Microsoft Offers Xbox 360 At Rs.899!!

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TheMask

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Originally posted at ChannelTimes.com > Microsoft Offers Xbox 360 At An Easy EMI

Microsoft Entertainment & Devices Division announced the launch of easy-to-pay finance option through ICICI Bank credit card with the aim of enabling consumers to get hold of their Xbox 360 console.

The ICICI Bank credit card-holders can now pay Rs 899 and an affordable EMI to get hold of the Xbox 360 console. The EMI option is valid only for the ICICI Bank credit card-holders at the designated Microsoft dealers.

Elaborating on the launch, Mohit Anand, country manager, Microsoft Entertainment & Devices Division, India, said, "As digital entertainment products emerge to be vital constituents of consumer lifestyles today, it is imperative to explore innovative finance options that help reduce the upfront purchase costs of these products and enable more and more consumers to leverage their benefits.

"In this context, the ICICI Bank credit card easy finance scheme launched today is geared to enable gamers to buy their Xbox 360 console at an exciting EMI option. Judging by the exceedingly high consumer anticipation around this announcement, we expect to evoke a phenomenal response."

Commenting on the partnership, Sachin Khandelwal, general manager, cards product group, ICICI Bank, said, "Bridging the gap between affordability and desirability calls for a need to use innovative methods to reach out to the masses across the country. With this new program, customers will have access to Microsoft Xbox 360 at an affordable cost. We are extremely excited to take forward this initiative with Microsoft that will help expand the entertainment industry."
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OK.. dont hate me for the title :P
 
^^ LOL, but banks will do whatever these days to manage their topline growth. EMI for a game console....
I thnk they might be targetting those kids in coll who work part time and love to game. But they might be extremely stupid to take this offer.
 
Microsoft is really trying this time to promote this system in countries where PS has a stronghold.

This just may help boost some sales.
 
Yes, I saw this offer in COMPASS 2006 also.
Wonder, will ICICI bring same offer for PS3.
 
It's a wise decision on their part. It's just like Citigold offering EMI on HDTV's etc @ Hyper City - they're making it so that everyone can afford everything, by living on plastic cash.

Let's face it, shelling out around 15K together is a pain, but when you have EMI - it just comes out every month.

Same thing should be applicable for the PS3 if/when it's launched officially.
 
I don't doubt it is good for the banks.. but only in the short term. Up until now they have been banking on the fact that Indians have an aversion to defaulting on loans, because traditionally a loan was considered bad and defaulting on one meant you were a beggar and a scoundrel... societal pressure at work. But the younger lot may not follow that for much longer, especially with the highly consumerist society that is creeping in. Then the banks will be screwed. They can sue a college kid all they want. He will just declare bankruptcy and that is that.
 
It doesn't work that way ^^

Before they approve your loan, they always check your finances and something of equal or greater value that can serve as collateral.

Even before they issue the CC, they verify what you own, where you live, your source of income etc.

Based on that, investing 15K on you and getting 2K in returns over a year is a good deal, considering the max you get nowadays is 8% in 390 days.
 
It doesn't work that way ^^

Before they approve your loan, they always check your finances and something of equal or greater value that can serve as collateral.

Even before they issue the CC, they verify what you own, where you live, your source of income etc.

Based on that, investing 15K on you and getting 2K in returns over a year is a good deal, considering the max you get nowadays is 8% in 390 days.
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That is how things are supposed to go. But in practice....

Look, even if you do have a sufficient income (say 20k a month), do you think you can afford an X360? Start adding up taxes, rent, transport.... ouch.

But that much is enough to get a CC. These people issue cc to students in the final year, based on the fact that in one years time they will be working with Infy (yes, ICICI did this in my college) for 15k a month. Why on earth do you think they need collection agents?
 
^^ Folks with 20 k salary hardly pay that much taxes and can certainly afford an Xbox if they want one... Most young guys at Techenclave earn around 15k per month and still buy PCs or even laptops. So dont underestimate ppls spending potential.
Most banks are wise these days and most folks dont default (at least not salaried folks that I know).
 
Unrealistic said:
It doesn't work that way ^^

Before they approve your loan, they always check your finances and something of equal or greater value that can serve as collateral.

Even before they issue the CC, they verify what you own, where you live, your source of income etc.

Based on that, investing 15K on you and getting 2K in returns over a year is a good deal, considering the max you get nowadays is 8% in 390 days.
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Nope not anymore, not with a loan value so less. A salary slip should get you a loan, provided you are in good terms with the banker. Banks like ICICI and HDFC which are expanding at mind boggling pace, do just this.

Yep background checks et all are made. AS KK said its a consumerist society, also its not that everyne pays, but they structure their EMI's such that even if they have a 10% defaults they will be in a good profits.

Their credit card collection, is the worst, if anyone has a citibank CC he will know, the way they charge penalties on a "free card" is ridicuous to say the least..
 
^^ Folks with 20 k salary hardly pay that much taxes and can certainly afford an Xbox if they want one... Most young guys at Techenclave earn around 15k per month and still buy PCs or even laptops. So dont underestimate ppls spending potential.
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Yes, and I wonder how many of those live at home with Mom and Pop? Cos that changes stuff.

Most banks are wise these days and most folks dont default (at least not salaried folks that I know).
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Agreed, but with debt coming in at a younger age and with lesser cause (luxuries should be exactly that - luxuries. Buy them only if you can afford them) defaulting will start soon. A background check doesn't predict the future entirely. Because trends are changing. Plus the RBI is now jumping on their heads. Even in the US, in Texas they just passed a law which prevents CC companies from promoting their cards in particular ways to students (no more freebies, gifts etc).
 
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