Bajaj Finserv, Viveks team up to launch co-branded EMI card

Bajaj Finserv and Viveks, a consumer electronics and home appliances store chain, have launched a co-branded EMI Privileges Card for buyers to get easy access to finance for purchases on instalment basis.

BA Kondaraman, Chairman and Managing Director, Viveks, said buyers have evolved over the last five decades that Viveks has been in business.

From being averse to buying on credit they now prefer to buy on instalments or by using credit cards.

Nearly half the purchases at Viveks’ 45-store chain are made via credit cards, he said. Last year Viveks’ sales were about ₹600 crore. The chain is spread across 18 cities in Tamil Nadu and one in Karnataka.

The Viveks-Bajaj EMI Privileges Card gives customers access to easy equated monthly instalment options, special schemes and a range of other facilities.

Amit Raghuvanshi, Group Business Head–B2B Consumer Business, Bajaj Finance, said the financial services company is tapping into the emerging trend of purchases in this segment.

Of the total of 90 lakh transactions last year by Bajaj Finserv, nearly 42 per cent was through EMI cards in consumer durables.

In the developed countries of the West, store cards are popular, he said.

With more than eight million EMI cards across the country, Bajaj Finserv is the largest issuer of cards for finance in a closed group.

Buyers are increasingly opting for such cards even for small purchases such as apparel and groceries, segments that the company entered into recently, he said.