The scheme on itel will be valid across 1200 cities with all Bajaj Finserv dealers. However, users will require a Bajaj Finserv EMI network card to avail the scheme
With more users upgrading from feature phones to smartphones, phone makers are turning to more cost-effective plans to increase affordability and drive up sales. The sub-brand of Chinese company Transsion Holdings --itel -- has tied up with insurance major Bajaj Finserv to offer smartphones at no-cost EMI and zero down payment.
Under the new scheme, itel A 25 pro, itel A48, Vision 1 (3GB) and Vision 1 PRO smartphones are available at a processing fee of ₹299 followed by four easy EMIs of ₹1275, ₹1525, ₹1750 and ₹1725, respectively. The smartphones are priced in the range of ₹5,000 to ₹7,000.
The scheme will be valid across 1200 cities with all Bajaj Finserv dealers. However, users will require a Bajaj Finserv EMI network card to avail the scheme.
“The significant increase in usage of the smartphone during this pandemic underscores the need of easy access to affordable smartphones," Arijeet Talapatra, chief executive officer, Transsion India said in a statement.
Talapatra points out, “this partnership will help aspirational consumers in smaller towns to get accessibility to smartphones."
Though itel’s market share is way lower than its Chinese counterparts such as Xiaomi, Vivo and Realme, the brand is very popular with budget buyers in tier 3, tier 4 cities and rural areas. itel was rated the most trustworthy brand in the sub 7k segment, as per CyberMedia Research (CMR) survey, published in February.
According to CMR, feature phone shipments grew marginally at 2% YoY in December quarter. Barring Nokia and Samsung, feature phone shipments for most brands, including itel’s, declined compared to previous year.
“As India’s nascent digital economy takes off, the smartphone industry would gain strength, driven by feature phone users transiting to entry-level smartphones," Anand Priya Singh, analyst-Industry Intelligence Group, CMR said in a statement.
To tap into this growing segment of budget buyers, several brands are working on low cost smartphones. For instance, Reliance Jio is working on an Android based low-cost 4G smartphones at ₹4,000 with bundled data packs.
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