Croma-Bajaj
Finance Privileges Card: Swipe, sign and buy
Through this
strategic initiative, Bajaj Finance expects a disbursal contribution of Rs.2000
crore by 2020; and INR 750 crore by the end of this financial year
Pre -approved
credit limit ranging from INR 25,000 to 3,00,000
Mumbai /
Chennai, 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.2000 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.
About Croma:
Croma is a
chain of multi-brand digital gadgets and home electronics retail stores in
India run by Infiniti Retail Limited, a 100% subsidiary of Tata Sons. Launched
in October 2006, the chain now has 97 outlets across 19 major cities of India.
Croma sells over 6000 products in the stores from 5 lead categories namely Home
appliances, Entertainment, IT products, Digital imaging and Communication
gadgets.
In a market
dominated by the unorganized players, Croma defined and created Large Format
Retail Industry in the Electronics’ space in 2006. The brand came in with a
strong intent to help India buy and boasted of a range of live devices that
customers could touch feel & try before they buy.
A decade gone, Croma is
believed to be the preferred destination for electronics shopping for the
upwardly mobile and socially conscious Indian customer. This is aptly expressed
in the brand’s tagline - “We help you buy”. The pillars on which this promise
stands are knowledgeable and helpful staff, wide range of brands and products,
post-sale service assurance and International shopping experience.
With this
intent to delight customers all along, Croma launched its own label products in
2008. The objective of creating a range of Own Label products was to offer
customers, products that are not just superior in functionality and features
but also in aesthetics and style; all this at a price not pinching the pocket.
The range is a perfect fit, for those who desire a completely feature-packed
and quality product without being married to any specific brand.
With its own
ecommerce website – www.croma.com –
Croma is able to achieve online-offline synergies to bring seamless shopping
experience to customers.
Dedication
and adherence to its brand promise has earned the company ‘Most Admired
Retailer – Consumer Electronics’ award for 7 years in a row from the Indian
Retail Forum.
Croma has
also won the award for the Omni-Channel Retailer of the year for two years in a
row by Star Retailer Awards.
For Media Contact
Nagaraj Perumal
Ketchum Sampark
break through
Office : (d)+91 44 2435 2644
Mobile: +91 99406 37801
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