The South Korean multinational manufacturing conglomerate, The Samsung Group has extended their digital lending program called Samsung Finance+ for the consumers to buy electronics and appliances. Initially, this was only reserved for the Samsung smartphone buyers.To introduce the new Samsung Finance+ in India, Samsung has teamed up with DMI Finance. The rollout coincides with platform-wide deals taking place during the holiday season. In addition to smartphones, Samsung promises that consumers will be able to access finance through the Finance+ initiative and purchase other Samsung consumer electronics products such as TVs, soundbars, refrigerators, washing machines, microwaves, and air conditioners. For loyalists of Samsung, this new credit line will be a useful addition.
Customers will have access to loans through Samsung Finance+, a digital lending platform, to purchase Samsung devices. At retail locations all across the nation, Samsung guarantees that these loans will be approved in less than 20 minutes.
Samsung announced in a statement that it is introducing Samsung Finance+ at roughly 3,000 consumer electronics outlets in 1,200 locations nationwide. By the end of 2022, the South Korean tech giant intends to introduce Samsung Finance+ to more than 5,000 retail locations in about 1,500 cities.
The factors that inspired the company to extend their programs is to provide better services to their consumers. According to Mohandeep Singh, Senior Vice President of Consumer Electronics Business, Samsung India, the Samsung Finance+ is a testimony to their consumer centric innovation and will help them drive financial inclusion , furthering our commitment to Powering Digital India. He believes 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.
According to Samsung, the new Finance+ platform was created in India at the Bangalore-based Samsung R&D Institute (SRI-B). The company's engineers evaluated user needs before designing the platform's features in collaboration with the Samsung India team. This platform's full engineering, design, and development were carried out at SRI-B.
Customers can quickly apply for a loan with Samsung Finance+. They must present the necessary documentation when they visit the Samsung retail location, request the Samsung Finance+ desk, and submit the e-documents for KYC verification. Within 20 minutes of completing KYC verification and credit scoring, a loan is disbursed with EMI payment options. When finished, the customer can purchase the Samsung product.
Samsung Finance+ is a fully digital platform which helps the buyers to opt for a paperless route, as promised by Samsung. Additionally, the company has asserted that almost all customers who apply for financing would receive an offer on the Samsung item they want to purchase.
