Airtel has teamed up with ICICI Bank to come up with a new plan to lend a phone under the loan to customers who cannot currently afford to buy a phone.
As part of this, customers first have to pay a down payment of Rs 2999 and apply for a loan. Airtel offers a loan of Rs 6099. That amount must be paid within ten months. 19 per cent interest will be charged on the loan amount. Late fee of Rs 25 will be charged for late payment of EMI in any month. In addition, a processing fee of Rs 85 will be charged.
Airtel is offering Nokia C3 handset under this scheme. The handset is locked and delivered. It has a third-party application installed internally. Only Airtel prepaid plan is available. Customers will not be able to switch to other prepaid or postpaid schemes without paying the loan amount.
Airtel allows customers to change their SIM card and plan as they wish after paying the loan amount. The phone will work in full by sending a special code from the server so that the phone can be unlocked after the entire payment is completed.
This new plan brought by Airtel will be useful for customers who cannot afford to buy a smartphone all at once. In recent times all telecom companies have been making various efforts to increase their subscriber base and increase their market share on the one hand through such innovative offers.
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