranjit Gupta, Mr.S Sreenivasan, Mr.Sanjiv Bajaj, Mr.V Rajagopalan, Mrs.Sonal R Tiwari. Company has Dalal & Shah LLP as its auditors. As on 30-Jun-2016, the company has a total of 159,091,745 shares outstanding.

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HISTORY The company through its joint ventures and subsidiaries employs over 20,000 employees and has establish nationwide presence across over 1400 locations. The company is currently engaged in consumer finance businesses, life insurance, and general insurance and has plans to expand its business by offering a wide array of financial products and services in India. Apart financial services, Bajaj Finserv is also active in wind–energy generation. Bajaj Finserv was ranked among The Economic Times 500 as 119 in 2015. The financial services and wind energy businesses were transferred to Bajaj Finserv Limited (BFS) as part of the recently concluded demerger from Bajaj Auto Limited, approved by the High Court of Judicature at Bombay by its order dated 18 December 2007. The demerger was effective on 31 March 2007. BFS is engaged in life and general insurance businesses through its joint ventures with Allianz SE namely Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited. Bajaj Holdings has been registered as a Non–Banking Financial Company (NBFC) under the Registration No. N–13.01952 dated 29 October 2009 with Reserve Bank of India (RBI). The company is classified as a Systemically Important Non–deposit taking NBFC as per RBI Regulations. Bajaj Finserv Lending hits lig on 0% interest finance. India Info line News Service 17:22. Apr 17.2012. The economy continues to he the silver fining in an economic environment riddled with volatility and uncertainty. Today. 0% finance holds an over ll% share in the total consumer durables industry. Out of the total sales of over [NR 36850 Cr annually. over 4053 Crore are bought on 0.1 interest finance. While the industry is growing at 9% YOY. 0% interest finance is growing at 13 times as much with over I 18% growth YOY.

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In turn. Bajaj Finserv Lending continues to be the largest driver of this growth with over 9% share and growing at 88% YOY. This puts Bajaj Finserv Lending in a clear leadership position. Today. one out of every 5 flat panel TVs is bought on the 0% interest consumer durables loans option from Bajaj. This growth has come at the back of significant investments made in distribution. technology and process automation. They have invested deep in technology and process to create long term sustainable advantages. This has allowed them to create win-win propositions for all members in the ecosystem. Available at over 4000 outlets across the country across metros. tier 2&3 cities. Bajaj Finserv Lending 0% interest consumer durables loans are available in places where other finance options like credit cards may have low penetration. Even where other finance options are available. Bajaj Finserv Lending 0% interest option offers a far better experience. All a customer needs to do is to walk into any of the consumer durables stores in the country. choose the desired product. and approach the in out store Bajaj Finserv Lending representative. Within a few minutes. the person gets an approval on the loan. The customer pays the defined down payment for the selected product and the remaining amount. Is divided into equal monthly installments. The customer can also choose from a range of loan tenors. ranging from 12 to 18 montly. This brings down the cost of ownership and also helps the customer trade up. For example. if a person had a budget of 40.000. in came of a cash down option. he would have managed to get a 32inch LED TV. With 0% interest consumer durable loan. he can now trade up to a 46 inch LED and bridge the gap with the 09% interest consumer durable loan. In the case. he may choose to pay down an even lesser amount than 40000 as the down payment and keep the rest as his savings. They have developed credit policies and created partnerships to ensure the customer goes through a simple. hassle-free and quick process. Their technology platforms allow them to approve loans in as low an 3 minutes while he is in the 16

shop. selecting his favorite product. For the customer. this life-event should be about buying his aspirational device without having to worry about the money he may need. The company has gone a step further and introduced an innovative offering through the EMI card. Available only for existing 0% interest consumer durable loans customers. the EMI card allows an existing customer to go to any of the Bajaj Finserv Lending affiliated stores and pay for his next consumer durable purchase with a simple swipe of the FJVII card. The customer already has a pie-assigned lom line on his account that is determined through the internal policy framework and past behavior on his previous loan. Bajaj Finserv Lending launches Extended Warranty with its 0% interest Consumer Durable Finance. Another innovation from Baja j Finserv Lending. Extended Warranty will provide additional 1 year coverage for products after the expiry of the manufacturer warranty period. Bajaj Finserv Lending. the market leader in Consumer Durables Finance. Has launched ’Extended Warranty' plan with its 0% interest Consumer Durables Finance. Finance for their durables purchases. Extended Warranty launch is art of the company's active pursuit of innovations and commitment to continuously enhancing the value bundle.

