LG and Bajaj Finserv partner to bring India's 1st OEM Co-Branded Finance Card
Bajaj Finance and LG Electronics India announced the launch of an exclusive OEM co-branded card - LG Bajaj Finserv EMI card. The co-branded card will enable customers to buy all LG products at no cost EMI option across all LG formats.
The LG Bajaj Finserv EMI card will allow customers to buy from the wide range of LG Home appliances and Electronics products across its 20,000+ outlets and around 700 LG exclusive Brand Shops and 3000 outlets for smartphones. Card has a pre-approved credit limit and a loyalty program exclusively offered to LG customers. This card can also be used to buy LG products across Bajaj Finance Ltd distribution network of 50,000+ outlets with no processing fee, no hidden costs, no down payment, and without any interest pay out.
Announcing the partnership Mr. Rajeev Jain, Managing Director, Bajaj Finance Ltd said, “We believe in the potential of technology and process innovation to disrupt the status quo and build large scale, sustainable businesses. The LG Bajaj Finserv co-branded card is a disruptive proposition that will facilitate stronger customer convenience and stimulate higher spends.”
Commenting on this occasion, Mr. Kim Ki Wan, Managing Director, LG Electronics India said, “As we enter this year’s festival season, LG is proud to announce the first of its kind strategic partnership with BFL to introduce our new co-branded store card. This offering will enable us to strengthen our relationship with our Indian consumers as now they will be able to buy the best of various products at easy payment options. We are ready to deliver on our core philosophy “Life’s Good” at the start of the celebrations.”
The no cost EMI option will be available to customers buying LG products on a minimum invoice amount of Rs. 7,000 and maximum of up to Rs. 2,00,000. The customer has an option to select the repayment tenure between 8 to 24 months. Additionally, customers can choose to foreclose their loan anytime without any extra charges.
The same EMI option will also be available to the existing Bajaj Finserv EMI Card users. Company currently has 9.8 million EMI card user with a 30% market share in the consumer finance business.