Samsung, the country’s largest consumer electronics and smartphone brand, on Thursday launched Samsung Finance+, an offline digital lending platform with instant offers on Galaxy smartphones.

This lending platform will provide financing to prospective consumers to buy Galaxy smartphones.

Speaking to BusinessLine , Mohandeep Singh, Senior Vice President, Mobile Business, Samsung India said that Samsung is launching Samsung Finance+ at over 5,000 stores in 30 cities across the country. “Samsung plans to reach to 10,000 outlets in 100 cities by the end of 2019,” he said.

The main effort is to provide a mechanism for financing smartphones for millions of Indians who currently do not have a credit history.

For this offering, Samsung has tied up with DMI Finance, which will do the credit assessment at the back end, and provide the finance to end customers. This facility can be availed in any Samsung outlet or anyother multi-brand outlet.

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Singh said that the platform is fully digital and paperless.

“Nearly all consumers applying for finance will end up getting an offer on the Galaxy smartphones,” he said.

“At Samsung, consumers are at the heart of everything we do. Samsung Finance+ is a testimony of our consumer-centric innovation. It is also a ‘Make for India’ initiative towards financial inclusion and Digital India. We are confident that Samsung Finance+ will touch the lives of millions of consumers in India,” he said.

Fast processing

Consumers buying a Galaxy smartphone at Samsung stores equipped with Samsung Finance+ platform can opt for easy finance on their smartphones.

All they have to do is to log in to the in-store Samsung Finance+ application on a Galaxy Tab. After filling is their personal details for a simple KYC verification and credit scoring, they will get an offer screen on various Galaxy smartphones. The entire journey is fully digital, fast and convenient.

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