Samsung offers lending program for buying consumer electronics in India

Samsung’s digital lending program Samsung Finance+, which gives easy credit to customers to buy smartphones, is now available with the purchase of other consumer electronics such as TVs, soundbars, refrigerators, washing machines, microwaves, and air-conditioners sold by the South Korean company in India. 

The lending program is part of Samsung’s plans to tap into the premiumisation trend in India and enable customers to buy premium products during the festive season sales by giving them a loan. 

The company is expecting a 45% year-on-year (YoY) growth during the ongoing festive season sales and 80% growth in the premium segment.

Samsung said that the loan will be available at 3,000 retail stores in 1,200 cities in India. The company is planning to expand the lending program to over 5,000 retail stores in 1,500 cities by the end of the year. 

“We are positive that Samsung Finance+ will touch the lives of millions of consumers, especially those who are new to credit and are in semi-urban and rural markets,” said Mohandeep Singh, senior vice president, Consumer Electronics Business at Samsung India.

Available only to Indian customers, the lending program was launched in partnership with Delhi-based credit solutions company DMI Finance, according to Samsung. 

“This is another step in our goal to provide affordable solutions to all credit worthy customers regardless of their credit history,” said Shivashish Chatterjee, co-founder and joint managing director of DMI Finance. 

According to Samsung, to get loans, customers will have to visit the Samsung Finance+ desk in any of the retail outlets that have the facility and submit e-documents for KYC verification. After the KYC verification and credit scoring, a loan is disbursed with easy EMI payment plans within 20 minutes.

Last month, Samsung also launched co-branded credit cards in partnership with Axis Bank and Visa. The credit cards allow customers to get 10% cashback worth up to Rs 20,000 on the purchase of smartphones, laptops, TVs, tablets, refrigerators, washing machines, and air conditioners. The cashback will also be available on the purchase of Samsung services such as Care+ mobile protection plans, service center payments, and extended warranty.