Summer Internship Project

As partial fulfilment of requirements for the award of Post Graduate Diploma in Business
Management

Report on

“Increasing Proprietary Sales Force (PSF) Efficiency”

AT

Submitted To: Submitted By

Dr Vineeta Dutta Roy Taapas Gupta

Associate Professor 18DM228

1
 TABLE OF CONTENTS

A. Summer Internship Certificate…………………………………………………….

B. Project Completion Certificate……………………..
C. Letter Of Authorisation………………………………..
D. Letter Of Transmittal……………………………………………
E. Acknowledgement
F. Executive Summary…………………………………..

1. Introduction…………………………………………………………………..
2. Problem Statement……………………………………………….
3. Approach To the Problem……………………………………………
4. Research Methodology……………………………………………….
5. Analysis and results………………………………………………….
6. Recommendations……………………………………………………………………………………..40
7. Refrences……………………………………………………………………………………………………41

2
 Summer Internship Project Certificate

This is to certify that Mr Taapas Gupta, 18DM228 a student of PGDM (Specialization-

Marketing) has worked on a summer project titled “Increasing Proprietary Sales Force (PSF)
Efficiency” at Bajaj Finserv after Trimester-III in partial fulfilment of the requirement for the
Post Graduate Diploma in Management program. This is his original work to the best of my
knowledge.

Date Dr Vineeta Dutta Roy

Associate Professor

3
PROJECT COMPELETION CERTIFICATE

4
 Letter of Authorization

I, Taapas Gupta, a student of Birla Institute of Management Technology (BIMTECH), hereby

declare that I have worked on a project titles “Increasing Proprietary Sales Force (PSF)
Efficiency” during my summer internship at Bajaj Finserv, in partial fulfilment of the
requirement for the Post Graduation in Management program.

I guarantee my report to be authentic and original to the best of my knowledge in all respects of
the process carried out during the project tenure.

My learning at Bajaj Finserv, under the guidance of Mr Gautam Rajput, National Sales Manager
and Associate Professor Dr Vineeta Dutta Roy has been truly enriching.

Date – Taapas Gupta

5
 Letter of Transmittal
Birla Institute of Management Technology

Plot No. 5, Knowledge Park II, Greater Noida

(NCR) Uttar Pradesh

Date: 30th Junw 2019

Mr Gautam Rajput

National Manager-Sales

Bajaj Finserv

2nd Floor, Wing B, Mantri IT Park

Viman Nagar, Pune - Ahmednagar Road

Pune - 14

Dear Sir,

Subject: Summer Internship Project Report

Attached herewith is a copy of my summer report “

which I am submitting in order to mark the completion of a 12-week summer project at your

organization. This report was prepared by me using the best of practices and summarizes the work

performed on the project and is being submitted in partial fulfilment of the requirements for award

of diploma.

I would like to mention that the overall experience with the organization was very good and helped

me to know how work is carried out in real practice with the help of your esteemed organization. I

feel honoured that I got an opportunity to work with Mahindra and Mahindra, a company of great

repute.

I hope I did justice to the project and added some value to the organization.

Suggestions/comments would be appreciated.

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 Acknowledgement

I have put in efforts to do this project. However, it would have not been possible without the
kind support and help of many individuals. I would like to extend my sincere gratitude towards
them.

I would like to gratefully acknowledge the contribution of all the people who took active part
and provided valuable support to me during the course of this project. To begin with, I would
like to offer my sincere thanks to Mr Gautam Rajput, National Sales Manager for giving me the
opportunity to do my summer training at Bajaj Finserv. Without his guidance/support, and
valuable suggestions, the project would not have been accomplished. I would like to extend my
warm regards to Dr Vineeta Dutta Roy , associate professor at Birla Institute Of Management
Technology (BIMTECH), without her support and help, I would not have been able to complete
the project.

Taapas Gupta

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 Executive Summary

Fixed deposit is investment instruments offered by banks and non-banking financial companies,
where you can deposit money for a higher rate of interest than savings accounts. You can
deposit a lump sum of money in fixed deposit for a specific period, which varies for every
financier.

My project titles “Increasing Proprietary Sales Force (PSF) Efficiency” highlights the role
Proprietary Sales Force (PSF) in the business development of fixed deposits of Bajaj Finserv.
Under this project I was asked to understand the ongoing sales process, factors which affect the
PSF efficiency, and working of PSFs and Suggest way to improve it. To accomplish desired result,
I divided my project into three parts. In first part of my project I went to meet customer along
with sales team to find what happens at the sales contact point. I went to almost 30 meetings to
interact with the customer to understand their needs and expectations from Bajaj. Customer
view point was important because I was working in Fixed Deposit vertical and in this vertical we
sell our products mostly to existing customer. So it is very important we understand what our
customer thinks about our service, their experience with Bajaj Finserv.
In the second part of my project I interacted with 30 out of 50 PSF of my company to
get a better understanding of the hurdles they face in converting a lead into business
and what help they wish to receive from the company to improve their productivity.