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Board of directors Name

Designation

Rahul Bajaj

Chairman

Nanoo Pamnani

Vice-chairman

Madhur Bajaj

Major director

Rajiv Bajaj

Director

Sanjiv Bajaj

Non-executive director

D.S.Mehta

Major director

D.J.Balajirao

Director

Dipak Poddar

Director

Ranjan Sanghi

Director

Rajendra Lakhotia

Director

Omkar Goswami

Director

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Product Profile of the Organization Bajaj Finserv Lending offers loans for various needs. We offer loans for Bajaj Auto Two Wheelers under the name of Bajaj Auto Finance Ltd. We offer Consumer Durable Loans, Personal Loans, Loan against Property, Small Business Loans, Construction Equipment Loans, Loan against Securities and Insurance Services under the name of Bajaj Finserv Lending. Bajaj Finserv Lending is one of the most diversified NBFCs in the market catering to more than 5 million customers across the country. Apart from being a well-recognized organization, they pride us for holding the highest credit rating of FAAA/Stable for any NBFC in the country today. The product offerings include Consumer Durable Loans, Personal Loans, Loan against Property, Small Business Loans, Two-wheeler and Three – Wheeler Loans, Construction Equipment Loans, Loans against Securities and Insurance Services.

Home Loan

Consumer Durable Loan

Construction Equipment Loan Product Portfolio

Three/Two Wheeler Loan

Mortgage Loan Personal and Small Business Loan

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Current Position

Particular

June 2016

Sales

% Chg (Quarterly)

% Chg (Yearly)

2,731.36

10.69

29.25

180.48

81.46

83.23

2,011.93

9.72

25.63

0.10

-33.33

-41.18

2,012.03

9.72

25.62

852.50

7.98

28.27

16.34

-5.98

37.66

Net Profit

816.30

6.45

20.57

EPS (Rs)

33.80

4.00

15.36

Other Operating Income Operating Profit

Other Income EBITDA

Interest Depreciation

 Launch of Digital Product Financing: The company added digital product financing as an extension to its consumer electronics financing business.

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 Launch of Rural Lending: The company launched its rural financing business in 7 branches and 30 spokes across Maharashtra.The full product suite consisting of consumer electronics financing,gold loans and refinancing loans have been launched in these markets.

 Among the top 3 BFSI companies to work for in India: The company has been ranked as the 3rd Best Financial Service Company to Work For in India by ‘Great Place to Work Institute’-Amongst the most prestigious employer award in India.

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Bajaj Finserv Share Holding

Category

No. of Shares

Percentage

Promoters

92,852,783

58.36

General Public

27,667,701

17.39

Others

15,278,524

9.60

Foreign Institutions

9,856,167

6.20

NBFC and Mutual Funds

9,729,895

6.12

Financial Institutions

3,706,675

2.33

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Future Plan of the Organization

 Application for Banking License: Bajaj Finserv Limited, the holding company of Bajaj Finance Limited, has submitted its application to Reserve Bank of India on June 26, 2013 for a license to commence banking business in terms of section 22 of the Banking Companies Act, 1949.It is proposed to do this by converting its subsidiary Bajaj Finance Ltd.into a Bank in terms of RBI Guidelines for Licensing of New Bank in the Private Sector dated February 22, 2013.

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Awards  Top 3 Financial Services Company: We're proud to be ranked amongst the Top 3 Financial Services Companies to work for in India. The ranking was conferred on us by Great Places to Work (GPTW), the gold standard in ranking the world’s best workplaces, at a special event hosted in Mumbai on 21 June, 2013. GPTW conducts this survey every year amongst more than 500 companies across India. This year more than 530 companies participated in the survey.  CIO 100: Recently, we also won the CIO 100 Innovation award for two of our innovations - EMI Card and Flexi saver.CIO 100 is an annual award program that recognizes organizations that exemplify the highest level of operational and strategic excellence in information technology (IT). CIO magazine has a long and proud tradition of honoring leading companies for business and technology leadership and innovations through its premiere award program – CIO100. Now in its 25th year in the USA, it is an acknowledged mark of enterprise IT excellence. It’s a celebration of 100 organizations (and the people within them) that are using information technology in innovative ways to deliver business value, whether by creating competitive advantage, optimizing business processes, enabling growth or improving relationships with customers. Hosted in countries such as Canada, Sweden, Australia, Singapore, Vietnam, Hungary and India, the CIO 100 Awards is a truly global recognition. It is an acknowledged mark of excellence in enterprise IT.

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Vision and Mission of the Organization: Vision: Bajaj Finserv has a vision to become a full-fledged financial services company and be the financial partner to the Indian consumer and help him across his financial needs, whether for finance, for investment management, for protection or for post-retirement support, throughout his lifecycle.

Mission: Bajaj Finserv aims to be the most useful, reliable and efficient provider of Financial Services. It is our continuous endeavor to be a trustworthy advisor to our clients, helping them achieve their financial goals.

