Bajaj Finance
An Indian deposit-taking non-bank financial company providing consumer, commercial, housing, rural and digital finance.
Last updated October 29, 2026
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Overview
Bajaj Finance Limited is an Indian non-bank financial company headquartered in Pune, Maharashtra. It began in 1987 as Bajaj Auto Finance Limited, initially financing Bajaj group's two- and three-wheeler customers. Over time, it expanded beyond vehicle finance into consumer durable loans, personal finance, small-business lending, commercial finance, mortgages, loans against property, rural lending, deposits, wealth management, payments and digital financial services. The company changed its name to Bajaj Finance Limited in 2010 to reflect this broader scope. The company is part of Bajaj Finserv, the financial-services arm created when the Bajaj group separated its manufacturing and financial businesses in 2007. Bajaj Finserv remains the controlling shareholder. Bajaj Finance is publicly traded on India's Bombay Stock Exchange and National Stock Exchange and is regulated by the Reserve Bank of India as a non-bank financial company. In 2022, the RBI placed it in the upper layer of the NBFC regulatory framework because of its scale and systemic importance. Bajaj Finance's operating model combines centralized underwriting and technology with a large distribution network. It serves consumers through merchant point-of-sale finance, partner stores, branches, digital channels and its consumer platform. Its business customers include small and medium-sized enterprises, commercial borrowers, property owners and rural households. The company also raises funding through money markets, bank borrowings, deposits and external commercial borrowings. Its distribution relationships with merchants and manufacturers have historically been important because suppliers and commercial partners use financing to make products more affordable and increase sales. Major business areas include consumer lending and payments, SME and commercial lending, rural and inclusive finance, deposits and treasury operations, housing finance and wealth or securities services. Bajaj Housing Finance, an affiliated company, provides home loans, loans against property and lease-rental discounting. Bajaj Financial Securities operates the Bajaj Broking securities business. Bajaj Finance has also taken minority stakes in financial-technology companies, including MobiKwik, SnapWork Technologies and Pennant Technologies. The brand is positioned around convenience, broad access, rapid credit decisions and an extensive merchant ecosystem. Its product range includes personal loans, consumer durable financing, two- and three-wheeler finance, business loans, commercial loans, mortgages, loans against property, fixed deposits, digital loans and co-branded cards. In 2023, the RBI temporarily restricted the approval and distribution of loans through the eCOM and Insta EMI Card products because of deficiencies in the company's digital lending documentation. The restrictions were lifted in 2024 after remedial measures. Bajaj Finance has increasingly emphasized digital infrastructure, artificial intelligence, data-led underwriting and automation. These initiatives support customer acquisition, fraud prevention, servicing and credit operations, while the company continues to operate through physical branches and partner locations. Its social-impact activities are associated with the wider Bajaj group and include education, healthcare, women's empowerment, skills development and financial inclusion. The company therefore combines the identity of a large retail lender with that of a diversified financial platform serving consumers, merchants, small businesses and rural customers across India.