In the third part of my project, I was asked to do the market mapping for the newly
opened branch in Pune. For that I went to almost 15 societies to get quotations and
what type of activity can be conducted to increase sales efficiency.

8
 INTRODUCTION

1.1 About NBFC

A Non Banking Financial Company (NBFC) is a company registered under the Companies Act,
1956 of India, engaged in the business of loans and advances, acquisition of shares, stock,
bonds, hire-purchase insurance business or chit-fund business but does not include any
institution whose principal business includes agriculture, industrial activity or the sale, purchase
or construction of immovable property.
The working and operations of NBFCs are regulated by the Reserve Bank of India (RBI) within
the framework of the [[Reserve Bank of India Act, 1934]] (Chapter III-B) and the directions
issued by it. On November 9, 2017, Reserve Bank of India (RBI) issued a notification outlining
norms for outsourcing of functions/services by Non-Bank Financial Institution (NBFCs) As per
the new norms, NBFCs cannot outsource core management functions like internal audit,
management of investment portfolio, strategic and compliance functions for know your
customer (KYC) norms and sanction of loans. Staff of service providers should have access to
customer information only up to an extent which is required to perform the outsourced
function. Boards of NBFCs should approve a code of conduct for direct sales and recovery
agents. For debt collection, NBFCs and their outsourced agents should not resort to intimidation
or harassment of any kind. All NBFCs’ have been directed to set up a grievance redressal
machinery, which will also deal with the issues relating to services provided by the outsourced
agency.
NBFCs are officially classified under the 2010 Dodd-Frank Wall Street Reform and Consumer
Protection Act. The Act describes them as companies "predominantly engaged in a financial
activity" when more than 85% of their consolidated annual gross revenues or consolidated
assets are financial in nature.
This classification technically encompasses a wide range of companies offering bank-like
financing and investing services. Examples of NBFCs include insurance companies, money
market funds, asset managers, hedge funds, private equity firms, mobile payment systems,
micro-lenders, and peer-to-peer lenders.
However, NBFCs had existed long before the Act. In 2007, they were given the moniker “shadow
banks” by economist Paul McCulley, at the time the managing director of Pacific Investment
Management Company LLC (PIMCO), to describe the expanding matrix of institutions
contributing to the then-current easy-money lending environment—which in turn led to the
subprime mortgage meltdown and the subsequent 2008 financial crisis.

9
Although the term sounds somewhat sinister, many well-known brokerages and investment
firms were engaging in a shadow-banking activity. Investment bankers Lehman Brothers and
Bear Stearns were two of the more famed NBFCs at the center of the meltdown.

I. Asset Finance Company (AFC) : An AFC is a company which is a financial institution carrying
on as its principal business the financing of physical assets supporting productive/economic
activity, such as automobiles, tractors, lathe machines, generator sets, earth moving and
material handling equipments, moving on own power and general purpose industrial machines.
Principal business for this purpose is defined as aggregate of financing real/physical assets
supporting economic activity and income arising therefrom is not less than 60% of its total
assets and total income respectively.

II. Investment Company (IC) : IC means any company which is a financial institution carrying on
as its principal business the acquisition of securities,

10
III. Loan Company (LC): LC means any company which is a financial institution carrying on as its
principal business the providing of finance whether by making loans or advances or otherwise
for any activity other than its own but does not include an Asset Finance Company.

IV. Infrastructure Finance Company (IFC): IFC is a non-banking finance company a) which
deploys at least 75 per cent of its total assets in infrastructure loans, b) has a minimum Net
Owned Funds of ₹ 300 crore, c) has a minimum credit rating of ‘A ‘or equivalent d) and a CRAR
of 15%.

V. Systemically Important Core Investment Company (CIC-ND-SI): CIC-ND-SI is an NBFC carrying

on the business of acquisition of shares and securities which satisfies the following conditions:-

(a) it holds not less than 90% of its Total Assets in the form of investment in equity shares,
preference shares, debt or loans in group companies;
(b) it does not trade in its investments in shares, debt or loans in group companies except
through block sale for the purpose of dilution or disinvestment;
(c) it does not carry on any other financial activity referred to in Section 45I(c) and 45I(f) of the
RBI act, 1934 except investment in bank deposits, money market instruments, government
securities, loans to and investments in debt issuances of group companies or guarantees issued
on behalf of group companies.
(d) Its asset size is ₹ 100 crore or above and
(e) It accepts public funds

VI. Infrastructure Debt Fund: Non- Banking Financial Company (IDF-NBFC) : IDF-NBFC is a
company registered as NBFC to facilitate the flow of long term debt into infrastructure projects.
IDF-NBFC raise resources through issue of Rupee or Dollar denominated bonds of minimum 5
year maturity. Only Infrastructure Finance Companies (IFC) can sponsor IDF-NBFCs.