Objective of the Organization: Our main objects as contained in our Memorandum of Association include: 1. To Finance industrial by way advance ,deposit or lend money, securities and propertied or with any Company, Body corporate, trust, firm, person or association whether falling under the same management or otherwise, with or without security and on such terms as may be determined from time to time, and to carry on and undertake the business of finance and investment and to provide venture capital, seed capital, loan capital and to participate in equity preference share capital or to give guarantees on behalf of the company in the matter and to promote companies engaged in industrial and trading business and to

act as Financial Consultants,

Management Consultants, Brokers, Dealers, Agents and to carry on the business of share broking, money broking ,exchange broking, bill broking 26

and general brokers for shares ,debentures, debenture-stock, bonds, units, obligations, securities ,commodities, bullion currencies and to manage the funds of any person, firm, body corporate or trust by investment in various avenues like Growth Fund, income fund, risk fund, tax exempt funds, pension /superannuation funds and to pass on the benefits of portfolio investments to the investor as dividends, bonus, interest, etc. 2. To carry on the business as an investment company and to underwrite, subunderwrite, to investigating , and acquire by gift or otherwise and hold, sell, buy or otherwise deal in shares debentures, debentures-stocks, bond, units, obligations and securities issued or guaranteed by Indian or Foreign Governments, States, Dominions, Sovereigns, Municipalities. DEPARTMENTS

Administration

Credit Team

Collections

Product

Marketing

Human Resources

Operations

Sales

Different Departments Organization Hierarchy: A key issue in accomplishing the goals identified in the planning process is structuring the work of organization. Organizations are group of people, with ideas and resources working toward common goals. The purpose of the 27

organizing function is to make the best use of the organizations resources to achieve organizational goals. Organizational Structure is the formal decisions making framework by which job tasks are divided, grouped and coordinated. Formalization is an important aspect of structure. It is the extent to which the unit of organization is explicitly defined and its policies, procedures and goals are clearly stated. It is the official organizational structure conceived and built by top management. The formal organization can be seen and represented in chart form. An organization chart displays the organizational structure and shows job titles, lines of authority and relationship between departments. Organizational Structure allows the expressed allocation of responsibilities for different functions and processes to different entities. Ordinary description of such entities is as branch site, department, work group and single group of people.

Rahul Bajaj [Chairman]

[CHAIRMAN]

Nanoo Pamnani RAHUL BAJAJ [Vice-Chairman] [CHAIRMAN]

[CHAIRMAN]

Rajeev Jain RAHUL BAJAJ [Ceo] [CHAIRMAN] [CHAIRMAN]

Rakesh Bhatt RAHUL BAJAJ [Coo] [CHAIRMAN] [CHAIRMAN]

Devang Mody RAHUL BAJAJ [President Consumer Business] [CHAIRMAN] [CHAIRMAN] RAHUL BAJAJ

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Deepak Reddy [Chief Human Resources]

[CHAIRMAN]

Manev Mianwal [Group Marketing Head] RAHUL BAJAJ [CHAIRMAN] [CHAIRMAN]

Pankaj Thadan RAHUL BAJAJ [Chief Compliance Officer] [CHAIRMAN]

[CHAIRMAN]

Amit Gainda Business Head - Mortgages RAHUL BAJAJ [CHAIRMAN] [CHAIRMAN]

Rajesh RAHUL BAJAJK [Chief Risk Officer] [CHAIRMAN] [CHAIRMAN]

Ashish Panchal [Business Head - Credit Cards & Loan] RAHUL BAJAJ [CHAIRMAN] [CHAIRMAN] RAHULDiwakar BAJAJ Pundir

[Chief Credit Officer]

[CHAIRMAN] [CHAIRMAN]

Ashish Sapra RAHUL BAJAJ [Business Head - Cross Sell] [CHAIRMAN] [CHAIRMAN]

Amit Raghuvanshi RAHUL BAJAJ [Business Head - Sales Finance] [CHAIRMAN] 29 [CHAIRMAN] RAHUL BAJAJ

Atul Jain [Chief Collections Officer]

[CHAIRMAN]

Samir Mehta RAHUL BAJAJ [Business Head Commercial Lending] [CHAIRMAN]

[CHAIRMAN] B. Sreenivas

[Business Head - Insurance RAHUL BAJAJ Services] [CHAIRMAN] [CHAIRMAN] Vivek r. Likhite

[group corporate RAHUL BAJAJ audit head] [CHAIRMAN] [CHAIRMAN]

M M Muralidharan [Treasurer]

RAHUL BAJAJ [CHAIRMAN] [CHAIRMAN]

Deepak Bagati RAHUL BAJAJ [Business Head - Business Loans] [CHAIRMAN] [chairman]

Samir Satyam Rahul bajaj [BH - Loan Against Securities] [chairman] [CHAIRMAN]

Sanjeevvij RAHUL BAJAJ [BH - Construction Equipment] [CHAIRMAN] [CHAIRMAN]

Organizional Hierarchy RAHUL BAJAJ [CHAIRMAN] 30

RESEARCH DESIGN AND METHODOLOGY

Introduction

Research is common parlance refers to a search for knowledge. One cans also define research “As scientific and systematic search pertinent information on a specify topic”. In fact research is an art of scientific investigation. Another meaning of research as “A careful investigation or inquiry especially through for new facts in any branch of knowledge.”The system of collecting and processing of data for research project is known as research methodology. Some important factors in research methodology include validity of research data, ethics, reliability of measures and logical sequence. “Research is an organized systematic data based scientific inquiry or investigation into a specific problem under taken with the purpose of finding answer or solution to it” Research is basically a human activity engaged in intellectual pursuit of discovering something new. It could be a product, a method, a service, a system etc. It could also be in abstract forms like idea, thinking process, strategy etc.

