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In a bid to spur consumption through credit, the Future Group as entered into a strategic partnership with Bajaj Finance for easy EMIs to buy goods ranging from apparel and grocery to high-end consumer durables. Through a co-branded store card, the EMI financing scheme can be availed on a minimum invoice of ₹5,000, going up to ₹3 lakh, with a loan tenure ranging from three months to two years.
Future Group CEO Kishore Biyani said: “The next big wave of consumption in this country will happen through credit only. We have a vision to have one crore customers shopping for ₹1 lakh annually at our stores.”
To begin with the facility for easy EMI be offered to existing EMI cardholders of Bajaj Finserv, which is being used across 17,500 stores. The co-branded store card with the same EMI facility will be launched in 45 days for customers of Future Group across all its store formats ranging from Big Bazaar to Central, Home Town and online platform FabFurnish.
Future Group had earlier tried to enter the consumer finance business through group company Future Capital, which it subsequently sold to US-based PE player Warburg Pincus. “We had attempted this consumer finance business but it was too early for us to enter and we had to sell it off.
“But now, by partnering with the Bajaj family, we expect this business to have the potential to become bigger,” added Biyani.
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