When it comes to buying big-ticket items like a new refrigerator, TV, or smartphone, not everyone can afford to pay in one go. This is where the concept of EMI comes into play. EMI or Equated Monthly Installment is a mode of payment that allows individuals to make payments in installments over some time. With EMI cards gaining popularity in recent years, let’s take a closer look at how EMI cards for big purchases can benefit buyers.
Convenient Shopping with EMI Cards – One of the biggest advantages of using EMI cards for big purchases is that it provides shoppers with more flexibility and convenience. With an EMI card, buyers can choose to pay using monthly instalments instead of paying the full amount at once. This makes it easier for them to manage their finances and budget better. Additionally, with EMI cards, buyers can purchase costly items without worrying about the total amount at once, and this helps them make smarter purchasing decisions.
Affordability with EMI Cards – EMI cards have become popular due to their flexible and interest-free instalment payment options. With the flexibility to choose from various EMI options, buyers can select an instalment plan that is affordable and convenient for them. This can help buyers purchase items they may not have been able to afford otherwise, thus increasing affordability and access to big-ticket items.
Improved Credit Score with EMI Cards – Another major advantage of using EMI cards for big purchases is that they can help in building and improving the credit score of the buyer. Every EMI payment made on time contributes positively to creditworthiness, which in turn helps with future loan applications. So, when an individual pays an instalment on time for a big purchase with their EMI card, it positively impacts their credit score and increases the possibility of receiving insurance, housing, or vehicle loans at a more affordable rate.
Interest-free Financing with EMI Cards – One of the key advantages of using EMI cards is that they come with interest-free financing. This means buyers only have to pay for the original cost of the product without any additional interest. Since there’s no additional interest, buyers do not have to worry about the fluctuating market rates. In contrast, if buyers were to use their credit cards, they would have to bear high interest rates, which can turn into a burden, and make a costly purchase even more stressful.
Digital Payment Convenience – With the rise of digital transactions and the convenience they provide, EMI payments are no exception. EMI payments made through the Bajaj Finserv app, for example, are quick and easy. Buyers can use the app to view all their purchases, get reminders about upcoming EMIs, set auto-debit features, and make payments from anywhere without the need to physically travel to a payment centre. This convenience factor is a significant advantage for EMI cardholders.
Longer Repayment Period – Unlike credit cards, which need to be repaid by the end of the month, EMI cards offer longer repayment periods ranging from three months to five years and EMI card limit is also based on self preference. Buyers can choose a repayment tenure that suits their needs and capabilities and split the cost of the purchase into monthly instalments. This makes big-ticket purchases more manageable and reduces the financial burden on the buyer.
Improved Financial Management – EMI cards provide buyers with affordable and flexible repayment options,allowing them to manage their finances better. By taking a fixed monthly
instalment loan, the buyer can budget expenses without worrying about spendingbeyond their means. It also helps buyers become more financially responsibleand disciplined about their finances by learning to make decisions based ontheir affordability.
Availability ofVarious Financing Options – Different organizations offer various EMI financing
options. Buyers can choose the one that suits their needs and cater to their affordability.Some EMI cards offer zero interest rates on purchases for a limited period,allowing buyers to make big-ticket purchases without incurring any interestcharges. This added interest savings can be beneficial to customers makingexpensive purchases like electronics, household appliances, etc.
No Additional Charges – EMI cards do not comewith any additional fees, making them an affordable and convenient option forbig-ticket purchases. Unlike personal loans or credit cards, there is no processingfee or prepayment penalty fee associated with EMI cards. This makes it a
smarter option for someone who wants to make a big-ticket purchase within abudget.
Reward Points and Discounts – Some EMI cardsoffer reward points and discounts on select purchases, giving buyers additionalincentives to use them for big-ticket purchases. These reward points or cash view benefits can come in handy to save some money on future purchases, adding acherry topping on the financial benefits provided by the EMI card.
Bajaj Finserv EMI Card as the Preferred Choice
Bajaj Finserv EMI cards, in particular, have quickly established themselves as the favoured choice of buyers across India. With the Bajaj Finserv EMI card, users can avail themselves of a range of unique benefits. Firstly, they are ubiquitous and accepted across a wide range of brands across the country. Additionally, the Bajaj Finserv EMI card comes with benefits and rewards through a vast network of retailers. Users can also easily track their monthly payments through the online portal and have the freedom to prepay their monthly instalments without any additional charges. Bajaj Finserv has been at the forefront of providing customers convenience, affordability, and trust when it comes to finance in India.
With an EMI card, buyers can purchase significant items without worrying about the total cost upfront. The Bajaj Finserv EMI card is a unique and easy-to-use financial product that provides buyers with a range of benefits and features. The convenience of EMI payments, interest-free financing, improved credit scores, and digital payment options make EMI cards a perfect choice for big purchases. So, the next time you decide to make a significant investment to make your life more comfortable, choose the Bajaj Finserv EMI card to help manage your finances and bring you one step closer to your goals.