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Use NBFC EMIs for consumer durables
Posted on: 15/Feb/2018 11:38:09 AM
India has recently seen a decline in consumer durable financing. Offline stores, in wake of sluggish demand, display discounts round the year. But, you can buy something, any consumer durable like mobile phone, TV, or a refrigerator, and pay through EMIs later.
NBFCs, or Non-Banking Financial Companies, like Bajaj Finance, Capital First and Home Credit India are coming up with such schemes where consumers will be able to buy products, and pay through EMIs, which will start two-three months later once you buy a product. Also, instead of 24-month repayment cycle, customers will be able to repay the amount in 30 months.
The non-banking finance companies say they want to capture maximum market, which is why the cost earlier borne for setting up infrastructure is now being directed towards customer acquisition. The sales of white goods are declining, and consumer durable financing has dropped by about 12 per cent in the April-December 2017 period. Market analysts suggest the delayed payment of EMIs can help boost the overall demand and bring cheers in the consumer finance industry.
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