Bajaj Finance is an institution that provides some of the most attractive loan products. It has great solutions, from insurance to loans and anything else that may fulfil someone’s financial needs. If you want to know how to become a Bajaj Finance partner, then you must find out about the products it offers.
Once you know all about these products, you will be able to explain them to customers and understand what will be the best fit for them.
Attracting customers with Bajaj Finance products
Here are some of the products that highlight what Bajaj Finance offers to its clients:
1. Business loan: Bajaj Finance provides business loans to its customers, but it has four different variations of it. Each comes with its own set of regulations and can be a fit for customers with unique requirements.
Secured business loans: This is made to empower medium and small enterprises towards business growth. It provides a loan between Rs. 1 lakh and Rs. 1.05 crore. However, the amount depends on the customer’s eligibility. Also, the loan tenure is between 12 and 180 months.
Standard business loan: People can get a loan of Rs. 2 lakh to Rs. 80 lakh, depending on what they are eligible for. This product’s tenure is between 12 and 96 months, and one must be at least 24 years old to apply for it.
Professional loans: This loan is made for working professionals like doctors, CAs, etc., to meet their needs. They can get anywhere between Rs. 1 lakh and Rs. 10.5 crore. The client must be at least 22 years old and a maximum of 70 years to receive the loan.
Loan against property: If someone wants to put their property as collateral, they can get a loan from Rs. 3 lakh to Rs. 10.5 crore. One has to be at least 25 years or older to get this loan. However, the property owner should be at least 18 years old and a maximum of 85 years at the loan’s maturity.
2. Personal loan: As a Bajaj Finance partner, you can offer salaried personal loans to people. It is made to meet the needs of salaried individuals. Customers can get a loan of up to Rs. 40 lakh, depending on their eligibility.
The applicant should be at least 21 years of age to apply for the loan and a maximum of 80 years at loan maturity. Their salary should be a minimum of Rs. 25,001 based on the city they live in. Further, the loan tenure is between 6 and 96 months.
3. New car finance: The new car finance comes in flexi and term loan variants for repayment. It offers up to 100% on-road price funding, and the tenure is up to 96 months. Customers can get a loan between Rs. 1 lakh and Rs. 10 crore.
4. Used car finance: As a Bajaj Finance partner, you do not have to be limited to selling new car finance, but you can sell used car finance as well.
This product comes in flexi and term loan variants. It can fund anything from a small to a big amount, but it cannot exceed Rs. 77 lakh. The repayment tenure is up to 72 months, and there are competitive interest rates available as well.
5. Tractor finance: Here are the two kinds of loans available under this product:
New tractor loan: This loan is made to empower farmers and help them get modern farm equipment for their fields. They can get a loan of up to Rs. 10 lakh with a tenure of up to 7 years.
Used tractor loan: This product helps farmers meet their agricultural needs while accessing affordable pre-owned tractors. People can get a loan of up to Rs. 10 lakh with a tenure of up to 7 years.
6. Commercial vehicle: Here are the products that Bajaj Finance offers for commercial vehicles:
New commercial vehicle loan: This loan comes with a specialised funding solution that helps businesses get new vehicles for commercial purposes. Clients can pay off the loan within 72 months and get the money they need to buy vans, trucks, specialised vehicles, or buses.
Used commercial vehicle loan: Customers can buy pre-owned commercial vehicles using this loan.
7. Affordable housing loan: Bajaj Finance provides two different loans under this category. One is a secured business loan, and the other is a home loan. The latter empowers people to buy their dream home.
It provides funding of up to Rs. 30 lakh and can be taken by someone who is at least 18 years old and a maximum of 60 years old. This way, clients can pay off their loans for up to 25 years.
8. Fixed deposits: The fixed deposit starts from Rs. 15,000 and offers an interest rate of up to 8.85% per annum for senior citizens.
At the same time, the interest rate is up to 8.60% per annum for non-senior citizens. There is also a higher rate on special tenures of 44, 33, 30, 22, 18, and 15 months.
Conclusion
There are several loan products available online, and it is your responsibility as a Bajaj Finance partner to get your clients the best funding option. Ensure your client’s complete satisfaction by understanding their needs and eligibility.
Once you get a clear insight into what they desire, you can give them a customised solution that fits their unique situation. This way, not only will you be successful at selling the product, but you will also earn the trust of your client.