Vodafone Idea, the country's largest telecom operator, on Tuesday said it has entered into "an industry first strategic alliance" with Home Credit India to offer finance assistance to customers buying any 4G smartphone.
The financial solution is aimed at upgrading existing Vodafone Idea customers to the latest 4G Smartphones and the world of mobile data consumption. In simple words this initiative will accelerate adoption of 4G smartphones and democratise access to Vodafone Idea 4G.
Home Credit India is an international consumer finance provider with the largest penetration in sub Rs 10,000 categories in India.
"The alliance will play a vital role in providing financial access to a customer base, which has not been exposed to it in the past," Vodafone Idea said in a statement.
As part of the bundled offering available on finance, Vodafone Idea customers will be able to buy a 4G Smartphone at a down payment of just Rs 799, with a bundled 180-day validity plan offering unlimited local and national calls and 1.5 GB data per day.
Customers can select the 4G smartphone of their choice from a wide range of options and popular brands available at multiple price points starting at 3,999, it said. Irrespective of the cost of the handset chosen, the down payment will remain constant at only Rs 799 for this offer, much lower than the market norm of down payment being 30-40 per cent of handset value, it added.
The customer can access finance in 179 cities of operations of Home Credit India through the Point-of-Sale (PoS) network of 29,000.
Commenting on the partnership, Avneesh Khosla, Operations Director - Marketing, Vodafone Idea Limited said, "We are delighted to partner with Home Credit to offer easy finance options to encourage our customers to upgrade to 4G smartphones. This partnership will help fulfill the aspirations of several million mobile phone users across the country, including those who have never had access to credit before and those who desire a smart phone but couldn't afford to pay upfront. This bundled telecom offer will enable non-users of 4G to upgrade and experience the benefits of mobile internet while enjoying a richer user experience with Vodafone Idea."
Speaking about the alliance, Ondrej Kubik, CEO, Home Credit India said, "Together with Vodafone Idea, Home Credit India will be able to not just help people upgrade their phones but also their lifestyle. With a Smartphone, a customer can upgrade the lives of themselves and their families. I am sure that this will create a mutually beneficial partnership between Vodafone Idea and Home Credit, where the consumer will be the ultimate winner."
Edited by Chitranjan Kumar