Today, the desire to own the latest gadget (mobile phone, tab, or laptop) is enough for an individual, especially millennials, to purchase it as soon as it is launched. Purchasing the gadget becomes easier with pay later (EMI) options available in the market.
With more and more NBFCs in India (lenders) offering easy EMI options on consumer durable products and allowing you to purchase these gadgets without hampering your monthly budget, buying them has become easy now. Read the blog to determine why buying gadgets on EMI could be a good option for you:
1. Saves You from Making Full Payment: Purchasing a gadget on EMI protects your savings from being hampered. Also, you get to decide the EMIs as per your repayment ability and can easily pay it every month without affecting the monthly budget.
2. Flexible Repayment Tenure: Usually, the flexible repayment tenure of a consumer durable loan ranges from 3 months to 36 months and you can select a duration that is suitable for you.
The longer the tenure you choose, the lower would be the EMIs and vice-versa. However, do remember that smaller EMIs are easy to pay without making any compromises with the monthly budget.
3. You Don’t Miss Out on the Best Seasonal Offers: If you want to save big on the gadget you have an eye on, keep a check on the seasonal/festive sales and offers. When you shop during festive/seasonal sales like Diwali or Black Friday sale, you get a major discount on the MRP.
So, whenever you see a good offer, you can immediately purchase the desired gadget on EMI instead of missing it. Therefore, EMIs help you to make the best use of the limited-time seasonal offers.
4. Quick Approvals: The competition is high with more NBFCs offering EMI options on consumer-durable products. And therefore, purchasing a gadget on EMI has become as simple as paying for it using a credit or debit card.
The steps for a consumer-durable loan are minimum and the request for EMI payment is approved instantly without any hassle. For example, if you purchase a gadget using a consumer-durable loan from DMI Finance, all you need to do is to complete the paperless KYC process and you will be all set to purchase your favourite gadget.
5. A Down Payment May Not be Required: Unlike other loans, many lenders may offer you an option of not making a down payment to opt for EMI. You can opt for EMI repayment on the entire cost of the gadget and don’t have to pay a single penny from your pocket.
While buying a gadget on EMI comes with a lot of benefits, you must weigh all the options before deciding as some lenders may charge you higher interest rates than others or have a shorter tenure.
Things to Consider While Buying a Gadget on EMI
A few things to consider before buying a gadget on EMI are:
1. Know Your Budget: Yes, you are paying the amount in affordable EMIs but don’t forget that at the end of the day, you will have to pay the full price of the phone. The higher the loan amount, the higher would be the EMIs, and this may hamper your monthly budget if you go out of your budget to purchase a gadget.
2. Choose Tenure as Per Repayment Ability: As mentioned above, a longer tenure allows for lower EMIs, however, if you don’t want to overburden yourself by paying the EMIs for a longer time period, you can go for a shorter EMI repayment period.
3. Always Choose a Credible Source: Not only should you always choose a trusted source to purchase your gadget offering additional services like warranty, return policy, etc. but you should also select a reliable lender like DMI Finance who is transparent with all the terms and conditions.
4. EMIs Must be Auto-Debited: To save yourself from paying the late fee or bounce charges, ensure that you opt for an auto-debit option and maintain a sufficient balance in your account for EMIs to be auto-debited every month.
To conclude, purchasing the desired gadget, irrespective of its price is easy given the flexible EMI options available in the market. Just keep the above points in mind and do not purchase more than you can repay.
At DMI Finance, we believe in complete transparency and make sure that the customers always have a secure experience with us. We also encourage you to be financially prudent. We offer consumer durable loans at selected stores to make the purchasing of your desired gadget affordable.
For any doubts or queries regarding our services, you can always contact us at 08064807777, the official DMI Finance customer care number. To learn more about the different types of loans we offer, follow us on Facebook, Twitter, LinkedIn, and YouTube.
FAQs
Is it good to purchase a phone on EMI?
Yes, it is a good option to purchase a phone on EMI as you can pay in small instalments and improve your credit score without hampering your savings.
What happens if I miss 1 EMI?
If you miss paying 1 or more than 1 EMI, your credit score may be impacted, and you may also have to pay the late payment fee and other charges.
What happens if I don’t pay EMI for 6 months?
If you don’t pay the EMIs for 6 months on time, it may impact your financial health drastically and you may also have to pay the penalty.
Does the EMI get deducted automatically?
Yes, you can opt for an e-Mandate to auto-debit your EMIs every month.
What happens if I pay all the EMIs on time?
If you pay all the EMIs on time, your financial health improves, and you are considered creditworthy for future lending.
