Buy Electronic Products Online on EMIs: Are you planning to buy an expensive electronic product but don’t want to drain all your savings at once? EMIs (Equated Monthly Installments) can come to your rescue. With EMIs, you can pay for your electronic product in easy monthly installments without burning a hole in your pocket. In this article, we’ll discuss everything you need to know about buying electronic products online on EMIs.
Table of Contents
- What are EMIs?
- How do EMIs work?
- Advantages of buying electronic products on EMIs
- Disadvantages of buying electronic products on EMIs
- Types of EMIs
- Factors to consider before opting for EMIs
- How to buy electronic products on EMIs online
- Popular online platforms offering electronic products on EMIs
- Tips for successful EMIs
- EMI vs. Credit card: Which one is better?
- Things to keep in mind while buying electronic products on EMIs
- Common mistakes to avoid while opting for EMIs
1. What are EMIs?
EMIs are monthly installment payments that you make to purchase an expensive item, such as electronic products. It is a financing option that allows you to break down the total cost of your purchase into smaller monthly payments.
2. How do EMIs work?
EMIs work by dividing the total cost of the product into equated monthly payments. The duration of the EMI depends on the lender and the product’s cost. You can opt for EMIs on various platforms, such as online shopping websites or directly from the manufacturer’s website.
3. Advantages of buying electronic products on EMIs
EMIs come with several advantages, such as:
- Affordability: By opting for EMIs, you don’t have to pay the entire cost of the product upfront. You can pay for it in easy monthly installments.
- Convenience: EMIs are easy to opt for and can be done online. You don’t have to visit a bank or lender’s office physically.
- No collateral required: You don’t have to provide any collateral while opting for EMIs.
- No or low-interest rates: Some lenders offer no or low-interest rates on EMIs, making them an affordable option to buy expensive products.
4. Disadvantages of buying electronic products on EMIs
Along with the advantages, EMIs come with some disadvantages too, such as:
- High-interest rates: Some lenders charge high-interest rates on EMIs, which can make the product costlier in the long run.
- Hidden charges: Some lenders may impose hidden charges, such as processing fees or prepayment charges, which can increase the overall cost of the product.
- Credit score impact: Opting for EMIs can impact your credit score negatively if you miss or delay payments.
- Complicated terms and conditions: EMIs can come with complicated terms and conditions that you need to understand before opting for them.
5. Types of EMIs
There are mainly two types of EMIs: Fixed EMI and Flexible EMI.
Fixed EMI is a type of EMI where the monthly installment remains fixed throughout the loan tenure. It is a suitable option for those who want to plan their expenses in advance.
Flexible EMI is a type of EMI where the monthly installment can vary depending on the product cost and loan tenure. It is a suitable option for those who want to pay more or less than the fixed installment amount.
6. Factors to consider before opting for EMIs
Before opting for EMIs, consider