Thanks for correcting my mistake.
I agree. Other players would be more adversely affected.
I was in Latur, Maharashtra recently and visited a Sony showroom to buy a TV for our family. It was a small showroom and it had a dedicated person for processing Bajaj Finance applications. The salesman said that about 80% of their customers use the no cost EMI option of Bajaj Finance. I saw a stack of 7-8 BFL loan applications on his table. Documents required - PAN, Aadhaar, bank statement/passbook and address proof. There were a few other offers from HDFC and ICICI bank, but people preferred the no cost EMI option. There was virtually no competition for Bajaj Finance at the showroom. This reminds me of a line frequently used by the MD in conference calls “Competition fizzles out outside the top 15-20 cities. That is where the growth opportunity is”.