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The MobileStore offers EMI to users without credit cards

Scheme launched in 5 cities, customers need to submit KYC documents to avail it

Press Trust of India  |  New Delhi 

Mobililty across insurance
Mobile phone image via

retail chain today launched a new instalment scheme for consumers to buy devices on (equated monthly installments) without a credit card across five cities in the country.

The personal finance option, introduced in Mumbai, Delhi, Pune, Kolkata and Chennai, will allow consumers to buy smartphones by submitting their Know Your Customer (KYC) documents, (TMC) said in a statement.

The company has partnered with Japanese company AEON Credit Service India to introduce this solution in order to target the base of consumers without a credit card.

"schemes have always played a crucial role in making high-end smartphones affordable for the Indian consumers. However, such schemes have only been restricted to credit card holders," CEO Himanshu Chakrawarti said.

There are 18-19 million credit card holders in the country and the numbers are growing at a slow pace.

"An solution without a credit card opens-up the smartphone market to a significantly larger group of consumers, who do not own a credit card," he added.

First Published: Mon, January 20 2014. 14:59 IST