Daraz.pk in a press release announced that it has started offering loans to customers buying products off its website under its latest initiative Daraz Asaan Inst. The move could shake up the country’s e-commerce market and attract a wave of new customers to the website. The online retailer has signed up Standard Chartered Bank (SCBPL) to operate the service.
Unlike other instalment offerings in the market, where customers need to pay a significant amount as down payment, processing fee and interest on top, Daraz Aasan Instalment comes easy, with no processing fees, no down payment and no monthly interest!
The innovative online financing option, a breakthrough in the e-commerce space, provides customers an opportunity to shop affordably. The zero-cost easy monthly instalment allows customers to shop through over 100,000 products available on Daraz and pay in 3, 6 or 12 equal monthly instalments.
Mr Shezad Arif, Head of Retail Banking said, “Standard Chartered Pakistan, consistent with our brand promise of being Here For Good, is keen on building long-term alliances with reputable partners, leading to synergies and value addition for our card members. The added benefit to our credit card offering is a tremendous achievement that reflects well on the commitment and success of both Standard Chartered and Daraz.”
In a statement, Daraz MD Zain Suharwardy said: “Daraz Aasan Instalment provides customers with further payment options to suit their needs when shopping on Daraz with ease and convenience; this initiative is part of boosting customer experience and could signal huge changes for the online retail industry.”
The scheme is currently available on SCBPL credit cards and is applicable on all products and categories available on Daraz.pk, with cart value equal or above Rs 10,000.