History
Bajaj Finance was incorporated on 25 March 1987 as Bajaj Auto Finance Limited. Its original purpose was to finance two- and three-wheelers associated with the Bajaj group. This gave the company an initial customer-acquisition channel linked to vehicle dealerships and established its expertise in retail credit. After roughly a decade in vehicle finance, the company issued equity to the public and became listed on the Bombay Stock Exchange and the National Stock Exchange. Around the turn of the century it began financing consumer durables through smaller-ticket loans. It later broadened its lending activities to include business loans and property-related finance, reducing its dependence on vehicle lending. In 2007, Bajaj separated its manufacturing activities from its financial-services operations. Bajaj Finserv was created as the financial-services holding company, with Bajaj Finance becoming one of its principal operating businesses. In 2010, Bajaj Auto Finance changed its name to Bajaj Finance Limited, signaling a deliberate move from a vehicle-finance specialist toward a broader lending and investment platform. During its earlier development, the company generally borrowed in wholesale markets and lent to retail customers. From 2014 onward, it also expanded its use of retail funding while increasing wholesale lending, supporting growth across consumer, SME and commercial segments. Its distribution model developed around merchant partners, dealerships, branches, point-of-sale locations and digital channels. This combination allowed the company to offer financing at the point where consumers purchased products while also building direct relationships with individual and business borrowers. The business subsequently added deposits, rural lending, commercial finance, mortgages, loans against property, wealth management and digital financial services. It also developed affiliated businesses: Bajaj Housing Finance focused on housing credit, while Bajaj Financial Securities operated brokerage and securities services. Minority investments in financial-technology companies provided additional exposure to digital payments, workflow technology and financial infrastructure. Regulatory scrutiny increased as the company became one of India's largest non-bank lenders. In September 2022, the RBI included it in the NBFC upper layer under India's scale-based regulatory framework. In November 2023, the regulator restricted the approval and distribution of loans through the eCOM and Insta EMI Card products, citing shortcomings in the presentation of key digital lending information. Bajaj Finance stated that it took remedial action, and in May 2024 reported that the restrictions had been withdrawn. The company has also adapted its partnership strategy in response to regulation. It discontinued certain co-branded credit-card relationships with RBL Bank and DBS Bank in late 2024, while later seeking new partnership structures in the card and payments market. Alongside lending, it has increased its use of data analytics, artificial intelligence, digital onboarding and automated servicing. These technologies are intended to improve underwriting, collections, fraud controls and customer support while preserving the physical distribution network needed to reach customers across urban, semi-urban and rural India. Today, Bajaj Finance is a diversified Indian NBFC serving consumers, small businesses, commercial borrowers, rural customers, merchants and depositors. Its identity rests on the combination of a large customer base, a broad product suite, a substantial partner network and the financial backing of Bajaj Finserv. Its principal strategic challenges are maintaining asset quality, complying with increasingly detailed digital-lending rules, managing funding costs and scaling technology without weakening customer protection.
- 2024
Restrictions are withdrawn
[1]Bajaj Finance reports that the RBI has lifted the restrictions following corrective measures.
- 2023
Launch of MSME loan-against-property business
[1]Bajaj Finance begins offering loan-against-property products to micro, small and medium-sized enterprises.
- 2023
Investment in Pennant Technologies
[1]The company acquires a 26 percent stake in Pennant Technologies, a Hyderabad-based technology firm.
- 2023
RBI restrictions on two digital lending products
[1]The RBI bars the company from approving or distributing loans through eCOM and Insta EMI Card until specified compliance issues are addressed.
- 2022
Designation as an upper-layer NBFC
[1]The RBI includes Bajaj Finance among the NBFCs subject to the upper-layer scale-based regulatory framework.
- 2022
Investment in SnapWork Technologies
[1]The company acquires a 40 percent stake in Mumbai-based SnapWork Technologies.
- 2017
Investment in MobiKwik
[1]Bajaj Finance acquires a minority stake in mobile-wallet company MobiKwik.
- 2010
Company renamed Bajaj Finance
[1]Bajaj Auto Finance Limited adopts the Bajaj Finance name to reflect its wider financial-services activities.
- 2007
Bajaj Finserv is created
[1]The Bajaj group separates manufacturing from financial services, with Bajaj Finserv becoming the financial-services holding company.
- 2000
Entry into consumer durable finance
[1]The company expands into small-ticket financing for consumer durables.
Products and positioning
A technology-enabled, diversified Indian retail and commercial finance platform emphasizing convenient credit, merchant distribution, broad product coverage and fast digital servicing.
Consumer lending
Consumer durable finance
Point-of-sale financing that allows consumers to purchase electronics, appliances and other durable goods through installments or related credit products. The offering is distributed through merchant stores, dealerships and digital channels and is central to the company's partner-led retail-lending model.
Consumer lending
Personal loans
Unsecured consumer credit offered for personal financial needs. Bajaj Finance distributes these loans through its customer relationships, branches and digital platforms, using centralized risk assessment and technology-supported servicing.
Vehicle finance · 1987
Two- and three-wheeler finance
The company's original business line, financing purchases of two- and three-wheelers through dealership and manufacturer relationships. Although the company has diversified substantially, vehicle finance remains part of its broader consumer and mobility-finance offering.
Business lending
SME and business loans
Credit products for small and medium-sized enterprises, including working-capital and property-backed borrowing. These products extend the brand beyond household finance and are distributed through dedicated business channels and the wider Bajaj ecosystem.
