The non-banking financial company, Bajaj Finserve Lending has floated a new personal loan scheme in which the entire process of granting the loan is carried out online. This accelerates the speed of loan approvals and provides the customer the convenience of applying for the personal loan online.

Presently, the personal loans are being provided only for salaried individuals. A customer seeking to avail personal loans from the company will have to first provide his details relating to income and employment and his PAN number into the loan approval system of Bajaj Finserve Lending. This will give him the amount of loan that he is eligible for.

When the loan gets approved, the company itself makes the arrangement for collecting the necessary documents from the customer like income proof, address proof etc. If the information in the documents and the online form match, the loan is granted within 72 hours of applying for it.

On the launch of the online personal loans from the company, Mr. Rajeev Jain, CEO, Bajaj Finserv Lending said, "We are constantly innovating to ensure that we can reach out to people and provide them the comfort of quick processes, minimal documentation and human intervention."