Bajaj Finance Limited and Future Group Partner to Revolutionize Consumption in India through Credit
Now customers can
buy groceries to fashion to consumer durables to furniture using Bajaj Finserv
EMI network card with a minimum purchase of just Rs 5,000
Reveals new co-branded
easy EMI network card for existing as well as new customers
by Shrutee K/DNS
Mumbai,
June 21, 2016:
Bajaj Finance Limited, the diversified retail lending arm of Bajaj Finserv,
today announced its unique partnership with Future Group, India’s leading retail
group to enable and empower customers to convert all their purchases from any
of the Future Group brands into easy EMIs, thus ushering in a digital era of
smart purchase. The credit facility
available to customers on a minimum invoice amount is Rs. 5,000 stretching up
to a maximum of Rs 3lacs, and the tenure of loan would be three months to 2 years.
With this tie-up,
easy EMI finance would cover the complete spectrum of customers’ lives – from
grocery and household essentials to fashion and accessories, from small
appliances to consumer durables, and from furniture to furnishing.
Available across all
the stores of Big Bazaar, FBB, Central, Home Town and Ezone, the EMI financing
option would apply on the total invoice value and can be split across several
products from different categories. Soon, this facility will also be available
in Foodhall, Easyday and online platform FabFurnish.com. To enable this
smarter purchasing option, both companies have also unveiled a co-branded EMI
Network card which will allow customers to convert their purchases into EMI in
real time, at the point of sale by swiping the card at the POS machine. The
smart purchase facility will also be available on existing EMI Card for customers
of Bajaj Finance Limited.
Speaking on the
occasion, Sanjiv Bajaj, Vice Chairman,
Bajaj Finance Limited said,“We are
driven by the pursuit of excellence. Both Future Group and we believe in the
potential of technology to disrupt the status quo and build large scale,
sustainable businesses. Connect access to credit with growth in urbanization,
the changing demographics, and rising aspirations, and you are ready to disrupt
retail once again”
“The
next big wave of consumption in this country will happen through credit only.
We have a vision to have one crore customers shopping for Rs one lakh annually
at our stores and this idea will make us achieve that goal. I believe Bajaj
Finance Limited is the best partner that can enable this in the quickest time
possible,”
said Kishore Biyani, Group CEO, Future Group.
Commenting on the
launch, Rajeev Jain, MD& CEO, Bajaj
Finance Limited, said,“We have
invested deep in technology and process innovation to create long term,
sustainable advantages. This has allowed us to create win-win propositions for
all members in the ecosystem. Our Existing Member Identification (EMI)
card enables customers to avail instant credit allowing them to choose how they
pay on all their purchases. We are looking at substantially enhancing our sales
finance business by foraying into newer categories.”
As a market leader
in consumer durable finance category, Bajaj Finance ventured into retail EMI
finance over a month ago and has already rolled out partnerships with over 350
brands across retail fashion, travel and small appliances in top 15 cities in
India. With its partnership with the Future Group, this is the first time the
company is venturing into financing grocery and fashion purchases.
Bajaj Finance has
also agreed to enter into a corporate agency arrangement with Future Generali
India Life Insurance to offer its suite of life insurance products to their
customers with an objective of offering best possible life insurance solutions
to their customer base.
About Future Group: Future
Group
is a pioneer in the Indian retail sector and focuses on developing and
operating modern retail networks, consumer goods brands and logistics networks
for the consumption sector in India. Future Group
believes in developing strong insights on Indian consumers and building
businesses based on Indian ideas, as espoused in the group’s core value of
‘Indianness’. The group’s corporate credo is, ‘Rewrite rules, Retail values’.
Future Group operates
through its three listed entities –Future Retail Limited, Future Lifestyle
Fashions Limited and Future Consumer Enterprises Limited. Collectively, Future
Group operates around 18.5 million square feet of retail space in over 240
cities and towns across India and provides direct employment to over 40,000
people. Around 28 million Indians are part of Future Group's loyalty networks.
About Bajaj Finance Ltd: Bajaj Finance
Limited, the lending arm of Bajaj Finserv group, is one of the most diversified
NBFCs in the Indian market catering to more than 6 million customers across the
country. Headquartered in Pune, the company’s product offering includes
Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal
Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards,
Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against
Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing
Loans. Bajaj Finance Limited prides itself for holding the highest credit
rating of FAAA/Stable for any NBFC in the country today. To know more please
visit www.bajajfinserv.in
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