HIGHLIGHTS
- Samsung Insta Finance offers a 0% EMI facility for buying smartphones.
- The company partnered with Hulas Fin Serve Ltd. for the program.
- Only two documents are needed: citizenship and two pp-sized photos (applicant & guarantor).
People in Nepal will now be able to purchase Samsung smartphones in easy monthly installments (EMI) with 0% interest, requiring only a citizenship document. Samsung no longer requires proof of income.
In June 2023, Samsung launched Insta Finance, a no-cost EMI facility for consumers purchasing smartphones. It allowed consumers all over Nepal to access easy credit and financing services for buying the Samsung smartphone of their choice without requiring a credit card.
Initially, the EMI facility was available for smartphones priced above Rs. 25,000. However, the Samsung EMI facility is currently available for phones above Rs. 20,000.
In addition to citizenship and passport-sized photos, the facility required the applicant to provide income source documents. Samsung now no longer requires any additional documents other than citizenship and photos.
Samsung Nepal partnered with Hulas Fin Serve Ltd. (HFL), a non-banking financing institution, for the financing facility for Insta Finance.
Down Payment, Interest Rate, and Tenure of Loan
To take a loan on EMI with Insta Finance for purchasing a Samsung phone, customers must make an initial down payment of at least 40% of the phone’s price.
Insta Finance provides a no-cost EMI option (aka 0% EMI), meaning a zero percent interest rate.
Furthermore, customers are provided with the flexibility to select their desired EMI tenure from various options, including 3 months, 6 months, 9 months, and 12 months. It is important for the borrower to fully repay the loan within the chosen tenure.
ALSO READ: Xiaomi Nepal Now Offers 0% EMI on Phones, TVs, and Laptops
How to Apply for Samsung Insta Finance?
Insta Finance does not require customers to have a credit card, making it convenient for many.
The only documents required are the citizenship photocopies and passport-size photos of the both applicant and guarantor.
Similarly, the HFL, the lending institution, stated in the press meeting that the company charges no extra fees such as processing or service fees.
To get an instant loan with Insta Finance, follow the steps below.
- Visit the store offering Samsung Insta Finance service in the district that issued your citizenship.
- Submit required documents (citizenship and photo of applicant and guarantor).
- Sign the legal documents once the backend verification is completed.
- Receive the smartphone.
Samsung and HFL emphasized that the entire process can be completed within an hour.
The Samsung Insta Finance service is available throughout Nepal.
Frequently Asked Questions
What documents are required to buy Samsung phones with 0% EMI in Nepal?
Citizenship photocopies and pp-sized photos (applicant and guarantor) are required to buy Samsung phones on EMI with Samsung Insta Finance in Nepal.
Do I need a credit card for Samsung Insta Finance?
No, you do not need a credit card for Samsung Insta Finance.
Does the guarantor need to be physically present for Samsung Insta Finance?
Yes, the guarantor needs to be physically present for Samsung Insta Finance.
What phones can I get on 0% EMI with Samsung Insta Finance?
You can get any Samsung phone over Rs. 20,000 on 0% EMI with Samsung Insta Finance.
How much down payment do I need to pay for getting a phone with Samsung Insta Finance?
You need to pay a down payment of at least 40% of the phone’s price to take a loan on EMI with Insta Finance.
Does Samsung Insta Finance charge any service or processing fee?
No, Samsung Insta Finance does not charge any service or processing fee.
How long does it take for the Insta Finance loan to get approved?
It takes under an hour for the loan to get approved.
Do I need to provide income source document for the Samsung Insta Finance loan to get approved?
No, customers no longer needs to provide an income source document for the Samsung Insta Finance loan to get approved. You only need a citizenship and two passport-sized photos of the applicant and the guarantor.
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