SpiceJet is now offering EMI or equated monthly instalment payment option to customers. The EMIs can be paid over a period for 3, 6, 9 or 12 months.
SpiceJet on Thursday launched the 'Book Now, Pay later' scheme for customers in partnership with select banks. The offer can be availed by credit card holders from Axis Bank, HSBC Bank, Kotak Bank, and Standard Chartered Bank. More banks will be added shortly, SpiceJet said.
The interest rates will be in the range of 12-14 per cent, compared to typical credit card interest rates in excess of 36 per cent, SpiceJet said.
"For a ticket costing Rs 5,000, this scheme can result in savings of over Rs 1,000 in terms of interest charges relative to credit cards for a 12-month deferred payment plan," SpiceJet said.
In case of airfare refunds, customers will have to bear the costs of the interest rate already billed for that particular booking, SpiceJet clarified.
Domestic airlines have been coming up with promotional fares and offers almost every other week in a bid to garner market share in a highly competitive market. This in turn has helped boost passenger traffic significantly. Domestic airlines carried 322 lakh passengers during January-May 2015 as against 267 lakh during the corresponding period a year ago - an increase of over 20 per cent.
SpiceJet's latest move however is likely a first in India's domestic aviation space.
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