HMD Global, the home of Nokia (NYSE:NOK) phones, has forecasted a sales increase of 25-30% due to the introduction of its Easy Pay finance program in India. The company's Vice President for India and APAC, Ravi Kunwar, has expressed expectations for consistent growth from the second to third quarter. The program, launched in partnership with DMI Finance, is currently available at 4,000 stores across the country.
The recent sell-out of the Nokia G 42 5G phones, priced at Rs 11,999 each, underscores the high demand for HMD products and highlights India's prominent role in global 5G adoption. This swift acceptance of the Nokia G 42 5G validates HMD Global's market strategies.
Earlier this week, HMD Global initiated the HDM Easy Pay device financing program in India. The program aims at budget buyers and first-time credit users, initially covering four smartphone models - Nokia G42, Nokia C32, Nokia C22, and Nokia C12 Pro. Customers can apply for the program using their Aadhaar number, PAN card, or debit card details. The loan process is paperless and quick, reaching channel partners within two hours.
The scheme offers no-cost EMIs and down payments without any hidden fees for a duration of six or eight months. If a customer defaults on their loan, HMD's soft lock solution halts phone operation until repayment is made.
In an announcement made by Ravi Kunwar earlier this week, HMD Global plans to extend financing options to other devices in Nokia’s ecosystem and launch HMD-branded handsets in Q1 or Q2 of the next financial year. India has been highlighted as a focus country for these forthcoming initiatives.
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