Samsung India will be offering finance options to customers buying their smartphones. The move comes just ahead of the festive season when demand is likely to spike. They will offer loan options through its digital platform Samsung Finance+ to customers in partnership with DMI Finance.
According to reports, the finance solutions will be aimed at customers who do not have credit or debit cards and have no credit history. It will help the company increase its consumer base in the country.
The finance solutions will be available with brick and mortar retailers as well as large format retail stores, as mentioned in a report in The Economic Times. Samsung will offer the loans at 0 per cent interest on monthly instalments. Mohandeep Singh, Senior Vice President, Mobile Business at Samsung India told the daily that this initiative is towards financial inclusion and Digital India. He added that this initiative will increase the pool of customers who want to buy a smartphone or upgrade from an existing one.
Samsung Finance+ will be rolled out at more than 5,000 stores in across 30 cities in the country. The company plans to expand the initiative to 10,000 stores across 100 cities by the end of the year.
Customers who want to avail the loan will have to log into the in-store Samsung Finance+ application at the outlet. They will have to fill in their details, following which a KYC verification and credit scoring will be done. Once that's done, they will get an offer. The loan approval and disbursement will take 25 minutes, as mentioned in the report.