Flipkart and Amazon, India’s largest online retailers, are readying themselves for the upcoming festive season. Both the e-commerce destinations are keeping the hype alive by offering a sneak peek into the upcoming deals. What makes the Big Billion Days and the Amazon Great Indian Festival more intense is that the timing of both the events overlaps.
I usually scout for deals a couple of days before the shopping festivals actually start and this time around I was surprised by the two new features that the Flipkart app was offering. Firstly, and perhaps the most important, Flipkart has tied up with banks like HDFC and Axis to offer durable consumer loans to the customers. The app shows that my pre-approved loan stands at Rs 1,00,000 and all my purchases that are greater than Rs 10,000 can be converted into EMI.
The terms and conditions say that the offer is fulfilled by HDFC and no minimum balance is required for the purchase. The bank is also not charging processing fee, but the rate of interest seems to be on a slightly higher side of 15%-18%. However, not all products are eligible for this offer, but again I found most of the popular smartphones including the Lenovo K8 Plus and the iPhone 7 listed under the offer. That’s not all; the EMI offer is also available across Furniture, consumer electronics, and other categories as well.
As per the HDFC Terms and Conditions, this is how it works. While checking out, make sure that you click on “HDFC Consumer Durable Loan” under the EMI section (shown in the screenshots above). In the next step, you need to select your tenure and then verify the purchase via OTP. Once made your purchase on Debit Card will be converted into EMI. In cases wherein the transaction is done until the 20th of the month, the EMI will be charged on 5th of next month. However, if the transaction is done after the 20th of the month, the EMI will be charged on 5th of the month after next.
Well, apart from the EMI on the debit cards, Flipkart is also offering a festive pass. The festive pass will be available at Rs 99 starting from Oct 5. However one needs to register for the same right away. The customers who avail the Festive Pass will get the following benefits:
- Hotstar Premium membership for three months
- Option to book 10 fully refundable Domestic Flight Ticket on MakeMyTrip
- Three-Month subscription to Gaana+ music streaming service
- Purchase anything above Rs 1000 and get discount of 10% (maximum up to Rs 500) for the next purchase
- Free delivery on all items that are Flipkart Assured
- Min 90% off on extended warranty and buyback offers across all categories
- Extra 5% discount on PhonePe
- Surprise offer from Uber.
Please note that all the offers have an upper limit and September 30th is the last day for enrolling for the Festive Pass. Flipkart has also recently announced an extended line of credit called Flipkart Pay Later, with this one can pay for all the purchases done on the tenth of the next month. However, the Flipkart Pay Later is available only on the Flipkart Assured items. All of these features are based on your creditworthiness and probably a string of other deciding factors. All said and done, the financing options for the buyers are exciting and a telltale sign of how easy it will be to own premium things in the near future.