Home Credit India turns focus on TN

CHENNAI: Non-banking finance company Home Credit India Finance, which provides financing for smartphones at retail outlets, said that it will be focusing on growth in Tamil Nadu.

The NBFC, which operates in cities like Chennai, Madurai, Coimbatore, Tirupur and Dindigul, said it plans to expand to all tier-2 and tier-3 cities in the state.

Home Credit India also said it will be increasing its point-of-sale (PoS) network across the state to 2,000 from the current 650 by the end of 2018. The NBFC said it will be increasing its hiring and expand into other categories such as financing home appliances.

Offering smartphone loans at 0% interest, Home Credit India said that among its newer modes of risk assessment, it has taken to retina scanning.

Loans are issued if the loan applicant's irises match that on the Aadhaar database.

"Tamil Nadu is a huge market for us and critical to our growth strategy. Our customer centric approach, innovative and affordable offers along with easy financial solutions has provided us an opportunity to not only expand operations in the state, but across the country. We are confident that with consumers' ongoing focus on value, we will continue to expand our services and market presence in the years to come," said Artem Popov, chief sales officer, Home Credit India Pvt. Ltd.