Chennai : Bajaj Finserv Lending, one of the most diversified non-banks in the country, has introduced exclusive finance option for its retail partners in the consumer durable industry. A leader in 0% interest consumer finance with 14% share in the market, the company launched the innovative Retailer Finance, which will help its partners avail finance for acquiring inventory from the manufacturers.

The unique attribute about Retailer Finance is the fact that Bajaj Finserv Lending is leveraging on its trust relationship with its partners for disbursing the loans. The retailers are assigned a pre-approved credit line which they can use any time they want. Thus unlike other finance options, they don’t have to undergo the cumbersome due-diligence process and get quick finance without submitting any collaterals or documentation. This is the first time ever that a non-collateral based financing option has been introduced for the retailers.

Retailer Finance will be available for retailers of all sizes, having a minimum of 1 year relationship with Bajaj Finserv Lending. Through this offering, the company is targeting to disburse approximate Rs. 250 crore monthly with a target of Rs.1500 for the first year. The minimum finance available will be to Rs. 5 lacs up to a maximum of Rs. 15 crore. With a transparent and easy process of enrolment and documentation, it also has a completely online mode of disbursement and fulfillment.

“We are uniquely placed in the consumer durable industry where we have been helping retailers to sell more. Now Retailer Finance will help strengthen our relationship with manufacturers as this will help them in turn to sell more to the retailers. With this launch, we complete the entire value chain across the industry thereby increasing our commitment towards the consumer durable industry”, said Rajeev Jain, CEO Bajaj Finserv Lending.

The company has already tied up with consumer durable leaders LG and Sony to extend this facility to their direct dealers and going forward will be considering more partnerships in the space. Owing to the 0% financing offering, Bajaj Finserv Lending already has relationships with more than 3000 partners in the consumer durable industry across 81 cities in India.

“Retailer Finance will enable the retailer more control in capitalizing on opportunities by giving more power over inventories. Lower interest rates and savings through cash discounts further have the potential to enhance retailer margins. Access to lower cost of funds enables us to provide finance at beneficial rates to our retail partners,” said Devang Mody, President Consumer Finance, Bajaj Finserv Lending.