The launch of the Airtel Online Store has caused a paradigm shift in the way we perceive online purchase. Gone are the days when we entered a bank, stood in a queue, applied for a personal loan using a multitude of documents and still be unsure of getting the cash needed to buy what we wanted. We then tried borrowing from friends or family so that we could make the intended purchase.
Skip to the present. Look at how easy it is now to apply for credit. Go to Loan Singh’s website, provide just 2 documents, get a quick credit approval and within 36 hours the funds are disbursed into your account. The Airtel Online Store takes ‘Online Purchase’ to the next level. Here you don’t have to think about having cash in hand to initiate a COD transaction or a credit card with an EMI option. You can now own an iPhone by paying a down payment of Rs.7,777 and providing your Aadhaar Number.
On October 16th, Indian telecom giant, Bharti Airtel launched its Airtel Online Store to offer premium range smartphones with affordable down payment options. The smartphones are also bundled with Airtel’s postpaid plan. The Online Store is part of Airtel’s ‘Project Next’ – Airtel’s digital innovation programme that is aimed at transforming customer experience across all its services and touch points. The project will further see an investment of up to Rs.2,000 Crore over the next 3 years purposed with the launch of several exciting digital innovations.
On the announcement of the Online Store, Harmeen Mehta, Global CIO and Director (Engineering), Bharti Airtel had the following to say, “Imagine getting your dream device, instant credit to purchase it and a great plan to go with it, all available in one place with a few clicks. All this is a product of some cutting-edge digital engineering by the in-house teams at Airtel. We would also like to thank our partners for integrating their APIs seamlessly with our platform to enable a great customer experience.”
The launch of the Online Store has required multiple brands working in partnership with Airtel, to provide an easy and hassle free online experience – wherein the customer is not just adding the smartphone in his cart, but buying it with instant credit verification and door-step delivery. This is a pioneering step that amalgamates e-commerce and online financing.
Airtel has partnered with Apple, HDFC Bank, Clix Capital, Seynse Technologies (developers of Loan Singh), Brightstar Telecommunications and Vulcan Express, to enable its Online Store. The Online Store is currently set to serve customers in 21 cities across India; further expanding to other cities and towns in due time.
Role of Seynse
The role of Seynse, in the partnership, has been that of an enabler of technology and credit underwriting
Credit underwriting, in simple terms, is the process of determining if the customer is eligible to avail credit; based on his/her financials & other relevant criteria. The customer’s Aadhar and Seynse’ proprietary credit algorithms help to assess creditworthiness in the Online Store.
Seynse has created a platform to provide complete digital loan lifecycle – from application to disbursement, including EMI re-payment and managing fund flow. Seamless integration between participating entities makes the entire system sustainable and scalable to the entire Indian population.
Features of the Airtel Online Store
Airtel is currently offering the iPhone 7 and iPhone 7 Plus handsets through its Online Store. Some features of the Airtel Online Store are
- iPhone 7 32GB variant is available at a down payment of just Rs. 7777
- Easy EMI of Rs.2499 (inclusive of Airtel’s Postpaid Plan)
- iPhone 7 Plus 32GB variant is available for EMI of Rs. 17300
- Completely online process
- Minimal documentation
- Instant credit approval
- Up to 6 vibrant colours to choose from
The EMI of Rs.2499 also includes network services, such as
- 30 GB of Airtel’s monthly data plan
- Unlimited calling (local, STD, national roaming)
- Airtel Secure package (cover on smartphone for any physical damage, and cyber protection)
- Free Airtel connection for a family member
How to get an iPhone 7 for just Rs. 7777?
The steps are mentioned below
- Go to Airtel Online Store
- Select the iPhone model and variant
- Pay Rs.7777 as down payment
- Get the phone delivered to your doorstep
- Pay Rs. 2499 every month for 24 months (this includes a fully loaded Airtel Plan)