IKEA India and HDFC Bank have entered a partnership to provide a seamless and cost-effective method for consumers to finance the purchasing of home furnishing goods.
Under this collaboration, IKEA will offer customers an equated monthly instalment (EMI)-based financing option.
The financing option includes a mix of no-cost (0 per cent) and low-cost (up to 10 per cent) EMI plans, with flexible terms ranging from three to 30 months.
To avail of this financing option, customers are required to provide their Know-Your-Customer (KYC) information to the HDFC Bank representative at IKEA stores.
The new consumer financing option will be available at all IKEA stores in India starting from May 6, 2023, and will soon be accessible online as well.
In a statement shared by the company, Elena Pogosova, Country Commercial Manager at IKEA India, commented, "We understand that purchasing furniture involves a significant investment, and our goal is to make it affordable and accessible to all.
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Earlier this year, IKEA announced reduced prices for various product categories, including store and organise furniture, storage solutions, living room seating, bedroom furniture, office storage, kitchen accessories, and children's storage.
Additionally, the company is providing a five-year limited warranty for frames and sofa cushions, armchairs, sleeper sofas, and ottomans, further reinforcing its dedication to quality and customer satisfaction.