JioPhone Next: Reliance Jio makes it easier for buyers to purchase phone; set to sell 5 cr units in 6 months

To make it easier for buyers to finance the upcoming JioPhone Next, the 'cheapest smartphone', Reliance Jio has tied up with 5 banks.

JioPhone Next price: Reliance Jio is looking to ensure it provides the best deal possible for the buyer including data packs. (Reliance Jio)

Reliance Jio is all set to launch its new affordable 4G smartphone in partnership with Google - the JioPhone Next. The “cheapest smartphone” is scheduled to launch on September 10 and is reportedly going to be launched in two variants - a Basic and an Advanced. The Advanced variant is expected to be priced under ₹10,000 and the Basic, significantly lower than that. According to reports, Reliance Jio has been tying up with offline stores of smartphone companies like Xiaomi, Vivo, Samsung, Oppo, HMD Global, iTel, etch for Jio SIM-locked phones for JioPhone Exclusive devices.

How JioPhone Next has made it easier for buyers: As per another report, Reliance Jio has also tied up with five banks to finance the sales of the JioPhone Next mobile and the company aims to sell up to 5 crore JioPhone Next units within six months of the launch. The report also notes that JioPhone Next buyers will have to pay (downpayment) just 10% cost upfront and lenders will finance the remaining amount. The five banks Reliance Jio has tied up with include State Bank of India (SBI), Piramal Capital, IDFC First Assure, and DMI Finance - they have all reportedly assured business worth ₹10,000 crore. Also, four non-banking financial companies have assured ₹2,500 crore worth of credit support as per a report by ET Now.

Who is producing JioPhone Next: Reliance Industries has placed an initial production order for JioPhone Next 4G smartphones to UTL Neolyncs. UTL Neoluncs is a joint venture between Bengaluru-based UTL group and Neolync Solutions. This has been approved to receive SOPs under the PLI scheme for handsets. Reliance Jio has invested ₹20 crore in Neolync solutions earlier this month and the company has set internal targets with distributors and financers for sales.

JioPhone Next price: The JioPhone Next devices, both the Basic and the Advanced variants, are going to be priced under ₹10,000 and come with no-cost EMI of up to six months and additional benefits (worth ₹7,000 to ₹10,000) depending on the device. JioPhone Next is going to come with price support from the telco as well.