VII. Non-Banking Financial Company - Micro Finance Institution (NBFC-MFI): NBFC-MFI is a

non-deposit taking NBFC having not less than 85% of its assets in the nature of qualifying assets
which satisfy the following criteria:

a. loan disbursed by an NBFC-MFI to a borrower with a rural household annual income not
exceeding ₹ 1,00,000 or urban and semi-urban household income not exceeding ₹ 1,60,000;

b. loan amount does not exceed ₹ 50,000 in the first cycle and ₹ 1,00,000 in subsequent cycles;
c. total indebtedness of the borrower does not exceed ₹ 1,00,000;
d. tenure of the loan not to be less than 24 months for loan amount in excess of ₹ 15,000 with
prepayment without penalty;e. loan to be extended without collateral;
f. aggregate amount of loans, given for income generation, is not less than 50 per cent of the
total loans given by the MFIs;
g. loan is repayable on weekly, fortnightly or monthly instalments at the choice of the borrower

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VIII. Non-Banking Financial Company – Factors (NBFC-Factors): NBFC-Factor is a non-deposit
taking NBFC engaged in the principal business of factoring. The financial assets in the factoring
business should constitute at least 50 percent of its total assets and its income derived from
factoring business should not be less than 50 percent of its gross income.

About Bajaj Finserv

Bajaj Finserv was formed in April 2007 as a result of its demerger from Bajaj Auto Limited to
further the Group’s interests in financial services. This demerger enabled Bajaj Finserv to
independently run the core businesses of Lending, Protection and savings. Bajaj Finserv Limited
is the holding company for the businesses dealing with financial services of the Bajaj Group. It
serves millions of customers in the financial services space by providing solutions for asset
acquisition through financing, asset protection through general insurance, family protection and
income protection in the form of life and health insurance and retirement and savings solutions

Lending

Bajaj Finance Limited (BFL), participates in the financial business and is a company listed on The
Stock Exchange, Mumbai (the BSE) and the National Stock Exchange (NSE).

BFL also operates through a 100% subsidiary namely, Bajaj Housing Finance Limited (BHFL)
which is registered with National Housing Bank (NHB) as a Housing Finance Company (HFC) for
its mortgage business. BHFL started its operations in FY2018 and all the incremental mortgage
business is now done through BHFL.

Protection and savings

These are done through (i) Bajaj Allianz General Insurance Company Limited (BAGIC) for general
insurance including health insurance; and (ii) Bajaj Allianz Life Insurance Company Limited
(BALIC) for life insurance and retirement plans. BAGIC and BALIC are both unlisted joint ventures
with Allianz SE, one of the world’s leading composite insurers.

Digital and Online Platform

During the year under review, Bajaj Financial Holdings Ltd., a wholly-owned subsidiary, has
firmed up new business plans for undertaking activities on digital and online platform to
augment the business of the Company’s subsidiaries and has changed its name to Bajaj Finserv
Direct Ltd. with effect from 27 February 2018.

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In addition, there are wind-farm assets in Maharashtra with an installed capacity of 65.2 MW.
The company believes the good is the enemy of great. And this belief fuels the desire to create a
better reality every day. Today, we’re the most diversified non-bank in the country financing the
widest set of outcomes.

While one may go about acquiring means(finance), we let you do it in the least time and
with the least effort. And we ensure your pursuits are not hindered by limited access to
finance by extending the biggest ticket sizes across most of our portfolios.

This culture of performance and delivery is central to bajaj finserv. It runs through our
products, customer experience and orientation of all employees. Through deep
investments in technology, processes and people, we have constantly strived to deliver
what we promise.

The net result - you get what you need in lesser time, lesser effort, so that all your life
pursuits are hassle-free.

Bajaj Finance Ltd. has been assigned a long-term issuer credit rating of ’BBB–‘ with a
stable outlook and ‘A-3' short-term issuer credit rating by S&P Global Ratings on Jan 31,
2019.

Consumer Finance

 Durable Finance
 Lifestyle Finance
 Digital Product Finance
 EMI Card
 2 & 3 Wheeler Finance
 Personal Loan
 Loan against FD
 Extended warranty
 Gold Loan
 Home Loan
 Retail EMI
 Retailer Finance
 E-commerce

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  Co-branded Credit Card
 Co-branded Wallet

Today, Bajaj Finserv is the top consumer electronics, digital products, lifestyle products
and personal loans lenders in India.

SME Finance

 Home Loan
 Loan against Property
 Gold Loan
 Lease rental discounting
 Business Loan
 Loan Against Shares
 Professional Loan
 Working Capital Loans
 Developer Finance
 Used Car Finance

Present in the top 40 cities in India, our SME business is growing at the rate comfortably
higher than the industry.

Commercial Lending

 Vendor Financing
 Large Value Lease Rental Discounting
 Loans against Securities
 Financial Institutions Lending
 Light Engineering Finance
 Corporate Finance
 Warehouse Financing

Investment

 Fixed Deposit
 Mutual Funds

The Fixed Deposit scheme of the company is accredited with the highest degree of
safety by CRISIL via FAAA rating.

