BajajFinance Limited and Future Group partner to revolutionize consumptionin India through credit

BajajFinance Limited and Future Group partner to revolutionize consumptionin 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 Suman Gupta

Mumbai,June 2016: BajajFinance Limited, the diversified retail lending arm of Bajaj Finserv,today announced its unique partnership with Future Group, India’sleading retail group to enable and empower customers to convert alltheir purchases from any of the Future Group brands into easy EMIs,thus ushering in a digital era of smart purchase.

Thecredit facility available to customers on a minimum invoice amount isRs. 5,000 stretching up to a maximum of Rs 3 lacs, and the tenure ofloan would be three months to 2 years.

Withthis tie-up, easy EMI finance would cover the complete spectrum ofcustomers’ lives – from grocery and household essentialsto fashion and accessories, from small appliances to consumerdurables, and from furniture to furnishing.

Availableacross all the stores of Big Bazaar, FBB, Central, Home Town andEzone, the EMI financing option would apply on the total invoicevalue and can be split across several products from differentcategories. Soon, this facility will also be available in Foodhall,Easyday and online platform FabFurnish.com.

Toenable this smarter purchasing option, both companies have alsounveiled a co-branded EMI Network card which will allow customers toconvert their purchases into EMI in real time, at the point of saleby swiping the card at the POS machine. The smart purchase facilitywill also be available on existing EMI Card for customers of BajajFinance Limited.

Speakingon the occasion, SanjivBajaj, Vice Chairman, Bajaj Finance Limited said,“We are driven bythe pursuit of excellence. Both Future Group and we believe in thepotential of technology to disrupt the status quo and build largescale, sustainable businesses. Connect access to credit with growthin urbanization, the changing demographics, and rising aspirations,and you are ready to disrupt retail once again”

“Thenext big wave of consumption in this country will happen throughcredit only. We have a vision to have one crore customers shoppingfor Rs one lakh annually at our stores and this idea will make usachieve that goal. I believe Bajaj Finance Limited is the bestpartner that can enable this in the quickest time possible,”said Kishore Biyani,Group CEO, Future Group.

Commentingon the launch, RajeevJain, MD & CEO, Bajaj Finance Limited, said, “Wehave invested deep in technology and process innovation to createlong term, sustainable advantages. This has allowed us to createwin-win propositions for all members in the ecosystem. OurExisting Member Identification (EMI) card enables customers to availinstant credit allowing them to choose how they pay on all theirpurchases. We are looking at substantially enhancing our salesfinance business by foraying into newer categories.”

Asa market leader in consumer durable finance category, Bajaj Financeventured into retail EMI finance over a month ago and has alreadyrolled out partnerships with over 350 brands across retail fashion,travel and small appliances in top 15 cities in India. With itspartnership with the Future Group, this is the first time the companyis venturing into financing grocery and fashion purchases.

BajajFinance has also agreed to enter into a corporate agency arrangementwith Future Generali India Life Insurance to offer its suite of lifeinsurance products to their customers with an objective of offeringbest possible life insurance solutions to their customer base.

AboutFuture Group

FutureGroup is a pioneer in theIndian retail sector and focuses on developing and operating modernretail networks, consumer goods brands and logistics networks for theconsumption sector in India.

FutureGroup believes in developing strong insights on Indian consumers andbuilding businesses based on Indian ideas, as espoused in the group’score value of ‘Indianness’. The group’s corporatecredo is, ‘Rewrite rules, Retail values’.

FutureGroup operates through its three listed entities –Future RetailLimited, Future Lifestyle Fashions Limited and Future ConsumerEnterprises Limited.

Collectively,Future Group operates around 18.5 million square feet of retail spacein over 240 cities and towns across India and provides directemployment to over 40,000 people. Around 28 million Indians are partof Future Group's loyalty networks.

AboutBajaj Finance Ltd : BajajFinance Limited, the lending arm of Bajaj Finserv group, is one ofthe most diversified NBFCs in the Indian market catering to more than6 million customers across the country. Headquartered in Pune, thecompany’s product offering includes Consumer Durable Loans,Lifestyle Finance, Digital Product Finance, Personal Loans, Loanagainst 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 Loansand Vehicle Refinancing Loans. Bajaj Finance Limited prides itselffor holding the highest credit rating of FAAA/Stable for any NBFC inthe country today.