A laptop is one of the must-have devices in our lives today. It is used for education, work, and entertainment purposes. We even save most of our digital data on it. The only issue is that it is an expensive gadget, and it can be challenging to purchase one, especially if you plan on buying a high-end model. Therefore, purchasing a laptop on EMI is a more affordable option.
Buying a Laptop on No Cost EMI is easier, more accessible, and much more reasonable. The equal monthly instalment plans allow you to pay the total price of a laptop over a certain period instead of paying the full price upfront. In this guide, we will walk you through how to buy a laptop on EMI and why you can consider a Bajaj Finserv Insta EMI Card for the same.
What are EMI payments all about?Â
In an EMI plan, you pay the full price of a certain purchase over a specific time. Banks and financial institutions offer instalment payment plans that let you pay over a defined period for your purchase. When purchasing expensive items like laptops, EMIs are a popular option since they allow people to spread out the cost over time.
How does purchasing a laptop on EMI benefit you?
In addition to spreading the cost over a more extended period, EMIs enable you to buy a Laptop on EMI at a cheaper interest rate. By doing this, you can afford high-end laptops you might not otherwise be able to afford.Â
Further, some EMIs require no or low down payments, so you don’t have to pay a hefty amount upfront when purchasing a laptop. Buying a brand new laptop in this way also lets you build up your credit score. When you have a good credit score, it makes it that much easier to apply for credit cards or loans in the future when you need them.
What is the process for buying a laptop on EMI?
The following steps will guide you through buying a Laptop on EMI:
Take a look at your credit score:Â
Your credit score plays a critical role in determining whether you are eligible for an EMI. Always factor in your income, credit history, and other eligibility criteria to calculate your credit score. If your credit score is positive, you have a higher chance of getting a suitable EMI with attractive terms and conditions. Most lenders consider a credit score of at least 750 and above as being positive. Try to see if your score lands within this range. Checking your credit score before applying for EMI is, therefore, essential.
Make sure the seller you choose is reliable.
When you make an expensive purchase, you have several options open to you, like electronics stores, online marketplaces, and even second-hand electronics dealers. Ensure you approach a trustworthy seller, research their brand online, and read their reviews left behind by other shoppers before making your purchase.
Decide on the device that you need and can afford simultaneously.
Take into consideration your needs and budgets before deciding which type of laptop device you wish to purchase. Can you afford the monthly payment on a particular laptop? What exactly would you require in terms of laptop specifications and features? Would you use the laptop for entertainment or study for work purposes? Once you have the questions these answers, you will know exactly what kind of device you need to purchase.
Find out which EMI option is right for you.
Comparing different EMI options is the best way to determine which suits your needs and budget best. Interest rates, processing fees, and other charges vary between financial institutions. If you compare EMI options, it is possible to save money in the long run.
Choosing an EMI plan that works for you
Interest rates are the charges made by financial institutions for borrowing money. ChoosingÂ
a longer plan to repay the total amount may be cheaper, but you’ll pay more interest as time goes on. You’ll pay less overall interest with shorter terms, but you’ll pay higher monthly payments. Therefore, choosing an EMI plan that fits your monthly budget and long-term savings is best.
Make sure you submit the proper documents.
You must submit certain documents when applying for an equal monthly instalment plan. These include proof of your address, identity, income, and bank statements. Always check for the number of documentation that you’re supposed to provide before applying for any such plan. Â
Read through all of the terms and conditions before applying.
All equal monthly instalment plans have a long list of terms and conditions. As an applicant, you must read all of these before signing up for that particular plan. Always check the price of the laptop on the EMI you want to buy and the monthly payments you are expected to make. In most cases, you do have to pay the penalty or fine for any late payments or prepayments. Â
Plenty of EMI options are available in India when it comes to buying a laptop. One of these is the Bajaj Finserv Insta EMI Card, which gives you access to 1 lakh+ partner stores offering your pre-approved plans on most laptops. You can use this particular card even at the Bajaj Mall and other online and offline stores to shop for various products, including electronics, lifestyle, fashion, and more.
With this card, you will find it much easier to show all the things you need and choose a repayment plan that fits your budget. You can even take advantage of exclusive deals, discounts, and cashback offers.Â