Vivek Pvt. Ltd., a leading consumer electronics and home appliances retail chain and Bajaj Finserv, a financial services giant, have collaborated to enhance purchase power of the consumers with one-of-its-sort EMI Privileges Card.
Through this card, customers can choose Easy EMI as a payment method for their purchases of Consumer durables at all Viveks stores at zero percent interest. This is a smarter payment option which is real time and at the point of sale offering - Swipe, Sign and Buy experience.
This card provides buyers quick access to EMI finance with less documentation while allowing them enjoy exclusive and customized offers from Viveks as well as communication of best offers from Bajaj Finance for all categories as per propensity module.
Pre-approved Credit limit on the co-branded store card is from INR 15,000 to 3,00,000/-. Using this limit, customers can buy any durable from INR 7,000 onwards and convert into Easy EMIs. Repayment tenure would be from 8 months to 24 months. For credit services through the card, the customer needs to pay a minimal annual fee of Rs. 349 for the first year, further there will not be any renewal fee.
For new customers, Vivek's and Bajaj Finance Limited have worked to develop unique data mining model which will be deployed for quick and easy credit assessment of customers at point of sales. And enable instant credit limit for customer.
On the collaboration with Bajaj Finserv for EMI Privileges Card, Mr. B.A. Srinivasa - CEO of Vivek's said "Given the breadth and expertise of Bajaj Finance in the consumer lending space, we believe it is a very powerful card that covers all consumer needs, from grocery and household essentials to fashion and accessories, from small appliances to consumer durables, and from furniture to furnishing."
"Any loyalty member of ours or any walk-ins at the any of the Viveks stores purchasing product can apply for the co-branded store card. In-store personnel will help the customer apply for the store card digitally and will get decisions on the spot. The card will be issued after 25 days of application," he said.
Bajaj Finance Limited already provides credit to close to 8 million customers at POS (Point of Sales) currently for its CD/ Mobile and Furniture customers. This experience combined by Consumer insights from Viveks will enable partnership to provide better proposition to consumers. For existing customers, the limit will be leveraged at POS.
"The strategic new product with Viveks is a step towards further strengthening our partnership, by extending the EMI Card proposition to complete universe of Viveks customers both finance and non-finance customers, this card will increase purchase power of Viveks Customer by leveraging Credit & Carding capabilities of Bajaj Finance," said Mr. Amit Raghuvanshi - Senior Vice President of Bajaj Finserv.
"With focus of government promoting cashless transactions, this card will help customer to purchase durables & other categories with attractive EMI options with lower dependency on other modes of payments like cash, cheque and thus supporting in India initiative of achieving financial inclusion by 2020," he added.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)