Bajaj Finance Ltd. disbursed approximately 63 lakh consumer loans during the festive season (September 22-October 26), marking a 27% volume increase and 29% value increase year-over-year.
The surge reflects the impact of recent GST reforms and personal income tax changes aimed at boosting consumer purchasing power. The company acquired 23 lakh new customers, with 52% being first-time borrowers from the formal financial system.
Chairman Sanjiv Bajaj attributed the growth to government reforms making products more affordable, noting a clear premiumization trend. Lower GST rates on televisions and air-conditioners enabled consumers to reduce average loan sizes by 6% while upgrading to higher-end products. Financing for TVs 40 inches and above rose to 71% of total TV loans, up from 67% last year.
Bajaj Finance serves 110 million customers through digital platforms and 239,000 distribution points across 4,200 locations nationwide.
