Samsung extends Finance+ platform for quick loans on electronics, appliances

Samsung has extended their digital lending program called Samsung Finance+ for consumers to buy electronics and appliances. This had been initially reserved only for Samsung smartphone buyers. Samsung has partnered with DMI Finance to launch the new Samsung Finance+ in India. The launch comes amidst festive season sales running across different platforms. Samsung claims that through the Finance+ initiative consumers will be able to access credit and buy their Samsung consumer electronics products such as TVs, soundbars, refrigerators, washing machines, microwaves, and air-conditioners in addition to smartphones. This new credit line will be a beneficial addition for Samsung loyalists. 

Samsung Finance+ is a digital lending platform wherein consumers will be able to access loans to buy Samsung products. Samsung promises that these loans will be sanctioned within 20 minutes at retail stores across the country.

In a statement, Samsung claimed that it is launching Samsung Finance+ at around 3,000 consumer electronics stores in 1,200 cities across the country. The South Korean tech giant is planning to take Samsung Finance+ to more than 5,000 retail outlets in appx 1,500 cities by the end of 2022.

“At Samsung, consumers are at the heart of everything we do. Samsung Finance+ is a testimony to our consumer-centric innovation and will help drive financial inclusion, furthering our commitment to Powering Digital India. We are positive that Samsung Finance+ will touch the lives of millions of consumers, especially those who are new to credit and are in semi-urban and rural markets,” said Mohandeep Singh, Senior Vice President, Consumer Electronics Business, Samsung India.

Samsung claims that the new Finance+ platform was developed in India at the Samsung R&D Institute Bangalore (SRI-B). The company’s engineers worked with the Samsung India team to assess consumer requirements and then design the features of the platform. The entire engineering, design and development of this platform was done out of SRI-B.

How does Samsung Finance+ Work?

Consumers can avail a loan under Samsung Finance+ in a few steps. They need to visit the nearest Samsung retail store with the requisite documents, ask for the Samsung Finance+ desk and submit the e-documents for KYC verification. Once KYC verification and credit scoring is done, a loan is disbursed with EMI payment plans within 20 minutes. Once completed, the consumer can buy the Samsung product. 

Samsung has promised that the Samsung Finance+ platform is fully digital as buyers can opt for a paperless route. Additionally, the brand has claimed that nearly all consumers applying for finance will end up getting an offer on the Samsung product they want to buy.