Buy smartphone, TV, refrigerator - start paying EMIs after two months

 BusinessToday.in   New Delhi     Last Updated: February 14, 2018  | 19:39 IST
Buy smartphone, TV, refrigerator – start paying EMIs after two months

Despite being a consumer-friendly economy, India has seen a decline in consumer durable financing. Offline stores, in wake of sluggish demand, display discounts round the year. Your mobile phone is buzzed with daily notifications from e-commerce websites offering various eye-catching deals, but sale results are not enough.

So, how far can companies go in making sure you end up buying these products? Well, here's a solution that seems quite promising. You can buy something, any consumer durable like mobile phone, TV, or a refrigerator, and pay through EMIs later.

That's quite possible. How? NBFCs (Non-Banking Financial Companies) like Bajaj Finance, Capital First and Home Credit India are coming up with such schemes where consumers will be able to buy products, and pay through EMIs, which will start two-three months later once you buy a product, a report in Economic Times said. Also, instead of 24-month repayment cycle, customers will be able to repay the amount in 30 months.

The NBFCs are in talks with leading retail chains across India as well as e-commerce websites to rollout the scheme for consumers. The non-banking finance companies say under the new customer acquisition strategy, they want to capture maximum market, which is why the cost earlier borne for setting up infrastructure is now being directed towards customer acquisition.

The sales of white goods are declining, and consumer durable financing has dropped by about 12 per cent in the April-December 2017 period. Market analysts suggest the delayed payment of EMIs can help boost the overall demand and bring cheers in the consumer finance industry.
So, that mobile phone you've been planning to buy for long, which you think is costly enough to burn a whole in your pocket, can be yours. Worry about paying the EMIs after two months.

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