- Samsung Nepal launched Insta Finance, a 0% EMI facility, for buying smartphones.
- The company partnered with Hulas Fin Serve Ltd. for the program.
- Only three documents are needed: citizenship, photo (applicant & guarantor), and income source.
People in Nepal will now be able to purchase Samsung smartphones in easy monthly installments (EMI) with 0% interest without requiring a credit card.
Samsung has launched Insta Finance, a no-cost EMI facility for consumers purchasing smartphones priced above Rs. 25,000. It will allow consumers all over Nepal to access easy credit and financing services for buying the Samsung smartphone of their choice.
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 are required to 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) which means there is 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.
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 and income source documents of the applicant.
The income source documents can be any evidence indicating a source of income, such as a salary certificate/sheet, rental income, land lease, business, and other related sources.
Similarly, the HFL, the lending institution, stated in the press meeting that the company charges no extra fees such as processing or service fee.
To get an instant loan with Insta Finance, follow the steps below.
- Visit the store offering Samsung Insta Finance service.
- Submit required documents (citizenship and photo of applicant and guarantor, income source document).
- 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.
Initially, Insta Finance will be available in over 200 stores across major markets in Nepal, with plans for expansion throughout Samsung’s network in the upcoming month.
Frequently Asked Questions (FAQ)
What documents are required to buy Samsung phones with 0% EMI in Nepal?
Citizenship photocopies and pp-sized photos (applicant & guarantor), and income source documents 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. 25,000 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.
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