The EMI option broadens the consumer market by giving them the liberty to buy a particular product, choosing the mode of payment as per their convenience. Years ago, purchasing an essential appliance for the house was a tough decision to make. Acquiring expensive home appliances like Flat TVs, high-quality refrigerators, Home theaters, smartphones, and laptops were considered a luxury. The EMI facility has simplified the lives of ordinary people to a significant extent. Easy installments, as per the convenience of payments, allow an individual to think a step ahead and buy a particular home appliance.
Many banks provide EMI on electronics so that consumers can avail the opportunity of affordability. Now a variety of durable consumer loans make purchasing an easy affair without disrupting the monthly commitments of your family. One needs to calculate the monthly installments deducted as repayment of the borrowed amount.
What is EMI?
EMI is simply a predetermined amount deducted every month from your account for an online or offline purchase made at a retail store. The Equated Monthly Installment is calculated based on the loan borrowed while purchasing a particular product. The installment paid by an individual includes the interest rate charges by various banks.
Since the EMI option ideally works with ease in your pockets, people take it to make their dream products a reality in their lives.
Shopping for electronics with EMI options
Shopping for electronics with an EMI option is an ideal model for people who cannot arrange for a lump sum amount. Owning the latest appliances and gadgets is the dream of every individual across the globe. Several benefits come along with the EMI payment option. You can receive exclusive deals if you shop with a particular lender’s debit or credit card. Also, you are likely to receive exciting cashback and other offers if you shop during festive seasons or happy hours.
Why should you buy Electronics on EMI?
Putting off or postponing a purchase due to a lack of funds is an outdated trend. People now have the freedom to buy their favorite products with durable consumer loans made available by various financial institutes. Here are some reasons why you should opt for buying electronics on EMI.
- There is no stress for lump-sum payments if the product or appliance is beyond your budget.
- If you make an online purchase, you are likely to receive the product within 48 hrs of purchase. When you visit an offline retail store, you instantly become the proud owner of the particular product through the POS payment method.
- If the EMI on electronics is available for the short term, the lending companies have no prior credit check.
- The lending financial institute instantly approves the borrowed amount.
- There is minimal documentation required while buying an appliance on EMI.
- An individual can also avail of the no-cost EMI option, which allows him to pay only the product’s actual price without paying the interest on the borrowed amount.
- The EMI on electronics has customizable installment options that help calculate the amount as per the duration. You can avail of the facility for longer durations as well.
As a customer, ensure to choose the right EMI option that suits your budget with a convenient duration available for the borrowed amount. Compare the interest rate with other lending companies and possibly opt for no-cost EMI if applicable on the product to be purchased. While some lending financial institutes provide no-cost EMIs on specific products, check if any processing fee is added to the amount before buying the appliance. EMI option has come as a boon for customers giving them the freedom and affordability to purchase their dream products.