Nokia introduces EMI Scheme in India

Following the footsteps of Apple and Samsung, Nokia on Wednesday started offering EMI schemes for its perspective customers in India. However, the EMI scheme is limited to  Nokia Lumia 925 smartphone only.

The EMI scheme offers payment on six EMIs at zero % interest and without involving any processing fee. And the scheme can be available in select Nokia priority partner outlets and some multi branded retail stores.

Nokia has tied up with Citibank, HDFC Bank, Axis Bank, Standard Chartered, HSBC, ICICI Bank and SBI Cards for the Easy EMI scheme and the offer will be available to consumers with credit cards (only) from any of these banks. The banks together have the target consumer base of over 16 million providing Nokia an opportunity to extend the service to a large consumer base.

The ‘EMI scheme’ offerings have become popular in India in the last one and half year with Samsung belling the cat first, followed by Apple. This scheme is one of the prominent reasons of Apple cracking the Indian market, where the iPhone maker saw a whooping 400% growth in the last fiscal.

Viral Oza, Director-Marketing, Nokia India says, “This trend is visible across segments from entry to the high end. Our insight shows that many customers don’t end up buying their preferred handset model as it tends to be marginally above their pre decided budget, making upfront payment difficult.”
“Our easy EMI scheme at 0% interest addresses that challenge and will allow customers to actually buy the handset they desire,” he adds.

Though its a good move in the right direction, its little surprising on why Nokia limits this EMI scheme to Lumia 925 only where as Samsung offers the same for most of its smartphones.

The Nokia Lumia 925 is the first smartphone from Nokia with a metal design. It also offers provision of wireless charging its battery by using a wireless charger cover onto the back of the phone.

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