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Tuesday, November 29, 2016

Croma-Bajaj Finance Privileges Card: Swipe, sign and buy

Croma-Bajaj Finance Privileges Card: Swipe, sign and buy

Through this strategic initiative, Bajaj Finance expects a disbursal contribution of Rs.2000 crore by 2020;  and INR 750 crore by the end of this financial year 
Pre -approved credit limit ranging from INR 25,000 to 3,00,000

Mumbai / Chennai, November 25, 2016: 

In order to serve its existing base of loyal customers better Croma and BFL today announced the launch of the Croma - Bajaj Finserv Privileges Card. The card will enhance the consumer proposition and increase purchasing power of all Croma Customers. The card holder gets a generous pre-approved credit limit and will also have access to additional Croma Privileges and exclusive offers, mapped to their purchasing power. 

Access to the card is simple with minimum documentation and a ‘credit on swipe’ feature which makes it as simple as swiping a credit card. As an initial benefit, the Croma Bajaj Finserv Card will also be pre- loaded with a Rs 500 gift value. The Croma Bajaj Finserv Privileges card will be offered to all old and new customers and extended to both finance and non-finance Croma customers.

Speaking at the launch Mr. Devang, Mody, President – Consumer Finance, Bajaj Finance  said: “We are happy to partner with Croma and launch the The Croma Bajaj Finserv Privileges Card, which will further help us steer our growth and expansion plans. It gives us an opportunity to card 3.5 lakh weekly visitors on croma.com and around 4 lakhs of customers who visit their stores weekly. Through this strategic initiative we are expecting in contributing disbursals of Rs.2000 crore by 2020  and disbursals of INR 750 crore by the end of this financial year. We will encourage customers with special incentives and customized offers.”



Mr. Avijit Mitra, CEO, Infiniti Retail Ltd., said “Croma has long been the preferred destination for the latest electronics. On any given day, there are 50,000 customers interact with us. Out of these more than half are returning customers, these loyal customers commit a larger share of their wallet to Croma, yield bigger ticket sizes and make Croma the first port of call when they are exploring their next gadget. However, the challenge was to identify these loyalists and reward them for their continued support. This is where the Privileges card comes in to our plans. A base of 7.5 million Croma customers will be offered the Croma Bajaj Finserv Privileges Card which will allow us to take our engagement with them to the next level.”

The new co-branded card will offer a pre-approved credit limit to over 30 lakh Croma customers and empower them with Easy EMI Finance. The pre -approved credit limit on the card ranges from INR 25,000 to 3,00,000 and customers can buy any durable from INR 7,000 onwards and convert their buys into Easy EMIs, with repayment tenure extending from 8 to 24 months. This facility is applicable to all existing Bajaj Finance EMI card customers and Croma customers who have been pre-approved with a BFL Credit Limit. For New customers, Croma and Bajaj Finance Limited have developed a unique data mining model which will be deployed for quick and easy credit assessment of customers at point of sales.

Bajaj Finance Limited, the lending and Investment arm of Bajaj Finserv group, already provides credit to almost 6.6 million customers annually and 30,000 retail points. The card will have a nominal annual fee of Rs. 349 for the first year and for inactive customers an annual renewal fee of Rs. 99 from next year. Given the breadth and expertise of Bajaj Finance in the consumer lending space, it is a very powerful card that covers all consumer needs, which includes grocery, household essentials, fashion and accessories, small appliances, consumer durables, furniture, furnishing and many more.


About Bajaj Finance Ltd.:

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 7 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. 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 Croma: 
Croma is a chain of multi-brand digital gadgets and home electronics retail stores in India run by Infiniti Retail Limited, a 100% subsidiary of Tata Sons. Launched in October 2006, the chain now has 97 outlets across 19 major cities of India. Croma sells over 6000 products in the stores from 5 lead categories namely Home appliances, Entertainment, IT products, Digital imaging and Communication gadgets. 

In a market dominated by the unorganized players, Croma defined and created Large Format Retail Industry in the Electronics’ space in 2006. The brand came in with a strong intent to help India buy and boasted of a range of live devices that customers could touch feel & try before they buy.

 A decade gone, Croma is believed to be the preferred destination for electronics shopping for the upwardly mobile and socially conscious Indian customer. This is aptly expressed in the brand’s tagline - “We help you buy”. The pillars on which this promise stands are knowledgeable and helpful staff, wide range of brands and products, post-sale service assurance and International shopping experience.

With this intent to delight customers all along, Croma launched its own label products in 2008. The objective of creating a range of Own Label products was to offer customers, products that are not just superior in functionality and features but also in aesthetics and style; all this at a price not pinching the pocket. The range is a perfect fit, for those who desire a completely feature-packed and quality product without being married to any specific brand.

With its own ecommerce website – www.croma.com – Croma is able to achieve online-offline synergies to bring seamless shopping experience to customers. 

Dedication and adherence to its brand promise has earned the company ‘Most Admired Retailer – Consumer Electronics’ award for 7 years in a row from the Indian Retail Forum. 

Croma has also won the award for the Omni-Channel Retailer of the year for two years in a row by Star Retailer Awards.

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Croma-Bajaj Finance Privileges Card: Swipe, sign and buy Reviewed by S. Chitra on November 29, 2016 Rating: 5 Croma-Bajaj Finance Privileges Card: Swipe, sign and buy Through this strategic initiative, Bajaj Finance expects a disbursal contribut...

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