June 14, 2021

Why is it Better to Purchase Electronic Items on EMI than Cash?

EMIs, or equated monthly instalments, are becoming a stress-free way to pay for your preferred products. Paying cash upfront isn’t the greatest way to make your purchases, and by selecting the EMI option, you can likely buy almost anything, from electronics to healthcare treatments, if you have a regular income source. 

You can get the best smartphones and gaming laptops with only a minimal cash outflow on a monthly basis. Spreading payment across instalments every month ensures that you are not drained of cash upfront. 

Savvy Indians can own many items that they only dreamed about in the past, spending sensibly with digital payment devices like the Bajaj Card from reputable financial organizations like Bajaj Finserv. Schemes that make use of EMIs have evolved over time, mainly due to a greater demand to seek instant gratification by Indian consumers who know what they want. 

Purchases on EMIs

It’s all very well to have a credit card in your pocket while you shop, and think you can buy anything you see. Nonetheless, what happens to your liquidity at such times? You still have to settle your credit card bills when your credit period is over. Retail outlets and e-commerce portals know that this may be a concern for many shoppers. That’s the reason that schemes such as payments through EMI are introduced to aid in customer purchases and thereby, increase sales. 

Very popular for this reason, in India, where many average consumers may not be able to dole out a great deal of cash for an outright purchase, smartphones, electronic appliances, laptops and gadgets are all bought on EMIs. Whether you use a credit or debit card, or a financial payment instrument like the Bajaj Card, apply online easily to avail a convenient payment option to pay by EMI. 

Use Now, Pay Later

When you pay for a product on EMIs, it means you can buy the product without cash initially, and begin to use your item immediately. You pay for it later, over an extended tenor in instalments. When you opt for an EMI scheme, you may have to pay a certain amount of interest on the loan, or a processing fee. This is a percentage on the amount of the transaction, and varies from bank to bank. The fee may also vary according to the retailer your credit card is linked to.

Some EMIs that you avail of have low processing fees and low interests on loans. The cost may turn out to be marginally higher for the product in the end, but you still get the facility of paying in instalments. 

With digital payment instruments like the Bajaj Card, you get to shop on EMIs with no costs attached, which is a boon for shoppers. What’s more, on some credit cards that have tie-ups with e-commerce portals like Amazon, Flipkart and EMI Store of Bajaj Finserv, you get to pay on no cost EMIs when you buy electronic gadgets. 

No-cost EMIs are the preferred mode of payment particularly during festival times, when brands are in an ultra competitive mode to sell their products at any cost. With discounts and deals on offer, you can even pay interest on EMIs and not feel the pinch, as the product is discounted in the first place. 

Easily Buy What You Need

EMIs afford the opportunity for many people to better their lives, buying what they need in staggered payments, so they don’t have to dip into their savings to buy a big-ticket electronic item like a flagship phone, or a washing machine. You can avail the Bajaj Finserv EMI Network Card and shop for a wide variety of branded electronic gadgets and appliances on the Bajaj Finserv EMI Store.