FAQ related to Application Process
1. What is Samsung Finance+?
A simple, paper-less financing service portal (“Platform”) where an eligible customer
gets financing plan through a Financing Partner, exclusively available when you are
trying to purchase Samsung smartphones (“Devices”) on Samsung online shop
(Samsung.com or Shop Samsung App).
2. How is Samsung Finance+ different as compared to other EMI options?
Samsung Finance+ enables you to apply for a loan in a few minutes even prior to
purchase of Device. The loan offers are customized basis the customer profile & credit
history. The loan offers are pre-approved (credit limit basis your eligibility) and are valid
for 30 days. Customer can opt for financing any time before expiry of the loan validity
period at the click of a button.
3. What are the eligibility criteria for availing a loan through Samsung Finance+?
You must be 22 years or more at the time of applying for a loan. Additionally, the
customer must comply with the relevant KYC (Know Your Customer) norms enforced by
the Reserve Bank of India. The Financing Partner reserves the right to approve or reject
your loan application. You must hold a valid PAN card to apply for a loan on Samsung
Finance+.
4. What all details/documents are needed for Samsung Finance+?
You need relevant KYC documents & need to provide the information requested during
the loan application to avail the loan. You must enter the following information during
the loan application journey:
- Contact details including mobile number, email ID, address, etc. and share his
PAN Card number.
- Relevant KYC documents (Aadhaar Card, PAN Card, and Driving License).
- You must click a selfie for validation.
- Requisite employment details.
- Account details for direct debit registration.
5. How can I apply for a loan on Samsung Finance+?
Simply select the ‘Pay using Samsung Finance+’ option on Samsung.com, share your
details and documents with Samsung Finance+ and if eligible, get instant loan approval.
Loan approval is subject to approval from Financing Partner.
6. Do I get an approved credit limit on Samsung Finance+ and can it be used for
purchase of multiple Devices?
The loan limit is pre-approved only for purchase of one Device. On availing so, the pre-
approved loan offer is exhausted. In case, you wish to avail loan offer for another Device,
you can do so only after repaying the earlier loan offer availed by you. For new loan offer,
you will have to submit fresh loan request and repeat the same process.
7. For how long does a loan approval stay valid post approval?
Loan offer pre-approved will be valid for 30days from the date of approval.
8. Do I need to have a Credit card to avail loan on Samsung Finance+?
It is not mandatory to hold a credit card to avail a loan on Samsung Finance+. You will be
eligible for the loan offer based on your profile & credit history among other deciding
factors as per the Financing Partner requirement.
9. Is there a processing fee if I avail loan through Samsung Finance+?
Yes, a minimal fee may be charged by Financing Partner at the time of Loan offer
approval.
10. What is the meaning of device locking policy in Samsung Finance+?
In case, you opt to avail the pre-approved loan offer and purchase the device, the
Samsung Finance+ application (“Application”) is installed on the device automatically
upon device activation. The Application provides you an easy interface to track loan
details, make payments & offers a comprehensive help section. In case the EMI is not paid
or there is a delay in EMI payment, the functionality of the device will be restricted and
the restrictions can vary basis on the number of days you have not paid the EMI for. Once
the Device lock is triggered, you will not be able to access other applications on the
device or make outgoing calls (except calls to emergency numbers). These restrictions
will be removed only upon paying the EMI.
FAQ related to activation of a device using Samsung Finance Plus
1. What is the process to activate a device purchased through Samsung
Finance+?
To activate a device purchased via SF+, you need to follow the below steps:
-
Upon turning on the device, the Samsung Finance+ application will be
automatically downloaded on your device once you switch it on.
-
You will need to activate your device by validating your mobile number using an
OTP. Please make sure that the SIM card inserted belongs to the same number as
the one provided during the loan process Post this, you will also need to enter
your date of birth & click your selfie for validation.
Your device will be ready for use post the completion of the above steps.
2. Which mobile number can I use to activate the device?
You must activate your device by using the same mobile number which you provided
during the loan journey.
3. Can I change the mobile number on the device purchased through Samsung
Finance+?
You may change the SIM card inserted in your device basis your requirement. The new
number will be verified using an OTP and there will be usage restrictions for 4 hours post
which you device will function normally. You will not be able to access other applications
on the device or make outgoing calls (except calls to emergency numbers) during the
period usage restrictions are in place.
FAQ related to EMI repayments
1. Through what modes can I repay the EMI?
You would need to register an e-Mandate at the time of applying for a loan. The EMI
amount will be automatically debited from your account on the payment day (subject to
successful e-Mandate registration & availability of funds in your account). Please refer
communication from your bank regarding the status of auto-debit. In case this fails, you
must pay using a debit card/selected pre-paid wallet via the customer app. You can also
pay your EMI at the nearest Airtel Money store.
2. What happens if I default on an EMI repayment?
In case the EMI is not paid or there is a delay in EMI payment, the functionality of the
device will be restricted and the restrictions can vary basis on the number of days you
have not paid the EMI for. Once the Device lock is triggered, you will not be able to access
other applications on the device or make outgoing calls (except calls to emergency
numbers). These restrictions will be removed only upon paying the EMI.
3. Can I prepay my loan on Samsung Finance+?
You may pre-pay your loan using a debit card, selected wallets via the customer app or
pay using cash at an Airtel Money store. These options are subject to change from time to
time and are per the policies of the financing partner.
4. Is there any penalty on prepayment?
No, there is no penalty for loan prepayment.
5. Is it possible to change the EMI payment date?
Unfortunately, you would not be able to change the EMI payment date once the same is
finalised.