India’s Largest Loan System Overhaul Completed with Pennant’s Digital Platform
Bajaj Finance Ltd. has completed one of the biggest tech transitions in India’s financial history. The non-bank lender has moved its entire core lending system to Pennant Technologies’ cloud-native platform, handling over 50 million loans in the process.
The switch to pennApps Lending Factory is not just a software upgrade. It marks a strategic move towards agility, scale, and digital-first lending, powering all of Bajaj Finance’s loan products—from consumer to commercial.
From Legacy to Leading-Edge
Until now, Bajaj Finance relied on a traditional loan management system. It worked well for years but struggled to keep pace with modern demands—like tighter regulations, changing customer behaviour, and growing product diversity.
The company recognised that growth needed a future-ready, cloud-based system. The result? A full migration to Pennant’s next-gen lending engine—one of the largest scalable transformations in India’s financial services sector.
One Platform, All Loans
Bajaj Finance now runs 27+ loan products on a single, composable digital platform. This includes:
- Consumer finance
- Retail loans
- Business and commercial loans
- Housing and gold loans
- Loans against property
- Corporate and professional loans
- Microfinance offerings
Every part of the lending process—from origination to closure—is now handled by Pennant’s pennApps Lending Factory, built for resilience, scalability, and efficiency.
Big Benefits, Bigger Vision
The transformation has brought immediate results:
- Lower costs: A unified platform has cut down loan servicing expenses.
- Faster growth: Agile systems allow Bajaj Finance to launch and scale products quickly.
- Better experience: Customers benefit from faster processing and simplified journeys.
Rajeev Jain, Vice Chairman of Bajaj Finance, said the move aligns with the company’s mission to blend innovation, operational excellence, and customer delight.
Mudit Mehrish, CIO at Bajaj Finance, called it “a strategic partnership” that began with focused improvements and grew into an enterprise-wide transformation.
A Milestone for India’s Lending Industry
The core system transition involved massive data migration across secured and unsecured portfolios—making it one of the most complex digital transformations globally in lending.
Pennant’s success here has further cemented its position as a trusted tech partner for banks and NBFCs looking to digitise at scale.
“We’re enabling financial institutions to power today’s operations and build tomorrow’s success,” said Pradeep Varma, MD of Pennant Technologies.The pennApps Lending Factory platform has received praise from global analysts including Gartner, Chartis Research, and Everest Group, and earned recognition from NASSCOM for its flexibility and innovation.
