By Matthew Wade
Electronics retailer Sharaf DG launches 100% finance scheme
Emirates NBD Bank has increased the number of UAE technology retail stores through which it offers consumer finance with the launch of a new scheme for Sharaf DG.
This week the bank has begun providing Sharaf DG customers with access to consumer credit for the store's huge range of ‘big ticket' technology items costing AED2,000 ($532) or more.
"This marks the first time that consumer technology buyers in the UAE have been able to enjoy repayment periods of up to 36 months," Vipul Malhan, the head of product finance at Emirates NBD Bank, said today.
"Sharaf DG aims to revolutionise the electronics retail industry and is constantly looking to introduce new and innovative schemes that benefit our customers," added Nilesh Khalkho, the director of Sharaf DG. "We are happy to partner with Emirates Bank to provide customers with the lowest, most convenient and easy-paced financing option on the market, enabling them to instantly purchase and enjoy products that are highly priced."
Emirates NBD's Sharaf DG finance scheme offers repayment periods of 12-36 months and is based upon a flat interest rate of 12.5%. However this rate can fall as low as 6% for customers willing to pay four months' worth of instalments as a down payment.
According to Khalkho a customer will, for example, be able to take home a 32'' LCD TV for as little at AED95 per month over a three-year period. "This is a far better option than credit card financing where the interest rates are very high," he suggested.
The bank's Sharaf DG finance is applicable for any products priced above AED2,000, meaning this covers everything from branded laptops and computers to LCD and plasma televisions, home theatre systems, and washing machines.
To facilitate the new scheme, Emirates NBD will host a kiosk in each of the UAE's three Sharaf DG retail outlets, where bank staff will be on hand to advise budding buyers on all the available credit options.
According to Malhan, customers will be able to gain approval within two hours of their store visit, with bank staff requiring just post-dated bank cheques and a copy of the customer's passport.
Emirates NBD and Abu Dhabi Commercial Bank offer consumer finance schemes across a range of power retailers in the UAE, while ABN Amro also offers a Mastercard-backed ‘Jumbo card' tied to Jumbo Electronics.
Product finance, is the worst business to be in. It has cost money to financiers across the world, and there is hardly any Bank or financial institution which works within the Product Finance space. Really, attractive schemes !!! Someone is dreaming and trying to showcase presentations, which are worth Junk.