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Sources of Data Collection The study is exploratory in nature, makes use of mainly secondary data. The data been collected from  The annual reports of the company  Company website  Internet

Objective of Project 1. To study the different financial schemes of Bajaj Finserv. 2. To study the loan procedure for durable product at Bajaj Finserv with the help of case studies 3. To study the surrogate of the Bajaj Finserv.

Scope of the Project This project is limited to Bajaj Finserv Lending of Ulhasnagar and the researcher analyses only consumer finance.

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Research Methodology The study is exploratory in nature, makes use of mainly secondary data. The data has been collected from the annual reports of the company, Books, Company website, Internet etc. Time Frame Due to restricted period of time i.e. 45 days, I have collected 3 case studies. Limitation of the project 1. The study is restricted to the consumer durable loan only. 2. Sometimes customer gets dissatisfied due to the restricted policies of EMI procedure. Key concepts  Lending: A person or organization that makes a loan. That is, a lender gives money to a borrower with the expectation of repayment in a timely manner, almost always with interest.  Surrogates: A surrogate means document requirement criteria for loan approval process.  Bajaj Dedupe: Bajaj Dedupe means there is problem occurred in the previous Bajaj loan.

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BRAND IDENTITY

Bajaj Finserv is the financial services company of the Bajaj Group. Its current business lines include Protection through Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance. Lending through Bajaj Finance Limited and Wealth Management through Bajaj Financial Solutions Limited. All underlying business currently operate with their independent brands. With the intention to build a set of financial services businesses in coming years that share the Bajaj Finserv Groups of values of Reliability. Innovation and Efficiency and provide customers with high quality products and services. Bajaj Finserv has created its brand identity. The new identity is easily identifiable and yet distinct. All the businesses under Bajaj Finserv would use the common identity in a coherent manner such that consumers experience through arch business. the Bajaj Finsen' values and identify the new brand identity with the same. Brand ‘Bajaj Finserv is symbolized by a unique identity that aligns our various businesses for our consumers and business partners. distinguishes it from competitors and promotes the strong values that Bajaj Finserv stands for. Bajaj Fiservs brand completely embodies its growth and services Current Bajaj logotype identifies and stands on the very established and respected Bajaj identity and the 3-dimensional seal with the B and F makes the new identity uniquely recognizable. The colour blue in the logo indicates confidence & strength. The round ball symbolizes the world with focus on India.The brand delivers a distinctive and contemporary identity, which communicates Bajaj Finserv values in dynamic and consistent manner and is designed to be easily recognizable and yet differentiated so as to build an enriching and sustainable relationship with all who experience it. 34

Consumer Finance process

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Flow Chart Of The Application Process, To Loan Approval To File Documentation And File Send

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DOCUMENTS REQUIRED FOR THE LOAN APPROVAL • Residential proof • ID Proof • Cancelled Cheque • Credit Card • Office ID (For Govt. Employee) • Visiting Card (For Govt. Employee) • Salary Slip Latest (For Govt. Employee and salaried) • KYC Documents (For RC Surrogates) • RC Copy (For RC Surrogates) • Last 3 months Bank Statement (Salaried) •

Phone Bills, latest, original and delivered by courier (Instant)

PAPERS PROVIDED BY BAJAJ FINSERV FOR THE LOAN PROCESS •

Bajaj Finserv Application Form

• ECS form • EMI card form • Long Term Sheet form • Paper File 38

Surrogates Required for Loan Approval: There are three types policy are as below:

A.WOW Policy B.WOW Lite Policy C.WOW Extension Policy

A.WOW Policy: WOW Policy mostly used for those customer who are in the listed companies, have the credit card, as per the rule of company the maximum Loan to Value(LTV) 83% to 90% it depends on the customer document.

Following are the Surrogates included in that Policy:

2.1 Credit Card (Max LTV 83% up to 125000) 2.2 Listed Companies (Max LTV 90% up to 100000) 2.3 RC of Vehicle (Max LTV 83%) 2.5 Existing Customer (Max LTV 90% up to 50000) 2.6 CIBIL Score (Max LTV 90% up to 125000) 2.7 Salaried (Max LTV 90% up to 125000) 2.11 Instant

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B.WOW Lite Policy: WOW Lite Policy used for those customers whose net exposure is up to25000 to 35000.and as per the company rules the maximum Loan to Value (LTV) is 83% for all surrogates. Following are the Surrogates included in that Policy:

3.1 Credit Card (Max LTV 83% up to 35000) 3.2 Listed Companies (Max LTV 83% min salary 7500) 3.3 RC of Vehicle (Max LTV 83% up to 25000) 3.5 Existing Customer (Max LTV 83%) 3.6 CIBIL Score (Max LTV 83%) 3.7 Salaried (Max LTV 90% Min net salary 7500)

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SURROGATES REQUIREMENTS FOR LOAN APPROVAL:

