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Advantages of Buying Laptop on EMI

You can easily manage the EMIs within your regular monthly expense

Sunday March 17, 2019 2:56 PM, Hena Farhat, ummid.com

Buying Laptop EMI Options

Laptops have become omnipresent in modern society. From a college student to an elderly retiree, everyone seems to own their own laptop. Even users that previously used PCs for their daily work are slowly making a transition to laptops due to their high portability and speed. In fact, laptops have emerged as the ideal computing solution irrespective of what a persons need may be.

Laptops are not usually cheap. Heavy investment is required, especially if you are going for the best-branded configuration. Not everyone has that much free cash available. This is where the laptop loan may help. These days, it is not uncommon to procure loans for consumer durables such as washing machines, ACs, laptops etc. which are basically household appliances and electronic goods.

Banks do not offer conventional loans for products like these unlike car loans, home loans etc. Instead, NBFCs (Non-Banking Financial Companies) give consumers durable loans. Most dealers have direct contact with NBFCs enabling consumers to make their purchase without coming into direct contact with the NFBCs.

Benefits of Buying Laptop on EMI

You Don’t Need to Touch Your Savings

If you are taking a laptop loan or buying a laptop on EMIs, you don’t need to have the surplus cash. You can easily manage the EMIs within your regular monthly expense without taking out any money from your savings.

Comfortable Repayment

Instead of paying everything in one go, you can conveniently pay the amount in small instalments every month. There are normally options available for 8 to 36 months repayment and you can opt for the one you are most comfortable with.

Zero Interest Rate

If you approach a bank or an NBFC directly for a consumer durable loan, the interest component is applicable, varying from anywhere between 12 to 15% depending upon the lender, your CIBIL score and the amount. However, if your appliance dealer offers an EMI option on your purchase, you often get it interest-free as a part of their promotional offers. Often, credit card companies also offer to convert your amount into EMIs as part of promotions or at some minimal interest.

Instant Approval

Most consumer durable loans offer instant approvals. If you are taking it from a dealer you don’t really need to give any documents other than your ID and address proof.

Get Best Rates

Normally, online stores offer products cheaper and with higher value-added services. These online stores also offer EMI options at zero interest rates on purchase through a particular credit card. You can avail this facility and use it to your advantage. Buying through online stores also gets you free home delivery and other hidden benefits. If the product is branded, all warranties etc. are the same as that of the offline mode and hence, there is no risk involved.

Looking at the advantages of buying the laptop on EMI, it makes complete sense to go for EMIs rather than shelling out total cash.

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