Starting November 1, the NBFC will roll out new term loans designed to replace its popular 'revolver' loans, which let customers borrow, repay, and re-borrow. Why? Because the RBI wants to ban such revolving credit for most NBFCs; including flexi-loans and overdrafts. For Bajaj Finance, that’s a big deal: 15% of its total loan book is made up of these flexible products. The company admits there’ll be short-term hits to profits and AUM; but it’s moving fast, not waiting. New term loans won’t allow redraws; but they’ll come with perks to keep customers. Plus, rural lending is getting tougher: drought in 3 states has forced Bajaj to pull back on microfinance and B2B loans; even in some urban markets. It’s also tightening rules on borrowers with multiple personal loans, cutting their share to just 7%. All this while still targeting 22–25% annual profit growth. This isn’t just a policy change; it’s a strategic reset.