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FORMS PROVIDED BY BAJAJ FINSERV FOR LOAN PROCESS

LOAN DETAIL SHEET

43

BAJAJ FINSERV APPLICATION FORM 44

ECS MANDATE FORM

45

LOAN TERM SHEET 46

BAJAJ FINSERV OFFICIAL MOBILE APPLICATION

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Features and Benefits Products Covered With a geographical span of over 140 cities across India, we cover the entire length and breadth of the country with our range of products such as: 

LED/LCD TV



Washing machine



Microwave oven



Refrigerators



Air conditioner



Music system



Smart phones



Tablets



Camera/camcorder



Laptop/desktop



Inverter



Generator



Air/water purifier



Dryer



Dishwasher



Cooking range

EXTENDED FINANCE Extended Finance from Bajaj Finserv is the smartest option to buy durables like printers, coffee makers, water purifiers, etc., on easy EMIs if you have already purchased bigger durables like ACs, refrigerators, LED/LCD TVs and much more using Bajaj Finserv Durable Finance. You can also avail of Extended Finance using your EMI card. 48



Accessories – laptop bags, phone covers, tablet covers etc.



Entertainment – Bluetooth speakers, mini music systems & headphones etc.



Peripherals – printers, scanners etc.



Imaging – electronic photo frames & point & shoot cameras



Small kitchen appliances like coffee makers, food processors, etc.



Water purifiers and water heaters



Inverters



Services – mobile insurance and extended warranty plans



Phones – basic and feature phones



Tablets – basic tablets and phablets

Eligibility and Documents Durable Finance Eligibility To apply for Durable Finance, you must be a self-employed professional and between 21 years & 65 years of age.

Documents Required: To apply for Durable Finance from Bajaj Finserv, the following documents will be required Photo id proof Address proof One cancelled cheque in case of ECS Credit program specific documents (Any one of the following)

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Photocopy of the front side of credit card Employee ID proof & visiting card Photocopy of RC book (not applicable for vehicles registered after 2004 & commercial cars) Bajaj Finserv existing loan repayment loan account number / schedule (subject to not later than 18 months old) Any other NBFC / Bank repayment schedule Latest salary slip

Fees and Charges Product category

Processing fees

Panels (LED/LCD/Plasma)

Rs. 649

Home appliances (Air Conditioner/Micro wave oven/Refrigerator/Washing Machine)

Rs. 549

Digital (Tablets/Smartphones/Laptops)

Rs. 749

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How to Apply You can available of Durable Finance without having to wait in never ending queues or visiting the branch. Here's how you can buy your favourite durable on easy EMIs: Through Bajaj Finserv App You can also apply for durable finance through our easy-to-use Bajaj Finserv App. All you have to do is download the app from the store and allow it to retrieve your details either through your social media accounts or your Aadhaar card. The app will take 60 seconds to verify your details and accept your application. Once it has been approved, you’ll receive a deal id. Present this ID at one of our partner stores and walk away with your favourite durable products at interest-free EMIs. Partner outlets When you’re at the store: 

Contact our in-store executive.



Apart from submitting a few essential documents like PAN card, driving license, etc., and filling a simple application form, most of the formalities can be completed while you are choosing your favourite durable product at the store.

EMI card You can also use your EMI Card to buy your favourite durables at any of our partner stores. All you need to do is swipe, sign and buy.

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Apply online 

You can apply for an EMI card online on our customer portal.



You have to make an online payment of Rs.299.



It will take 7-10 days for the EMI Card to be delivered to your registered address.

Schemes

Description

12/4

It means the 4 months payment will be taken as an advance and remaining payment will be distributed in 8 months.

10/2

It means the 2 months payment will be taken as an advance and remaining payment will be distributed in 8 months.

18/6

24/6

10/0

It means the 6 months payment will be taken as an advance and remaining payment will be distributed in 12 months. And it is long term scheme.

It means the 6 months payment will be taken as an advance and remaining payment will be distributed in 18 months. And it also long term scheme.

It means there is no any advance payment will be taken, all payment will be distributed in 10 months.

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Advantages of BFL scheme over its competitors: As there are some disadvantages in going through BFL, but there are some advantages as well over its competitors. 1. BFL provides loan on consumer durable products at 0%. only a nominal amount of file charge is taken from the customers. So any customer can take this scheme. therefore they don’t have to pay the complete amount and also they can enjoy interest on that amount. 2. While paying through credit card. that much amount is blocked from the card. As there is monthly limit in each card, so it is wise to go for BFL 3. If a customer uses credit card on payment, and doesn’t able to maintain the minimum balance on the next month, them he has to pay fine on the complete amount, whereas BFL customers don’t have to pay fine on the whole amount if they unable to pay next time. Fine is being charged on the next month installment only. 4. Credit card is not given to every customer. so those customers who can’t afford credit card can definitely go for BFL. 5. BFL provided loan on many type of surrogates, not all company provides loan on these many surrogates. 6. If a company is taking finance from BFL then he will get easily insurance policy from Bajaj Alliance without any verification on insurance part. 7. Flexible EMI scheme in many products are available. BFL provides many schemes such as 12/4. 10/2. 18/6. 24/6 etc. Customer can choose any EMI option according to their paying capability.

