Samsung will soon launch its financial loan assistance service ‘Samsung Sure’ in India. The service will enable consumers to buy Samsung Smartphones on zero percent interest EMI and depending on their credit score they may or may not be required to pay down payment.
Samsung Sure will be launched in Association with DMI Finance Private Limited (“DMI”). Right now service is being tested with more than 1000 retailers and in coming days, post the official announcement, it will be available across multiple stores.
How will it work?
Once the customers decide to avail Samsung Sure service for buying Samsung Smartphones, they would be required to share their Aadhar Card and PAN Number to initiate the process. The details will be entered in a tablet which will be provided to retailers by Samsung. Once the details and CBIL score is verified the customer may or may not be asked to pay the down payment based on credit score. Post that, EMI amount and schedule will be shared. One also needs to provide a mobile no (SIM) which will be used in the device along with the Device IMEI number and model number.
At the time of launch, the service will have zero per cent interest but going forward if DMI and Samsung decide to add the interest component it will be added.Also, another interesting thing in Samsung Sure service is that even if the state in which you are availing the loan service and address mentioned on Aadhar is of a different state, the loan will be processed unlike loans provided by some other financial institution which require both to be same.
Safeguarding the loan provided:
To safeguard the loan amount in case customers default on the EMI payments, an App ( Samsung Sure) is pre-installed on the device would ‘lock’ the smartphone. In such a scenario customers will be allowed to use the smartphone only to access or use services like make calls to designated emergency numbers, receive incoming calls, access contacts and stored messages. During the said period, Customer will also not be allowed to disable the GPS feature.
Apart from that during the EMI tenure period if a consumer adds a new SIM its activation will be OTP based. In simple terms, if a user plan to add second SIM or change in the primary Mobile number he can’t simply insert a new SIM. It has to be enabled by OTP will be shared by Samsung Sure on the primary number which has been registered at the time of availing service.
Also, during the EMI tenure one will not be able to perform a factory reset of the device. It can be performed only after the loan period is over and Samsung Sure has been uninstalled.
What can you do with Samsung Sure App?
Samsung Sure would customers to view account information related to account ID, payment bank account, amounts due at next payment, due dates and payment details, access to online payment portals of Financing Partners and customer support in relation to the same.
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What will Samsung Sure collect data?
Yes, Samsung will collect data of customers who will avail Samsung Sure Services. They will use the data for authentication and identification of the user and improve user experience. The data will also be used to push notifications, content, alerts, offers, promotions, marketing information, communications and advertisements.
Samsung Sure may also collect personal information about consumers online activities over time and across third-party apps, websites and other online services. Though they will not share the same with any third party.