Non-banking financial company, Bajaj Finserv will now offer loan against securities on its online platform.
According to Bajaj Finserv Lending, 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.
The loan is 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, checking the creditworthiness of the applicant and share the eligibility of loan as in-principal approval within five minutes, Bajaj Finserv said in a statement.
The minimum ticket size of the loan is Rs 25 lakh and maximum is Rs 10 crore. Further, it provides facility of part pre-payment facility at any interval as per available liquidity.
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," Bajaj Finserv said in a statement.