Smartphone financing to hit 42% of India sales in 2026, closing gap with one-time payments
EMI and instalment purchases are set to reach 42% of India smartphone sales in 2026, up from 35% in 2025. NBFCs finance 67% of these units, with Bajaj Finance leading and Samsung Finance+ driving Samsung's push. Festive offers and affordability schemes fuel premiumisation above ₹30,000.
What happened
Smartphone financing (EMI/NBFC) will reach 42% of India smartphone sales in 2026, up from 35%, nearing one-time payments. Samsung leads via Samsung Finance+;
Key facts
- 42% financing share 2026
- 35% financing share 2025
- 67% units financed by NBFCs
- phones above ₹30,000
Why this matters
The tightening gap between financed and one-time purchases makes embedded-finance and NBFC partnerships strategic acquisition or JV targets, particularly captive lending platforms that lock in premium-segment smartphone demand.
What to watch
- NBFC delinquency and DPD trends on consumer durable loans
- RBI policy on unsecured consumer lending risk weights
- Samsung Finance+ penetration vs Bajaj Finance share shifts
- Sub-₹30,000 vs ₹30,000+ unit mix each festive quarter
- No-cost EMI subvention spend as % of OEM marketing budgets
- Retailers to bundle no-cost EMI with exchange and insurance add-ons to lift attach revenue and offset subvention cost
- OEMs to expand captive finance partnerships and downpayment-zero schemes ahead of festive cycles
- NBFCs to deepen embedded checkout financing at kirana and organized retail POS to defend share
- Prepaid/subscription device plans piloted for premium tiers to capture recurring value