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Competitors • Cash • Capital First • Tata Finance • Reliance Capital

CAPITAL FIRST

Capital First Ltd (NSE: CAPF) is a leading Financial Institution in India focused on providing debt financing to MSMEs and Indian consumers. Capital First was founded in its current from in 2012 by Mr. V. Vaidyanathan by securing an equity backing of Rs. 8.10 bn from global Private Equity player Warburg Pincus, by way of buyout of an existing listed NBFC, and in the process the company got new shareholders, reconstituted a new board, started new business lines, and created a new brand and entity called Capital First. The founding theme of Capital First is that financing India’s 50 million MSMEs and its emerging middle class, with a differentiated model, based on new technologies provides a large and unique opportunity. Unlike traditional models of financing, Capital First has successfully created new models of financing MSMEs and Indian consumers in hitherto unbanked and under-penetrated segments by using a differentiated model based on new technologies and deep analytics. The company provides financing for various

54

purposes like business expansion, loans for Plant and Machinery, Office furniture, display panels, office automation like PCs, laptops and printers. With this differentiated approach, Capital First has financed over 2.25 million customers including more than 1.5 million self-employed individuals and MSMEs and built loan assets of Rs. 160.41 billion (USD 2.4 bn) (March 31st, 2016). Within a short time, Capital First has built a large network and provides financing in 222 locations across the length and breadth of the country. The loan book of the company is of high quality as compared to the industry, with Gross and Net NPA 1.07% and 0.55% respectively. The company enjoys a high credit rating of AA+ which has been achieved by very select financial institutions in India. Capital First is focused on building an institution on strong pillars of ethics, values and high corporate governance.

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TATA FINANCE

Tata Capital Limited was established in 2007 with the sole aim of providing focused and transparent financial solutions to help people realize their dreams. Being a subsidiary of the legendary Tata Sons Limited, we strive hard to make this happen. Our pursuit gave birth to Tata Capital Financial Services Limited, a one-stop financial service provider that caters to the diverse needs of retail, corporate and institutional customers across businesses. Registered with the Reserve Bank of India as a Systemically Important Non Deposit Accepting Non Banking Financial Company (NBFC), the company operates across various areas of business namely the Commercial Finance, Infrastructure Finance, Wealth Management, Consumer Loans and distribution and marketing of Tata Cards. Today, Tata Capital Financial Services Limited is 100 branches old and counting. The name, Tata, is eternally engraved in our country's historic progress. It is a name synonymous with trust and integrity. Tata Capital aims to bring the trust and expertise of the Tata Group to financial services, a business that is both economically and socially relevant. At the core of brand Tata Capital is our proposition - 'We only do what's right for you'. It is our belief system, our unwavering resolve to deliver financial solutions that are 'right' for our customers and the society at large. It embodies the relationship we wish to cultivate with our customers. An unshakeable bond rooted in trust by delivering superior customer experience at all times. 56

RELIANCE CAPITAL

Reliance Capital Limited (RCL) was incorporated in year 1986 at Ahmedabad in Gujarat as Reliance Capital 8: Finance Tm limited. the name RCL came into effect from January 5. 1995. In 2002. RCL shifted its registered office to Jamnagar in Gujarat before it finally moved to Mumbai in Maharashtra. in 2006. In 211%. Reliance Capital Ventures Limited merged with RCL and with this merger the shareholder base of RCL rose from 0. 15 million shareholders to l .3 million. RCL entered the Capital Market with a maiden public issue in l990 and in subsequent years further tapped the capital market through rights issue and public issues. The equity shares were initially listed on the Ahmedabad Stock Exchange and The Stock Exchange Mumbai. Presently the shares are listed on The Stock Exchange Mumbai and the National Stock Exchange of India. RCL in the initial years engaged itself in steady annuity yielding businesses such as leasing. bill discounting. and intercorporate deposits. Later. in I993 diversified its business in the areas of portfolio investment. lending against securities. custodial services. money market operations. project finance advisory services. and investment banking. RCL was accredited a Category 1 Merchant banker by the Securities Exchange Board of India ($58!). It had lead managed/co managed l5 issues of an aggregate value of Rs. 400 crores and had underwritten 33 issues for an aggregate value of Rs. 550 crore. All these companies were listed on various exchanges RCL 57

obtained its registration as a Non-banking Finance Company (NBK) in December I998. In view of the regulatory requirements RCL surrendered its Merchant Banking License. RCL has since diversified its activities in the areas of asset management and mutual fund: life and general insurance: consumer finance and industrial finance: stock broking: depository services: private equity and proprietary investments: exchanges. Asset reconstruction: distribution of financial products and other activities in financial services

Competitors of Bajaj Finserv covering the financial market

MARKET

10% 35%

Relaince Tata Capital

30%

Bajaj Finance Capital First

25%

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SWOT ANALYSIS OF BAJAJ FINSERV LIMITED

Strengths:

Highly experienced management

Product design and development capabilities

Widespread distribution network

Extensive R & D focus

High performance products across all categories

High export to domestic sales ratio

Great financial support network (For financing the automobile)