Secured lending · 2023
Loan against property
Secured lending against property for eligible borrowers, including MSME customers. Bajaj Finance formally launched a loan-against-property business for the MSME segment in January 2023.
Savings and deposits
Deposits
Deposit products offered by the deposit-taking NBFC to individuals and other eligible customers. Deposits form part of the company's funding mix alongside market borrowings, bank finance and external commercial borrowings.
Payments and consumer credit
Bajaj Finserv Insta EMI Card
A consumer-credit facility designed to support installment purchases through participating merchants. The product became subject to RBI restrictions in 2023 and was able to resume after the company addressed the regulator's concerns in 2024.
Digital finance
Digital loans
Technology-enabled credit products delivered through digital platforms and supported by automated onboarding, underwriting, servicing and fraud controls. Digital lending is integrated with the company's physical branches and merchant distribution network.
Controversies
2023
RBI action over digital-lending disclosures
The Reserve Bank of India prohibited Bajaj Finance from approving or distributing loans through its eCOM and Insta EMI Card services after identifying shortcomings in the presentation of required key fact statements and related digital-lending information. The company implemented remedial measures, and the restrictions were withdrawn in 2024.
2021
RBI fines Bajaj Finance over recovery-agent harassment
According to a Business Standard article headline, the Reserve Bank of India fined Bajaj Finance Rs 2.5 crore in connection with harassment by recovery agents. The report identifies the regulator, the company, the stated amount of the fine, and the cited reason of recovery-agent harassment. No further details on the underlying incidents, the individuals involved, or subsequent regulatory or company actions are provided in the source material.
Marketing campaigns
- Bajaj Beyond
India
A collaborative social-impact initiative associated with Bajaj Finance, Bajaj Auto and Bajaj Electricals. Its focus areas include education, healthcare, women's empowerment, skills development and wider socioeconomic development, with support from Bajaj group-linked institutions.
Brand decisions
2024
Adjust co-branded card partnershipsStrategyBackground
New RBI rules limited the role of non-bank partners in co-branded card arrangements.
Action taken
Bajaj Finance ended its arrangements with RBL Bank and DBS Bank and subsequently pursued new partnership structures.
Aftermath
The company continued to seek a role in card and payments products while adapting its distribution model to regulatory requirements.
2023
Enter MSME loan-against-property lendingProduct launchBackground
The company sought to broaden secured lending for small and medium-sized business customers.
Action taken
Bajaj Finance launched a loan-against-property business aimed at MSME borrowers.
Aftermath
The product expanded the company's secured-business lending range.
2023
Remediate digital-lending compliance controlsOtherBackground
The RBI restricted two lending services because required borrower information was not being presented in the prescribed manner.
Action taken
The company made corrective changes to its digital-lending processes and disclosures.
Aftermath
The RBI lifted the restrictions in 2024, allowing the affected products to resume.
2010
Rename the company to Bajaj FinanceStrategyBackground
The former Bajaj Auto Finance name was increasingly narrow as the company entered consumer, business and property finance.
Action taken
The company adopted the name Bajaj Finance Limited.
Aftermath
The new name positioned the business as a diversified financial-services company rather than only a vehicle lender.
2007
Separate manufacturing and financial-services operationsStrategyBackground
The Bajaj group reorganized its activities to distinguish vehicle and industrial manufacturing from financial services.
Action taken
Bajaj Finserv was created as the financial-services holding company, with Bajaj Finance as a major operating business.
Aftermath
The restructuring gave the finance business a distinct group identity and supported expansion beyond vehicle lending.
Recent events
Bajaj Finance launches EMI HAI NA Diwali campaign[4]
Reported:
Bajaj Finance Ltd., in collaboration with Bajaj Finserv Direct Limited, launched the EMI HAI NA Diwali campaign offering discounts and cashback on products purchased on EMI through the Bajaj Finserv EMI Store. The campaign was scheduled to conclude on November 15, 2021.
RBI fines Bajaj Finance over recovery-agent harassment[3]
Reported:
The Reserve Bank of India fined Bajaj Finance Rs 2.5 crore in connection with harassment by recovery agents, according to the article headline.
Sources5 sources
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