Kishore Biyani led Future Group has entered into a tie-up with Pune based Bajaj Finance Ltd., the retail lending arm of Bajaj Finserv, to enable its customers to convert all their purchases into equated monthly instalments(EMI).
The companies have introduced a co-branded credit card to finance purchase of anything from groceries to fashion, furniture and electronics at the Future Group’s Big Bazaar, FBB, Central, Home Town and Ezone stores.The facility will be available to customers on a minimum purchase of Rs.5,000 to up to a maximum of Rs.3 lakhs. They can pay back in a period of three months to two years.
The tie-up is a part of Biyani’s big picture goals of getting one crore customers to spend Rs 1 lakh per annum each by 2021.
“We have a vision to have one crore customers shopping for Rs.1, 00, 000 annually at our stores and this idea will make us achieve that goal. I believe Bajaj Finance Ltd is the best partner that can enable this in the quickest time possible,” Chairman, Future Group, Kishore Biyani said at a press conference held in Mumbai recently.
“The next big wave of consumption in this country will happen through credit only,” he said.