High economies of scale

High economies of scope

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Weaknesses:

Hasn't employed the excess cash for long

Sales executives doesn't get support from owner driven stores

Not a global player in spite of huge volumes

Weakness

More strict policy than competotors

Uneven schemes for customers

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Opportunities

The growing and improvised schemes in the market

Untapped market above other lending companies

Opportunities

Proposing to launch more other financial schemes and more product introduction

Growing demand for 0% financial schemes especially in emerging markets

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Threats

Threat of cheap imported from china

Margins getting squeezed from both the direction(Price as well as Cost)

Threats

Threat of other financial lenders like future finance etc offering the same benefits

The competitions catches-up any new innovation in no time

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Q.1) HOW IS BAJAJ FINSERV DOING IN CONSUMER DURABLE GOODS?

15%

15%

BEST

25%

GOOD

45%

BAD

WORST

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Q.2) ON WHAT BASIS YOU CHOOSE BAJAJ FINSERV TO TAKE LOAN?

15%

30%

55%

INTEREST RATE BRAND NAME SERVICES

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Q.3) FROM WHICH SOURCE YOU GET TO KNOW ABOUT BAJAJ FINSERV?

20% 35% OUTDOOR MEDIA

15%

T.V. ADVERTISEMENT NEWSPAPER

30%

MOUTH TO MOUTH

65

Q.4) IS DOCUMENTATION OF BAJAJ FINSERV IS LENGTHY?

YES

NO

66

Q.5) ARE YOU SATISFIED WITH OUR SCHEMES AND SERVIES?

YES

NO

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CASE STUDY: Case No.1 Name of the Applicant Mr. Ranjeet Kumar Age

35 year

Permanent Address

Mahatma Gandhi Road Nehru Nagar, Near Rajouri Garden New Delhi-110021

Residential Address

Gulmohar Park, ITI Road near ICICI Bank, Aundh Pune -411007

Occupation

Service

Company Name

SunGard, Pune

Salary

80,000/-PM

Purchase of Products I. II.

Samsung LED TV Samsung Washing Machine

Cost of Products I.

Rs. 40,000

II.

Rs. 35,000

Document Required for Loan I.

II.

Address Proof: -Bank Statement

ID Proof: - Pan Card or Voting Card or Driving License.

III. Problem

Income Proof: -SBI Credit Card (Platinum) Address Proof

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Mr. Ranjeet Kumar has the address proof but this Address Proof of other city, so as per loan requirement address proof should be of current city.

Particular

Eligibility

criteria

for

loan approval

Applicable

for

Loan

Occupation

Service



Company Name

SunGard



Salary

Rs.9,60,000 PA



House

Rented



Place(Stay)

Aundh



Address Proof

Bank Statement



ID Proof

PAN Card, Voting Card



Credit Card

SBI Credit Card (Platinum)



Document Required

Products Samsung 40’ LED TV Rs. 40,000



Samsung



Washing Rs. 35,000

Machine

Solution: a. Calculation of EMI and Down payment: Scheme-:12/4 Cost of Product-: Rs.75, 000 Down payment -: Rs.25, 000 (Rs.75, 000/12*4) EMI-: Rs.6250*8 Month= Rs.50, 000 69

b. How to Approve the Loan: I.

Minimum Required Salary for taken a loan –Rs.8000/-and Above, So Mr.Ranjeet Kumar has Rs.80000/-PM Salary so he is applicable for loan.

II.

As an address proof for taken a loan it is must to Mr. Ranjeet Kumar to submit either Rent agreement or credit card statement which is on current city address.

III.

As an ID proof requirement he should be provide voting card or PAN Card or Passport.

Case No.2 Name of the Applicant Mr.Anurag Kasat Age

45year

Residential Address

Shree Niwas, ITI Road, near Croma Showroom, aundh Pune -411007

Occupation

Service

Company Name

Mahindra and Mahindra

Salary

50,000/-PM

Purchase of Products I.

Sony LED TV

I.

Rs. 52,000

I.

Address Proof: -Electricity Bill, Telephone

Cost of Products

Document Required for Loan

Bill, Passport II.

ID Proof: - Pan Card or Voting Card or Driving License or Passport 70

III. Problem

Income Proof: -HDFC Credit

System error

Mr. Anurag Kasat has all the required documents but the actual problem in system, the system shows the Bajaj Dedupe Error it means there is problem in the loan database of Bajaj Finserv lending. Name of the applicant: - Mr.Anurag Kasat (Existing Customer)

Particular

Eligibility criteria for loan approval

Applicable

for

Loan

Occupation

Service



Company Name

Mahindra and Mahindra



Salary

Rs.6,00,000 PA



House

Own



Place

Aundh



Address Proof

Passport



ID Proof

Passport



Credit Card

HDFC Bank



Rs. 52,000



Document Required

Product Sony LED

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Solution:a. Calculation of EMI and Down payment: Scheme: 10/0 Cost of product: Rs.52, 000 Down Payment: Rs.250 (Processing Fess) EMI: Rs.5200*10 Month=Rs.52, 000

b. How to approve the loan:

I.

