A laptop with a fast processor and enough RAM can help you complete your daily tasks more efficiently. You can work with more tabs, run multiple software, and even play games when bored on a good laptop. However, such laptops are usually pretty expensive. And forking out such a large amount of money at once can mess up your personal finances.
To solve such issues, you should buy a laptop on EMI. Purchasing a laptop on EMI. This article will show you the top ten benefits of buying a laptop on EMI in India. Let’s get started!
You No Longer Have to Empty Your Savings
When you buy a laptop on EMI, you don’t have to bring out a large chunk of money upfront. Instead of doing that, you can buy it first and settle the payment in multiple manageable EMIs. As the EMIs will be deducted from your registered bank account or your salary account every month, you don’t have to touch your savings.
It Gives You the Freedom to Buy More Things
The EMI option allows you to buy expensive items like laptops, refrigerators, or large-screen LED TVs immediately without having to pay the whole purchase sum. After all, no matter how large your salary is, it’s still limited. You might not be able to afford an expensive laptop for your child’s education needs with one or two months’ salary.
The EMI option allows you to buy the laptop right now and still have money to buy other new stuff. This gives you the freedom to buy more things without putting too much stress on your finances.
EMIs Have Flexible Repayment Periods
Depending on an item’s cost, the EMI tenure can be set to any limit, ranging from 3 to 36 months. And most finance companies allow you to choose an EMI repayment tenure you are comfortable with. The longer the EMI tenure, the lower the amount of the monthly EMI is. As the laptop EMI can be smaller with longer repayment tenure, you don’t have to make big sacrifices to buy the laptop of your choice.
You Don’t Have to Make Down Payments
Taking loans from the bank to buy a laptop might require you to pay a set amount as a down payment. If you are availing of the EMI option from a good finance company, you can pay the whole purchase cost of your laptop via EMI. This way, you don’t have to spend a single cent from your pocket while buying the laptop.
You Don’t Have to Go Through a Middleman
When you pay for your laptop via EMI, the money goes directly to the lender. This way, the money you need to pay to purchase a laptop doesn’t have to go through multiple middlemen, increasing the overall cost of purchase. So, next time you make a purchase, make sure that you pay for the laptop via EMI (preferably, a no-cost EMI) to save money and avoid burning your whole salary on a single purchase.
EMIs Go Easy on Your Wallet
Thanks to the EMI option, you don’t really have to pay the whole buying cost or even the down payment from your wallet. You can talk to your financer and plan a solid EMI repayment tenure, distributing the total cost of the laptop over multiple months. This way, buying a laptop won’t put pressure on your wallet, and you can use the surplus money to invest in different investment options.
You Can Improve or Build Your Credit Score
If you just got a job a few months ago and have never used a credit card that is registered in your name, you probably don’t have a credit score yet. If it stays that way, you will have a hard time getting a home or personal loan in the future. Buying a laptop on EMI will allow you to slowly build or improve your credit score, which will benefit you in the future.
You Can Make the Most out of the Seasonal Offers
It’s no secret that many companies and e-commerce businesses offer huge discounts during festival sales. For example, during Diwali or Christmas, Amazon and Flipkart offer Prime day or Big Billion day sales that drastically slashes the MRP of many laptops.
And these offers extend to the EMI options on those websites as well. For example, these companies may offer no-cost EMI during the festival season or may even offer discounts on the EMI itself. This way, you can get a super low laptop EMI that will save you plenty of money.
You Get Quick Approvals
When you buy a laptop on EMI using a credit or debit card, you can get EMI approval within a few minutes as long as you have a good credit score. You don’t have to take any extra steps, deal with confusing paperwork, or pay any upfront fees. The EMI request will be approved within minutes, and you can immediately take the laptop out of the store.
It Allows You to Make Proper Payment Plans
Let’s be straight. Without a proper money plan, your whole finances will be a mess. Purchasing a laptop on EMI allows you to calculate your repayment amount and tenure way ahead of the actual purchase. This will give you enough time to adjust the other expenses before purchasing your laptop.
As you can clearly see, buying a laptop on EMI in India comes with multiple benefits. It allows you to plan your finances, save money, and it puts less pressure on your wallet. But before making any further plans, you must make sure that you qualify to secure the EMI option.
You usually have to be older than 21 years old, have a stable inflow of money, and be an Indian resident to qualify. So, if you meet the criteria and want to buy a laptop, take the EMI option.
Do you need quick yet reliable financial assistance even after going with the EMI option? Apply for a personal loan with Piramal Finance.