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Fixed Deposit
Fixed deposit is investment instruments offered by banks and non-banking financial companies,
where you can deposit money for a higher rate of interest than savings accounts. You can
deposit a lump sum of money in fixed deposit for a specific period, which varies for every
financier.

Once the money is invested with a reliable financier, it starts earning an interest based on the
duration of the deposit. Usually, the defining criteria for FD is that the money cannot be
withdrawn before maturity, but you may withdraw them after paying a penalty.

Features of Fixed Deposit

 Fixed deposit enable investors to earn higher interest on their surplus funds
 You can deposit money in a fixed deposit account only once, but to deposit more money,
you need to create another account
 Though liquidity in fixed deposit is lesser, you can look for higher rates of interests,
which are higher in case of company fixed deposit
 Fixed deposit can be easily renewed
 Tax is deducted at source, from interest on Fixed Deposit as applicable, as per the
Income Tax Act, 1961.

Benefits of Fixed Deposit

There are several advantages of fixed deposit investments, some of which have been given
below:

 They are the safest investment instruments, and offer greater stability
 Returns on fixed deposit are assured, and there is no risk of loss of principal
 You can opt for periodic interest payouts, to help you manage your monthly expenses
 There is no effect of market fluctuations on your fixed deposit, which ensures greater
safety of your investment capital
 You can benefit from higher interest rates offered by company fixed deposit
 Some financiers also offer greater returns for senior citizens.

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Taxability on Fixed Deposit

The interest earned from fixed deposit is taxable. The tax deducted at source on FD can range
from 0% to 30%, depending on income tax bracket of the investor. Financiers deduct 10% TDS if
your interest earned is more than Rs. 10,000 in a year, if your PAN details are available with
them. However, in case your PAN details are not provided to your financial institution, 20% TDS
will be deducted.

If your total income is below the minimum tax slab of 10%, you can claim a refund of the
deducted TDS. You can also avoid the deduction by submitting Form 15G to your financial
institution, and submitting Form 15H if you’re a senior citizen. If you fall in the higher tax
bracket (20% or 30%), you would have to pay extra tax over and above the TDS deducted by
your NBFC or bank.

Benefits
Invest in a Fixed Deposit to grow your savings, with high stability and safety of principal amount.
As one of the safest investment options, fixed deposit enables you to take control of your
investments with flexibility and offers guaranteed returns. You can easily choose a tenor
between 12 months and 60 months, as per your financial needs.
Bajaj Finance Fixed Deposit offers attractive FD interest rates of upto 8.95%, so you can easily
multiply your savings. Investing in a Bajaj Finance Fixed Deposit is very easy, and you can check
your final maturity amount using an FD Calculator, before you start investing. Bajaj Finance FD
offers some of the best features and benefits, so you can enjoy a hassle-free investment.

Upto 8.95% Return on Fixed Deposit

Bajaj Finance Fixed Deposit offers a lucrative interest rate of 8.60%, which can go up to 8.95%,
so you can plan and manage your expenses easily. With a high interest rate on FD, you can
accumulate your wealth and grow your corpus. These stable returns make Bajaj Finance FDs one
of the best investment avenues for growing your savings easily.

Higher Interest Rates for Senior Citizens

For senior citizens seeking safe investment avenues to invest their life savings, Bajaj Finance
Fixed Deposit offers the benefit of high safety with additional returns of 0.35% over and above

16
the regular interest rate. Senior citizens can also choose the option of periodic payouts, to fund
regular expenses.

Minimum deposit of Rs. 25,000

The minimum deposit required to invest in a Bajaj Finance Fixed Deposit is Rs. 25,000, which
makes it easier to invest. With this minimum deposit amount, you can start investing any time,
without having to wait to accumulate a larger corpus. Even with a smaller minimum deposit
amount, you can ladder your investments, and earn better returns.

High Stability and Credibility

As the only Indian NBFC with an international rating of ‘BBB’ by S&P Global, Bajaj Finance Fixed
Deposit is one of the safest investment options for investors, regardless of their risk type. Bajaj
Finance Fixed Deposit has the highest stability ratings with CRISIL’s FAAA/Stable
rating and ICRA’s MAAA (stable) rating, so your investments are never at risk.

Invest using debit card

Invest in FDs using debit cards (available in select locations only).

Auto renewal

Opt for auto-renewal while investing in FDs and save the hassle of filling in the renewal form
again during maturity.

Multi deposit facility

Invest in multiple deposits through a single cheque payment. You can opt for different tenors
and interest payment frequencies for each of these deposits. In case you need urgent cash, you
can prematurely withdraw from a single deposit, without having to break all other deposits.

Online Application Process

With Bajaj Finance, you can easily invest in FD with an easy online application process, which
saves you time and trouble. You can save the hassle of submitting lengthy documentation or
waiting in queues for opening your Fixed Deposits with Bajaj Finance.

