K Raheja’s retail chain, Shoppers Stop is all set to woo the small ticket shopper this festival season. In the past, Shoppers Stop has been offering credit to Big-ticket buyers for items ranging between Rs 50,000 to Rs 80,000.
The plan is to offer easy loans in the range of Rs 5,000 to Rs 10,000. The interest rates on these loans will be in the range of 9% to 11% on the principal amount. [This is awesome Rate of Interest and all Credit Card APRs must be as low as this one ] Over 100,000 loyalty card members and credit card holders of the company are likely to be the first beneficiary of this scheme.
Mr. Govind Shrikhande of Shoppers Stop said,
We have been working on a new credit card model for the past two months and expect consumers to avail themselves of this benefit across categories.
Shoppers Stop has tied up with Citibank for all its co-branded cards. For its retail real estate needs, the company is backed by UBS Global Estate and Asset Management.