Mr. Nikhil Shah, D.G.M. - Loan Portfolio – NJ Group
Mr. Nikhil has over 24 years of corporate experience in diverse areas of product development, marketing and distribution . He also has prior experience in reviving sick units and was a visiting faculty to management institutes. Nikhil joined NJ three and half years back and is responsible for developing the loan business at NJ. Nikhil is a BE in Industrial Engineering and is an MBA in Marketing.
ES: What are the recent changes in the process of applying for LAS on E Wealth account ?
Nikhil: Previously the LAS process was completely paperless. Current E sign of the LAS agreement because of compliance reason is suspended till further clarity.
NJ has updated the LAS system for Online physical process.
Client can apply for the loan from E Wealth account. The loan is sanctioned online and securities are Pledged and E signed. Agreement copy and NACH mandate is mailed to partner.
The sanctioned letter is mailed by Bajaj on client's registered mail id.
Partner has to take printout of Agreement,NACH mandate and Sanctioned letter. Get it signed from the client and collect Security Cheque. If agreement is signed by the client in vernacular language, then collect a vernacular declaration form.
All the documents are submitted to the nearest NJ branch. It is processed by CRO.
The TAT for the loan disbursement is 5-7 working days from the date of submission of documents at branch. Previously Bajaj was disbursing the fund within 48 hours in client's account.
ES: What are your views on benefits of Loan against securities for the investors ?
Nikhil: LAS is boon for both Investors & Advisors.
For Investors, it offers loan against investments at very competitive rate for the short & medium term fund requirements. So loan against security helps an investor not to withdraw his investment meant for long term goals to satisfy his short term fund requirements.
ES: Can you share few features which are added on E Wealth account to improve the user 's expericnce ?
Nikhil: No. of new features are available on E Wealth account.
1. Client can apply for Topup / Loan enhancment from E wealth account now. Previously for any topup, client has to apply in physical mode.
2. Multiple disbursement request
Now client can send fund request from his E wealth account and fund is transferred to registered bank account on the same day or in single working day. Previously for the second disbursement, client has to sent mail to
3. Client can download from his E wealth account,
IVR – Interim valuation report
RPS – Repayment schedule report which gives information for the next 12 months interest details on current utilization.
In near future, Statement of account and Foreclosure letter will be also available on E Wealth account. It is under development.
ES: For repayment of the loan partly or fully and interest presently for the user there is no facility available on E Wealth, is there any plan to introduce the same ?
Nikhil: I am happy yo inform you that in near future the partial / full repayment of loan can be done through NJ E Wealth. It is under development. Client will be able to pay interest and principle online . It will be updated in IVR and statement of accounts automatically.
ES: What makes NJ - LAS very unique ?
Nikhil: LAS available on NJ E Wealth account is one of the finest loan products available in the Indian financial market.
The loan is applied online, there is ease of process and very less paper work required. The securities are pledged online and loan is disbursed within 5-7 working days from the day of submission of documents.