17
Online Loan against Fixed Deposit
In case of emergencies, you need not liquidate your savings. Instead, opt for an instant online
loan against fixed deposit, where you can take a loan up to Rs. 4 lakh.

Assured Returns
No influence of market fluctuations, so you get assured gains on your investment.

Flexible Tenor
With Bajaj Finance Fixed Deposits, you can choose tenor between 12 and 60 months, to suit
your financial needs. This can impact your liquidity needs, and help you ladder your
investments, so that you can enjoy a higher cash inflow. What else, we also have a 15 month
special tenure FD which offers 0.05% more than the ROI of a 12 month FD.

Fixed Deposit Calculator

With the easy to use Bajaj Finance FD Calculator you can evaluate your returns in advance,
before making an investment. This helps you get clarity on your investments and helps you plan
your finances easily.

With Bajaj Finance Fixed Deposit, experience profitable and hassle-free investing at its simplest.
With an interest rate of 8.60%, get one of the best returns on your fixed deposit. With the
highest stability ratings from ICRA and CRISIL, Bajaj Finance Fixed Deposit is the safest
investment option for you to grow your savings easily.

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FD Interest Rates Of Bajaj Finserv

The annual rate of interest valid for deposits up to Rs. 5 crores (w.e.f. 08 May, 2019)

For Senior Citizens

Non-Cumulative
Tenor in Minimum Cumulativ
Half-
Months deposit (in Rs.) e Monthly Quarterly Annual
yearly
12-23 8.35% 8.97% 8.12% 8.20% 8.35%
24-35 25,000 8.50% 8.23% 8.28% 8.35% 8.50%
36-60 8.95% 8.60% 8.66% 8.76% 8.95%
Special Tenor Scheme
15 1,00,000 8.40% 8.12% 8.17% 8.24% 8.40%

For Bajaj Group employees, Bajaj Finance Ltd. customers and Bajaj Allianz Life
Insurance policyholders
Non-Cumulative
Tenor in Minimum Cumulativ
Half-
Months deposit (in Rs.) e Monthly Quarterly Annual
yearly
12-23 8.25% 7.97% 8.02% 8.10% 8.25%
24-35 25,000 8.40% 8.13% 8.18% 8.25% 8.40%
36-60 8.85% 8.51% 8.57% 8.66% 8.85%
Special Tenor Scheme
15 1,00,000 8.30% 8.02% 8.07% 8.14% 8.30%

For new Customers

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 Non-Cumulative
Tenor in Minimum Cumulativ
Half-
Months deposit (in Rs.) e Monthly Quarterly Annual
yearly
12-23 8.00% 7.72% 7.77% 7.85% 8.00%
24-35 25,000 8.15% 7.88% 7.93% 8.00% 8.15%
36-60 8.60% 8.28% 8.34% 8.42% 8.60%
Special Tenor Scheme
15 1,00,000 8.05% 7.77% 7.82% 7.89% 8.05%

Renewal: +0.10% over and above the rate of interest at which the deposit is booked.

CHAPTER 2 PROBLEM STATEMENT

Bajaj Finserv Limited is the holding company for the financial services businesses of the
Bajaj Group. It is well known for financing customer durables and providing loans. It has
recently started to provide investments through fixed deposits.
PSFs are those people who work all day on field to generate revenue for the company. The
primary focus was on to make their life easier by providing them tools which will help them
to focus better on their objective.
Secondly, it was seen that many of these PSFs were not able to close the lead that was
provided. Hence it was necessary to understand the lead generation system, and provide
them with solutions.
There is a huge scope for generating leads through nearby societies or public places which
may increase the business numbers. Customer engagement is one such thing which attracts
their attention and generate leads. It is not always that a person might apply for FD only
through online sources. It so happens sometimes that they are not aware of the rates and
scheme and they wish to invest. In this case planning for society activities and pitching the
product physically gives more impact.

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 CHAPTER 3: APPROACH TO THE PROBLEM

First, understanding the Bajaj FD form, its terms and conditions, Schemes of FDs and its
process.

The process for FD lead generation was mapped in detail through discussions with
 the FD product and Sales team
 The TCS and HGS employees in call center responding to the leads generated
through online sources
 The FD Operations team
 the Marketing teams

 Questions were asked to the PSFs to understand their problems in a better way.

 While mapping the societies a random customer survey was conducted to know the
customer preference of type of activity that make an impact on them.

 After identifying the societies, visit to all the societies was made in order to know
the charges for doing any activity or conducting an event, customer count and to
know the space that they would be providing for activity.

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 RESEARCH METHODOLOGY:

RESEARCH DESIGN:
This research project is based on quantitative Research with a sample of 30 respondents. A
small analysis has been conducted was to find out that where is the inclination towards
Proprietary Sales force Efficiency.

