TMall, Ant Financial to Offer Interest-free Singles Day Loans

Sina Tech, 11/04/14

Alibaba Group's (NYSE: BABA) B2C e-commerce site Tmall announced today a promotion coinciding with China's November 11 "Singles Day" e-commerce holiday. Under the promotion, consumers will be able to purchase products with no down payment and no transaction fees, and will have up to one year to repay loans. The loans will be financed by Alibaba's affiliated financing arm Ant Financial. Users will be able to make their purchases based on a credit line calculated from their shopping history on the site.

Tmall normally offers payment plans for 3-, 6-, and 9-month periods, of which the 3-month period is interest free. For the Singles Day promotion, qualifying one-year no interest goods will cover electronics and home furnishings, including major brands such as Haier, TCL, Midea, Philips, and Braun. Among other consumer electronics, the Apple iPhone 6 will also be available via the promotional installment plan.

Editor's Note: For more information on this topic, please see "Tmall Launches Interest-free Auto Loans," MD 7/23/14 issue.

Keywords: e-commerce Internet B2C Alibaba Group Tmall Singles Day BABA Ant Financial Group consumer credit

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