The Hindu Business Line : Motorola, GE Money in handset financing deal

HAVE LOAN, GO MOBILE: Mr Allen Burnes, Corporate Vice-President, High Growth Markets, Mobile Devices, Motorola; and Mr Vishal Pandit, President & CEO, GE Money-India Region, at a press conference in the Capital on Friday. - Ramesh Sharma

New Delhi , March 31

Mobile handset major Motorola has tied up with GE Money for financing handsets at zero per cent interest rates. This will enable consumers to buy mid and high-end Motorola handsets at monthly instalments.

"This is the first time that a finance company and a handset manufacturer have allied to offer zero per cent mobile handset financing to consumers. To begin with the facility will be available in 10 major cities through 200 Motorola dealers," said Mr Allen Burnes, Corporate Vice-President, Motorola.

Mr Vishal Pandit, President and CEO of GE Money, said the company would be offering up to 75 per cent of the handset price and for a period ranging between nine to 12 months. Handsets available under the scheme are mid and high-end devices, including six feature rich current models including Motoslim, Motorazor V3 and newly launched PDA phones.

Growing market

The mobile handset market in India is growing in double digits, yet the handset financing market has remained under-penetrated offering Motorola and GE Money an opportunity to lead in the expansion of this market through innovative tie-ups that meet the consumer's technology needs and expectations for flexible and competitive financing, said a press release.

The scheme will be available across 70 major cities across the country by the end of 2006.

"This alliance addresses issues of affordability and allows the consumer to bridge the gap between aspiration and fulfilment. It is a perfect match of GE Money's global expertise in consumer financing, with Motorola's BharatMoto initiative, aimed at the mass market," Mr Burnes said.

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