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Is Buying Electronic Items on EMI Good or Bad?

Is Buying Electronic Items on EMI Good or Bad
In: Business

Whether you are investing in an expensive electronic gadget, an electronic appliance, or any other electronic product, no matter what you buy, there’s always great happiness attached to it. Even when your online purchase is delivered before its due date, there’s extra excitement involved. Good or bad, any online purchase brings immense satisfaction of being able to buy a product instantly without having to wait for the funds. Online stores give you ample options to buy varied product thats can be conveniently delivered to your doorstep. Some are still reluctant to make an online purchase for electronics since they are worried about the quality of the product.

There are pros and cons involved anyway, whether online or offline shopping. Furthermore, with easy payment options, there is an increase in the affordability of expensive products. It gives the convenience of paying as per your capacity every month. Various consumer durable loans make it possible to own a covetted gadget without hindering your monthly expenses. However, some specific details like additional costs and fees involved should be considered for a satistfactory online purchase.

Why is Buying Electronics on EMI a Good Option?

  • Affordable option: Middle-class individuals always are seen waiting to buy their favorite products, which are expensive. The benefit of buying things and especially electronics, whether gadgets or home appliances, is that the purchase becomes affordable. You must choose the options that best suit your budget while paying the monthly installments. Easy finance is availed at any point in time, giving a customer the access to buy an expensive product from anywhere across the globe. 
  • Easy Repayment: Repaying the borrowed amount every month as per the customer’s capacity has become an easy and stress-free affair. The individual receives options for payment flexibility, keeping all the aspects of monthly expenses in mind. A customer can choose the required tenure to repay the amount and make the online purchase. Nowadays, buying a laptop on Debit card EMI is also available for the customer’s convenience. 
  • No security and instant approval: Except for the KYC details, not much documentation is required for the EMI option. It gives immediate access to the funds needed to fulfill the essential daily requirements. All your favorite products like mobile phones or laptops can be bought by choosing the Credit card or Debit card EMI option. Various POS machines are available for offline payments at an affordable price to make digital payments more manageable.   

Why is Buying Electronics on EMI a Bad Choice?

  • Hidden Charges: Often, a customer gets so excited about buying a product that he overlooks the hidden charges. Although the site states that there is no cost EMI option available on the product, ensure to check the hidden charges. Sometimes these are processing fees that a customer might have to pay.  
  • No discounts: when you want a product off-season, there is hardly any discount available. You may end up paying the actual price for the product, and they use the EMI option to repay the amount. Also, when you use your Debit card for the EMI option, there might not be any cash discounts or credit card offers.  

Repaying the borrowed amount with monthly installments has become more accessible and budget-friendly. Though the Cardless EMI option has made buying expensive electronics easy and affordable, you must ensure that it does not exceed the debt capacity. People often choose festive occasions to buy expensive gadgets and appliances since they will likely receive additional offers, better deals and discounts, and cash-backs. Easy payments with EMI are an ideal option for an individual who might not be able to afford an electronic gadget without having to pay the amount all at once. So use the opportunities wisely and responsibly while buying your electronic device online. 

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