Samsung India to offer lending options to customers buying smartphones
Samsung India will offer financing options to customers who buy their smartphones. This decision comes just before the holiday season, when demand is likely to increase. They will offer lending options through its digital platform Samsung Finance + to clients in partnership with DMI Finance.
According to reports, the financing solutions will be aimed at customers who do not have credit or debit cards and do not have a credit history. This will help the company to increase its consumer base in the country.
Financing solutions will be available from 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% interest on monthly installments. Mohandeep Singh, Senior Vice President, Mobile Business at Samsung India, told the daily that this initiative is aimed at financial inclusion and Digital India. He added that this initiative will increase the number of customers who want to buy a smartphone or upgrade an existing smartphone.
Samsung Finance + will be deployed in more than 5,000 stores in 30 cities across the country. The company plans to expand the initiative to 10,000 stores in 100 cities by the end of the year.
Customers wishing to take advantage of the loan will need to log into the Samsung Finance + app in store at the point of sale. They will need to fill in their details, after which a KYC check and credit score will be performed. Once done, they will receive an offer. Loan approval and disbursement will take 25 minutes, as mentioned in the report.