DATA COLLECTION FROM PRIMARY SOURCE:

Process of FD were mapped by obtaining information from various people who are a part
of the process such as, the PSFs, the Sales Managers in branches.

Data of the societies was obtained through physical visit to several societies and talking one
to one with the managers as well as society people. This data was maintained in excel.

SCALING TECHNIQUES:
No scaling techniques have been used.

HYPOTHESIS:
No hypothesis has been used.

22
INSTRUMENTS USED FOR DATA COLLECTION AND ANALYSIS:

Microsoft Excel was used for data collection and analysis. Features of Microsoft Excel such
as “Add”, “Filter”, and “Charts” were used to collect and analyze the different types of.

ANALYSIS AND RESULTS

In order to have a solution for these problems, I surveyed 30 PSFs on different aspects in
order to have a better understanding and provide them with accurate and useful solutions.

1. Tenure associated with Bajaj

Tenure In Months Responses out of 30

0-3 months 5
3-6 months 6
6-9 months 10
9-12 months 9
More than 12 months 0

23
 Association with Bajaj

16.67%

30.00%

20.00%

33.33%

0-3 months 3-6 months 6-9 months

9-12 months More than 12 months

Here, we can see that out of the 30 PSFs questioned, none of them have been associated with
Bajaj Finserv for more than a year. The maximum number of people belong in the category of 6-
9 months followed by 9-12 months.

2. Understanding Of Bajaj group structure.

Understanding Of Bajaj Group Responses out of 30

Structure
Yes 21
No 9

24
 Knowledge about Bajaj Group Structure

30.00%

70.00%

Yes No

After asking 30 PSFs in Bajaj Finserv, it was found that 70% of the people knew about
bajaj group structure which means they had good knowledge about the company and its
background.

3. Average monthly salary

Salary Range Responses out of 30

15000-30000 12
30000-45000 3
45000-60000 5
60000-75000 2
75000-90000 3
90000 and above 5

25
 Average Monthly Salary

16.67%

40.00%
10.00%

6.67%

16.67%
10.00%

15000-30000 30000-45000 45000-60000

60000-75000 75000-90000 90000 and above

Maximum number of PSFs come under the salary range of 15000-30,000. The reason behind this
is because most of them are newly hired, and hence the company is not putting lot of pressure by
giving big targets onto them to generate revenue for the company.

4. Breakup of sales representative monthly salary.

Information About Breakup of Responses out of 30

Monthly salary
Yes 7
No 23

26
 Knowledge about Breakup of salary

23.33%

76.67%

Yes No

As per the results, we can see that 77% of the PSFs asked didn’t know how their salary is
credited to their accounts. The reason behind this is they don’t feel the urge to ask the HR about
it. In case if they have some query, they put it in front of their reporting manager who doesn’t
provide them with adequate information.

5. PSF Lead generation source

Source OF Lead generation Responses out of 30

Call centre leads 12
Self-generated leads 18

27
 lead generation source

40.00%

60.00%

Cal l -centre l eads Sel f-generated l eads

As we can see, most of the PSFs rely on self generated leads. Hence in order to increase
collections, the company should focus more on getting leads from Call Centre.

6. Ever missed out on important information while pitching to potential customers.

Information missed while pitching Responses out of 30

28
 Yes 20
No 10

Missed out information while pitching

33.33%

66.67%

Yes No

As we can see, most of the PSFs tend to miss out important information while giving
explaining about the product, which shows the need of solution to the problem which is
mentioned later.

7. Able to answer all the queries asked by customers.

Able to answer all queries Responses out of 30

Yes 11
No 19

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 Answerable to all queries

45.00%

55.00%

Yes No

As per the results collected through primary data, it was found that 55% of the PSFs are not able
to answer most of the queries of the customer. While only 45% of them are able to answer them.
The reason behind this is lack of information about the product imparted to them at the time of
training and induction.

8. Knowledge about Rate of Interest offered on cumulative and non-cumulative FD.

Knowledge about rate of interest Responses out of 30

Yes 22
No 8

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 Knowledge about Rate of Interest

26.67%

73.33%

Yes No

As per the results, it was found maximum number of PSFs knew the rate of interest that is
offered to the customers of Bajaj Finserv. Only 27% of them didn’t know the rate of
interest completely.

9. Local places known for society activities.

Local Places Known Responses out of 30

Yes 13
No 17

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 Knowledge about Local places

43.33%

56.67%

Yes No

It is clear from the results that only 43% of the PSFs had knowledge/idea about the
localities of Pune. It shows the need of hiring localities, so that less time is wasted by
them while doing market mapping of a new area, or finding the address for a meeting.

