Future Group offers credit to its customers

Bajaj Finance, a non-banking arm of Bajaj Finserv has announced a tie up with the Future Group to provide easy (Existing Member Identification) EMI to customers on groceries and household essentials.

The customers will be able to swipe the EMI network cards at the POS machines available at the stores which will convert their purchases into the EMI in real time. The Bajaj Finance customers will receive an additional smart purchase facility on the existing EMI cards.

Bajaj Finserv which holds 57.28 per cent stake in Bajaj Finance has launched a co-branded credit card along with Future Group to finance purchase of groceries and other household products to be purchased from Big Bazaar, FBB, Central, Home Town and Ezone stores.

To increase the clientele and to make purchase easy, Future Group will provide its new and existing customers the EMI cards which will enable them to avail loans ranging from 5 thousand to 3 lakhs for repayment with 3 months to two years.

This would prove to be one of the best strategies by Kishor Biyani of Furture Group to survive in the competition from small players in retail space.

Bajaj Finance has already ventured into the EMI finance through partnerships with nearly 350 retail brands including travel and small appliances across 15 cities in India.

In the press release Biyani mentioned that he seeks at least 1 crore customers shopping through this mode with an average of 1 lakh rupees annually. Future Group on June 13 earlier had partnered with MobiKwik through its Central Mall brand to build chain of cashless malls first time in India.

Future Lifestyle Fashions has soared 1.2 per cent at Rs 119.20; Future Market Networks has surged 2.63 per cent at Rs 23.40. Shares of Bajaj Finserv have surged 1 per cent at Rs 2032.50 and Bajaj Finance has surged 0.5 per cent at Rs 7641.20.