Croma-Bajaj Finserv Privileges Card: Swipe, sign and buy
Pre -approved credit limit ranging from INR 25,000 to 3,00,000
Mumbai, November 25, 2016: In order to serve its existing base of loyal customers better Croma and BFL today announced the launch of the Croma - Bajaj Finserv Privileges Card. The card will enhance the consumer proposition and increase purchasing power of all Croma Customers. The card holder gets a generous pre-approved credit limit and will also have access to additional Croma Privileges and exclusive offers, mapped to their purchasing power. Access to the card is simple with minimum documentation and a ‘credit on swipe’ feature which makes it as simple as swiping a credit card. As an initial benefit, the Croma Bajaj Finserv Card will also be pre- loaded with a Rs 500 gift value. The Croma Bajaj Finserv Privileges card will be offered to all old and new customers and extended to both finance and non-finance Croma customers.
Speaking at the launch Mr. Devang, Mody, President – Consumer Finance, Bajaj Finance said: “We are happy to partner with Croma and launch the The Croma Bajaj Finserv Privileges Card, which will further help us steer our growth and expansion plans. It gives us an opportunity to card 3.5 lakh weekly visitors on croma.com and around 4 lakhs of customers who visit their stores weekly. Through this strategic initiative we are expecting in contributing disbursals of Rs.2,000 crore by 2020 and disbursals of INR 750 crore by the end of this financial year. We will encourage customers with special incentives and customized offers.”
Mr. Avijit Mitra, CEO, Infiniti Retail Ltd., said “Croma has long been the preferred destination for the latest electronics. On any given day, there are 50,000 customers interact with us. Out of these more than half are returning customers, these loyal customers commit a larger share of their wallet to Croma, yield bigger ticket sizes and make Croma the first port of call when they are exploring their next gadget. However, the challenge was to identify these loyalists and reward them for their continued support. This is where the Privileges card comes in to our plans. A base of 7.5 million Croma customers will be offered the Croma Bajaj Finserv Privileges Card which will allow us to take our engagement with them to the next level.”
The new co-branded card will offer a pre-approved credit limit to over 30 lakh Croma customers and empower them with Easy EMI Finance. The pre -approved credit limit on the card ranges from INR 25,000 to 3,00,000 and customers can buy any durable from INR 7,000 onwards and convert their buys into Easy EMIs, with repayment tenure extending from 8 to 24 months. This facility is applicable to all existing Bajaj Finance EMI card customers and Croma customers who have been pre-approved with a BFL Credit Limit. For New customers, Croma and Bajaj Finance Limited have developed a unique data mining model which will be deployed for quick and easy credit assessment of customers at point of sales.
Bajaj Finance Limited, the lending and Investment arm of Bajaj Finserv group, already provides credit to almost 6.6 million customers annually and 30,000 retail points. The card will have a nominal annual fee of Rs. 349 for the first year and for inactive customers an annual renewal fee of Rs. 99 from next year. Given the breadth and expertise of Bajaj Finance in the consumer lending space, it is a very powerful card that covers all consumer needs, which includes grocery, household essentials, fashion and accessories, small appliances, consumer durables, furniture, furnishing and many more.
About Bajaj Finance Ltd.:
Bajaj Finance Limited, the lending and investment arm of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 7 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan against 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 Loans and Vehicle Refinancing Loans. Bajaj Finance Limited prides itself for holding the highest credit rating of FAAA/Stable for any NBFC in the country today.
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