INCENTIVE CALCULATOR

Incentive programs have a long track record of improving employee performance or product
sales.
In the second part of my project, I was asked to make the life of the PSF (Proprietary Sales
Force) easier by providing them tools which will help them to focus better on their objective.
Hence I started talking with these PSF to understand their problems and provide them
solutions.
After discussing with almost 20 PSF, the idea of an incentive calculator came to my mind. Every
PSF that comes to join the company has some dream in their mind. Some wish to send money

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to their homes, while some want to buy new vehicle and some wish to save that money for
investment purpose and so on.
The solution to these problems was an incentive calculator which given in the beginning of each
month which will help them to calculate the sales to be generated in order to the targeted
incentive.
Currently the revenue for the Bajaj FD PSF is calculated keeping the following conditions in
mind-

 Their fixed salary is 15,000 if they generate sales of 18 Lakh and above.
 Anything they achieve over 18 Lakh will be counted as their incentive.
 Bajaj uses 2 variables over 18 Lakh of income
1) 0.04% of the revenue above 18 Lakh
2) ₹300 per form is collected from the customer if they close the
deal given to them via call centre.

₹400 if they self generate the lead.

Using these variables I made a calculator which helped the Proprietary Sales Force (PSF’s) in
achieving their targets in the given period of time. Some of the examples are given below of the
incentive calculator.

Hence in order to earn an incentive of 10,000 the PSF have to generate the revenue of
19,23,076 above 18 Lakh

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Here in the above example, the PSF wished to earn an incentive of 20,000 , he has to generate
revenue of 38,46,153 above 18 Lakh.

Here the PSF wished to earn an incentive of 1,00,000 so he has to generate revenue of
1,92,30,769 above 18 Lakh.

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SALES PITCH
In selling technique, a sales presentation or sales pitch is a line of talk that attempts to
persuade someone or something, with a planned sales presentation strategy of
a product or service designed to initiate and close a sale of the product or service.
A sales pitch is essentially designed to be either an introduction of a product or service to an
audience who knows nothing about it, or a descriptive expansion of a product or service that an
audience has already expressed interest in. Sales professionals prepare and give a sales pitch,
which can be either formal or informal, and might be delivered in any number of ways.

Reason to make a sales pitch

1. Tell a story.

Keep the listeners engaged by telling a brief story. The story could be either about the company
or how a customer found success through product or service.

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2. Include a value proposition.

What value will be provided for this person or their company. While the pitch should be short
and sweet, the value proposition is the core of the sales pitch.

3. Personalize the sales pitch.

Make sure the sales pitch is relevant to them and interesting. One should be able to customize it
so it addresses the items that are most important to the person speaking with.

4. Switch up the pitch.

There are a variety of sales pitch types to choose from:
 One-Word Sales Pitch

 Question Sales Pitch

 Rhyming Sales Pitch

 Subject Line Sales Pitch

 Twitter Sales Pitch

 Pixar Sales Pitch

Depending on the potential customer and situation, change up the type of pitch you use.

The next part of the project was making tools which made the lives of the PSF easier was a sales
pitch. In the first 2 months of my internship I noticed that many of these PSF’s were not given
proper training or even the concepts related to the product was not clear to some of them.
After thinking for a few weeks, I thought of coming up with a sales pitch for the new PSFs that
join Bajaj Finserv Fixed Deposit Branch while will become a guiding factor for them for the initial
few meetings.
Also, during the process of creation, I continuously coordinated with my National Sales manager
Mr Gautam Rajput, about how efficient I can make it in order to make the maximum impact.
The sales pitch was made by keeping in mind that the sales force person has approximately 30
seconds to leave an impact in the minds of the customer, hence choosing of the right words and
conceptual terms was necessary.
Also due to time restriction. The sales pitch that was made by me was short and to the point, ie
without wasting customer’s valuable time. Also, I highlighted the compulsory terms and words
that the PSF must include while interacting with the customer, so that it becomes a habit for
him to use these words.

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By mentioning the rate of interest offered on fixed deposit, it might not 100% convert the lead
into an closure but will also leave an impact in the minds of the customers because currently
Bajaj Finserv provides one of the highest Fixed deposit interest rate as compared to other
NBFCs.
Also, I mentioned reasons why customers should prefer Bajaj Finserv over our competitors. By
going over these points again and again, it will help the Sales force people to tackle questions
that the customer might have in their mind. Below I had also mentioned the documents
required while collecting a Fixed deposit from a customer.

The sales pitch that was given to the new PSF and old ones is given below:

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Good morning/ afternoon/ evening Sir/ Ma’am

I am from Bajaj finance Fixed Deposit branch.

Are you an existing customer of Bajaj FInserv? If yes

 We provide fixed deposit at an interest rate of 8.85% for 36 months for existing Bajaj Group employees, Bajaj
Finance Ltd customers and Bajaj Allianz Life Insurance existing policyholders

If no

 We provide fixed deposit at an interest rate of 8.60% for 36 months for new customers

If a senior citizen ( 60 years and above)

 We provide fixed deposit at an interest rate of 8.95% for 36 months for senior citizens.

Renewal: +0.10% over and above the rate of interest at which the deposit is booked.

All you have to provide is a copy of your PAN card and an address proof with a cheque from the bank you would like to
make payment.

