How to take EMI Pay Laptop, Freezer, Cooler, AC, Washing Machine Loan.
Inflation has risen so much nowadays that it has become a dream for the middle class to buy basic necessities like fridges, TVs, coolers, air conditioners and other household items. However, in today’s digital age, there are many financial companies that offer the facility to purchase products on EMI i.e. easy monthly instalments. But when a person buys a product in instalments, they have to pay some additional charges along with the price of that product.
However, these additional charges are added when making the EMI and the total cost is divided into monthly instalments. Here's how to buy EMI Pay laptops, fridges, coolers, air conditioners, washing machines and more.
Bank of Baroda Zero Balance Bank Account.
Information on buying household items on EMI
There are currently a number of banks and financial companies that offer loans to people to buy household items at attractive interest rates, which means that these financial companies offer the facility to buy household items on EMI. However, all these banks and financial companies charge interest according to the amount of product or loan, which you have to pay in the form of monthly instalments along with the price of the product. Let's first learn about the banks and financial companies that offer home-based purchases on EMIs.
- Bajaj Finance
- HDB Bank
- HDFC Bank
- IDFC Bank
- TVS credit
- ICICI Bank
- Tata Capital
Process to Buy Home Goods on EMI
Whenever you want to buy home products like laptops, fridges, TVs, coolers, air conditioners and washing machines on EMI instalments, you have 2 options. The first to contact you under your product is Direct Tax Bank The bank is ready to lend for your monthly income and loans with EMI capability. Although your formality is being fulfilled with the introduction of this loan by the bank, in other options, the shop that you go to for the purchase of the product also gives you the facility of EMI perfect.
In fact, this shop does not give you your product instalments, on the contrary, financial companies and product manufacturing companies were your tie-up. These financial companies offer you products on interest customer instalments However, you need to submit some documents for that Note that interest rates vary from one finance company to another At that time, the process of handing over household goods on instalments was almost the same
Documents for Buying Household Items on EMI.
In order to buy household goods on instalments, some necessary documents are compulsorily demanded by banks and financial companies, which are as follows-
- PAN card
- Bank pass book details
- Salary slip for salaried persons
Other Options to Buy Consumer Durables on EMI
Usually people buy household items on EMI according to the season like fridge, AC, cooler etc. in summer. However, they offer the convenience of purchasing goods in instalments with discounts on products from the manufacturer or dealer during the season. In other words, they lend to buy products. Here we are introducing 3 loan options which are as under-
- Personal Loan
Personal loan is a very popular option for purchasing consumer goods. Interest rates on personal loans range from 9 percent to 16 percent. However, it depends on the individual's monthly income, company profile, credit score and job profile. An individual can take a personal loan of up to Rs 20 lakh from a bank. You can repay this loan in easy monthly instalments of about 7 years. However, most salaried people apply for personal loans.
- Consumer Durable Loan
Many manufacturing companies have tie-ups with NBFCs and banks. This gives customers the option of no-cost EMI. This feature is actually available at offline stores that purchase consumer goods. Here the customer has to pay the full price of the product in 9 to 12 instalments. This does not include any interest amount, which means that manufacturers offer you the option to purchase items without interest on instalments. However, this is what happens when you buy consumer durable goods using their financing options.
Loan against Credit card.
Some credit card issuing financial companies offer pre-approved loans to select cardholders. However, this offer is offered to some customers who have a very good billing record. In the case of pre-approved loans, the loan processing period is shortened and the loan amount is credited to their bank account shortly after applying for the loan. The loan repayment period can be from 6 months to 5 years. If we talk about interest rates, it starts at around 15%.