Mr.Anurag Kasat has the Existing Customer of Bajaj Finserv Lending, for the Existing Customer can pay the down payment through cash as well as credit or Debit Card. So Mr.Kasat pays the down payment by cash.

II.

Due to the system Error the loan has been rejected, When the Mr.Kasat has produced the copy of NOC to the Bajaj Finserv Lending. Then the Company sorts out his problem by updating the previous loan history of Mr.Kasat.

III.

For reflecting the database changes system required the duration of one month so after reflecting the changes his loan get approved.

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Case No.3

Name of the Applicant

Mr.Akshay Kadam

Age

27 year

Residential Address

Swapnagari society, ajmera Near H.A.Ground Pimpri, Pune -411018

Occupation

Service

Company Name

Alfa Laval

Salary

30,000/-PM

Purchase of Products I. II.

Sony LED TV Samsung Washing Machine

Cost of Products I.

Rs. 42,000

II.

Rs. 30,000

Document Required for Loan I.

Address Proof: -Electricity Bill, Telephone Bill, Passport

II.

ID Proof: - Pan Card or Voting Card or Driving License or Passport

III.

Problem

Income Proof:-ICICI Bank Credit Card

ID Proof Name

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Name of Mr.Akshay kadam on the credit card and Pan Card is mismatch i.e.Akshay Kadam on credit card and Akaash Kadam on PAN Card.

Name of the applicant: -Mr.Akshay Kadam

Particular

Eligibility criteria for loan approval

Applicable

for

Loan

Occupation

Service



Company Name

Alfa Laval



Salary

Rs.3,60,000 PA



House

Own



Place

Pimpri



Address Proof

Electricity Bill



ID Proof

Pan Card



Credit Card

ICICI Bank



Rs. 42,000



washing Rs. 30,000



Document Required

Product Sony LED Samsung Machine

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Solution:a) Calculation of EMI and Down payment:

Particular

Sony

Samsung

Scheme

18/4

12/4

Cost of product

Rs.42,000

Rs.30,000

Down Payment

Rs.9,336 (Rs.42,000/18*4)

Rs.10,000(Rs.30,000/12*4)

EMI

Rs.2,334*14

Rs.2,500*8

Month=Rs.32,676

Month=Rs.20,000

b) How to approve the Loan: I.

Mr.Akshay Kadam has the entire document i.e. Address Proof, ID Proof, and Income Proof, but he is only having the problem with ID Proof.

II.

For solving the ID Proof problem we have taken the Govt.Gadget Letter from him.

Case No.4 Name of the Applicant

Mr. Avinash Thite

Age

50 years

Permanent Address

Karve Road, near Dashabhuja Ganesh Temple, Kothrud Pune-411004

Occupation

Own Business

Company Name

Omkar Trading

Purchase of Products I. II.

Sony LED TV Sony Home Theater

Cost of Products 75

I.

Rs. 52,000

II.

Rs. 35,000

Document Required for Loan I.

Address Proof: -Electricity Bill, Index-II, Telephone Bill.

II.

ID Proof: - Pan Card, Voting Card, Driving License. and Passport.

III. Problem

Income Proof: - Credit Card, Any Bank Loan. Case rejected due to less CIBIL Score

CIBIL Scores Required Criteria: Minimum CIBIL Score required for loan approval is 750 or more; Mr.Avinash Thite has 710 CIBIL Score, His score below the criteria so loan has been rejected.

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OBSERVATIONS

 While paying through credit card, that much amount is blocked from the card. As there is monthly limit in each card, so it is wise to go for Bajaj Finserv Lending.  Bajaj Finserv Lending provided loan on consumer durable product to the customer as per the surrogates.  Flexible EMI scheme in many products are available. Bajaj Finserv Lending provides many schemes such as 12/4, 10/2, 18/6, 24/6 etc. Customer can choose any EMI Scheme option according to their paying capability.  As per the requirement of finance company for address proof would be required current place proof, and for ID proof required the valid name of person it shows with the help of case studies.

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SUGGESTIONS

 There is no awareness about 0% finance scheme to customers. So, Therefore, Bajaj Finserv should make its customers aware about the 0% finance schemes.  Customers think that Bajaj Finserv will take some hidden charges from them, if they take durable loan at 0% from Bajaj Finserv. So the Bajaj Finserv removes the wrong thinking of customer and to explain in detail loan procedure.  Bajaj Finserv initially have the system of swiping of EMI card but due to some difficulty they stopped it, I think Bajaj should work upon this as this can save more time for customer as well as for Sale Executive and he can serve more non-EMI card user and convert them into EMI card holder.

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CONCLUSION

There are many organizations in the world which are providing consumer credit services which are helpful for the financial stability. Financial stability is very important not only for the businesses but also for the consumers. The businesses as well as the consumers need the stability regarding the financial matters because without the stability no one could be very innovative in the longer run.

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BIBLIOGRAPHY  Online References:  WWW.Bajajfinservlending.in  WWW..com  WWW.Salesforce.com

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