LG and Bajaj Finserv partner to bring India’s 1st OEM Co-branded Finance Card
Reveals Bajaj Finserv LG co-branded card for existing as well as new customers
New Delhi, October 11, 2017: Bajaj Finance Ltd., the lending arm of Bajaj Finserv, India’s most diversified financial company and LG Electronics India, India’s leading consumer and electronic company, today announced the launch of an exclusive 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.
TheBajaj Finserv LG 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 Bajaj Finserv LG 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 24months. 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 9.8million EMI card user with a 30% market share in the consumer finance business.
About Bajaj Finance Limited
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 21 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 along with Fixed Deposits and Advisory Services. Bajaj Finance Limited prides itself for holding the highest credit rating of FAAA/Stable for any NBFC in the country today.
To know more, please visit https://www.bajajfinserv.in/finance/
About LG Electronics India Pvt Ltd
LG Electronics India Pvt. Ltd., a wholly owned subsidiary of LG Electronics, South Korea was established in January 1997 in India. It is one of the most formidable brands in consumer electronics, home appliances, IT hardware and mobile communications space. In India for a decade, LG has earned a premium brand positioning and is the acknowledged trendsetter for the industry. LGEIL’s manufacturing unit at Greater Noida is one of the most eco-friendly units among all LG manufacturing plants in the world. The second Greenfield facility is located at Ranjangaon; Pune has the capacity to manufacture LED TV’s, air conditioners, washing machines, refrigerators, and monitors.