Mumbai, Aug. 27 -- The NCDs carry an annual coupon of 8.15% and have a long-term maturity of 10 years, with the principal due for redemption on 27 August 2036 and interest payable annually from 27 August 2027.

The NCDs are secured by a first pari-passu charge over identified loan receivables, subject to a minimum-security cover of 1.10 times at all times.

The instruments also carry investor protection provisions, including a right for the original investors to increase the coupon by up to 25 basis points for each rating notch downgrade if the rating falls to AA- or below. A further downgrade to A or below gives such investors a right to redeem the outstanding principal along with accrued interest.

Bajaj Finance is one of India's leadin...