The online personal loan service for salaried individuals, recently introduced by non banking financial company (NBFC) Bajaj Finserve Lending, is targeting Rs. 500 to Rs. 550 crore worth of business in the first year of its launch.

A one-of-its-kind service in India, Bajaj Finserve Lending is providing online personal loans in the range of Rs. 1 lakh to Rs. 15 lakh.

Mr. Ashish Panchal, the Business Head, Salaried Loans of the company said that the new facility approves customer's loans in five minutes of receiving the loan application and the loan is disbursed within three days if all information provided by the customer online matches the documents provided by him/her for the purpose. After the online application is submitted, the customer only needs to keep three photocopies of salary slips, KYC documents, and proof of identity, address and employment ready for further processing.

The company is charging Rs. 999 as commitment fee to attract serious applications only and to keep the non serious applications at bay. It is offering interest rates from 15.5 percent to 17 percent based on customer's profile.

It is reported that in one week only, the company has received almost 300 loan applications.