Reliance Jio has tied up with five banks for financing the sales of its affordable 4G smartphone, the JioPhone Next, developed in collaboration with Google. As per industry sources, the telecom major is aiming to sell up to 50 million JioPhone Next units in the next six months.

The State Bank of India (SBI), Piramal Capital, IDFC First Assure and DMI Finance have all reportedly assured business worth Rs 100 billion.

Additionally, four other Non-Banking Financial Companies (NBFCs) have assured Rs 25 billion worth of credit support.

For JioPhone Next buyers, 10 per cent of the cost will be upfront while lenders will cover the rest.

Moreover, the device will be available in In two variants: a basic variant priced at Rs 5,000 per unit and an Advanced variant priced at Rs 7,000 per unit.