Airtel and ICICI Bank jointly launched Locked Device Delivery Services for customers. This service will probably match the Nokia C3 handset. Under this scheme, Airtel customers can get a loan to buy a smartphone. Instead they have to use Airtel SIM. Let us know about this in detail.
In a tie-up with ICICI Bank, Airtel will offer customers a loan of Rs 6,099 for a 4G smartphone. When buying a smartphone, the customer has to make a down-payment of Rs 2,999. There is a 10-month EMI to repay the rest of the loan, with a recharge plan attached.
Please note that you will not be able to use the Airtel connection unless you initially pay Rs 2,999 as down-payment. The interest rate is fixed for repayment of the rest of the loan except down payment. In other words, the customer will return the money to the company within ten months with 19 percent interest. For this Airtel will give you specific tariff plan recharge option.
In addition, Airtel will charge Rs 25 per month including GST if the EMI is late. They can even lock the phone if they want. Airtel further said that customers will be charged Rs 75 as processing fee at the time of loan disbursement, with GST added.
Remember, the customer has to repay the entire loan through EMI within the time limit of the scheme. During these ten months, the customer will not be able to use any plan other than Airtel’s scheduled recharge plan. They can’t even come from prepaid to postpaid connection. Again, any special recharge plan will work during that time. However, you can choose any recharge option at the end of the contract period of the scheme. Learn more about this here Click.