We are living in the age of EMI. When you plan to buy anything, you get offers to purchase it on easy EMI. Lucrative easy EMI and installment offers are there for your Laptop, Mobile Phone, Air Conditioner, Washing machine, Fridge, Refrigerator, Furniture or any other similar home appliances. The financers or lenders come to you requesting to buy these Home Appliances on easy EMI.
Your credit card or shopping card provides you best offers like no interest EMI, EMI option of 3, 6, 9, 12 months payments periods. Thus you feel not to purchase them in full downpayment. You look for best offer on EMI payment. This is what we have covered in this article on How to Purchase Mobile, Laptop & Other Home Appliances on easy EMI.
Home Appliances on easy EMI
Middle and lower class income group find it difficult to purchase in full down payment. We prefer to pay in monthly small installment. It helps us to balance the monthly budget. For e.g. in this summer, we need an Air Conditioner. The quality AC cost in the range of 30,000/- to 45,000/-. So, rather paying 45000 in one go as down payment, we prefer to pay 15-20% as down payment and remaining on no interest EMI of 6 months or 9 months. Monthly EMI shall be around 4000-5000/-. So to buy on installment is a wise decision.
Most of the businessman and salaried professionals even having money, buy them on installment. It given you freedom to spend more and enjoy more. There are lender like Bajaj Finserv and Home Credit who will full fill your requirements.
How it works
The concept is very simple. You choose the product at designated show room or outlet. There the lender offers you a loan to purchase the home appliance. The loan amount is calculated based on cost of product and your down payment. Now when you agree to avail the loan and buy the product on installment then you get all details on EMI amount, loan period, repayment options and terms and conditions.
Key features of easy EMI
The eligibility is kept at minimum. Any individual who is 21 years to 60 years of age, can avail this. Further the individual should have a regular source of income.
Documentation and Finance Process
The documents required to avail the facility of easy EMI is as below:
- KYC documents like PAN, Adhar, ID Proof and Address Proof
- 3 Photographs of Passport size
- Cancled Cheque
- Bank Statement for proof of income
- ECS mandate form for EMI payment
Once the filled application form along with all documents are submitted, the loan is sanctioned to the customer and loan is disbursed to the seller. The process is so simple that within 30 minutes your all process of loan finance is completed and you bring the product home along with you. You may also opt to delivers your goods directly to your home.
Loan repayment through easy EMI
Now the most important part is loan repayment. The EMI is decided based on your product cost, down payment, tenure of loan repayment, rate of interest and add on features. These all will be explained to you by the loan agent. You agree to the terms and condition then only EMI is fixed, Loan agreement is signed.
Our loan expert have advised to pay EMI on time to avoid any penalty or default. They affect your CIBIL score. If you need huge amount i.e. more than 1 lakh then you should go for Personal Loan . We also suggest you to compare the easy EMI options from two or more lender in order to get better deal. You may visit our blog when you prepare for purchase and get latest update and offers available in market.