Why Bajaj?

 A 32-year-old non-banking finance company.

 One of the highest rates being offered in the market.

 We work as per customer convenience; door step service and delivery available.

 We have separate branches for Fixed Deposit and investments.

 Prior notice before auto renewal of Fixed Deposit, in case no communication from the customer, the principal
amount is sent back to the bank account from which the payment was made.

 Credit rating of AAA/ Stable by CRISIL, India ratings, CARE ratings and ICRA.

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Documents Required for Individual:

A self-attested identity proof from any one of the following:

• Passport
• PAN Card (Mandatory)
• Voters ID
• Driving License
• Aadhar Card
• NREGA Job Card duly signed by State Government Officer

Any one of the following self-attested documents as an address proof:

• Passport
• Voter ID
• Driving License
• Aadhar Card
• NREGA Job Card duly signed by State Government Officer
• Utility bill that is not more than two months old from any of the following service providers: electricity,
telephone, postpaid mobile phone, piped gas, water department
• Property or Municipal Tax receipt
• Bank account or Post Office savings bank account statement

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MARKET MAPPING

Bajaj Finserv wanted to ensure that the customer get the best of the services rendered. So the
company started focusing on opening Fixed deposit and investment branch over a year. Since 8 th
April till 30th june Bajaj Finserv opened 4 new branches at different locations of Pune in order to
increase the visibility of the company. The company wanted to give the customers a different
experience while the walk in to our branch which is not done by any of the NBFC in the market.
Also, due to some complaints by the customers of Bajaj Finserv, the company wanted to build a
trust with their existing customers, hence wanted to open a branch in every locality so that
customers can walk-in to our branch and go through a better sales experience which is not
provided by any of the company’s competitors.
On June 8th a Fixed deposit and investment branch was opened in Kalyani Nagar. This area is the
one of the best areas of the city from where the maximum business is generated. Here all the
banks have their branches in different corners of the area so that they can target the customer
accordingly.
My task was to do market mapping for Kalyani Nagar area. I went to many societies to meet
their secretaries and discuss about the type of activity can be conducted within the society
premises. Some of the societies charged some fee for holding these activities. The costing use to
range between 2000-3000 per day.
The reason why Bajaj Finserv insisted on Society activity was because the company can target
people at their comfort place ie their homes, usually the maximum footfall use to come during
the evening time when people use to go out for a walk.
In order to get better response, engagement activity like Tambola for senior citizen, drawing
competitions for kids, or sports games for all were suggested during the period of the internship
by me.
The details of the activities are given below:

OUTBOUND ACTIVITIES
S.n Cost of
o Society Name Promotion Type Of Activity
1 Raheja Woods 4000 Pamphlets in letter box, notice board, Standee
2 Sai Nagri Society 3500 Standee, distribution of Pamphlets
3 Sunshine Court 2000 Pamphlets in letter box, Posters on notice board
Kumar kruti housing
4 society 4500 Pamphlets and activity
5 Princeton Town 3000 Pamphlets in letter box, notice board, Standee
6 Garden activity 1500 Standee and pamphlet distribution.

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 RECOMMENDATIONS

 It was one of the finding when I interacted with the PSF that the leads which are
provided to them are repetitive in nature 50-60% of leads are repeated leading to
calling same customer again and again in some cases customer has been called five
times a week. I don’t see any point in calling same customer again it means that if we
have a list which contains 10 leads and out of which 5 have been called earlier and it
means that our conversion rate will go down by 50 percent that is not the ideal case.

 The company should focus more on PSF training by giving them adequate knowledge
about the product and its features.

 The company should pick more local PSF so that they have good knowledge about the
locations to conduct garden activity.

 In order to give the walk-in customer in the branch of Bajaj fixed deposit and
investment branch a better experience the following things should be done:

1) Token Tablet Interface: there is a tablet which is place at the entrance to

generate token. The Font Size is too small for any customer to read through,
specially senior citizens.

2) Speed of advertisements on Television: The speed of the content displayed on

in-store TVs is relatively fast i.e the text changes before anyone can read it
completely.

 The customers care number is not user friendly. hence there should be a direct
customer care number where the customers can contact the sales person. Currently the
numbers provided on website do not work and its very difficult for a senior citizen to go
online and request a callback.

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 REFERENCES

 https://www.bajajfinserv.in/fixed-deposit
 https://smallbusiness.chron.com/calculate-incentive-program-36197.html
 https://docs.oracle.com/en/cloud/saas/sales/18c/facmi/incentive-formula-and-
earnings-calculation.html#FACMI1418672
 https://blog.hubspot.com/sales/streamline-sales-process
 https://www.bajajfinserv.in/about-us-about-bajaj-finserv
 https://en.wikipedia.org/wiki/Bajaj_Finserv
 http://www.bajajfinservlending.in/investors-presentations.aspx
 www.unm.edu/~network/presentations/course/appendix/.../tsld043.ht

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