Benefits of Bringing Home an Air Conditioner on EMI This Summer

As the temperatures rise and summer’s heat becomes unrelenting, an air conditioner (AC) often turns from a luxury into a necessity. However, purchasing an AC outright can be a significant investment, which is where a Consumer Durable Loan for buying AC on EMI comes to the rescue. But first let’s understand the numerous advantages, making it a smart and financially viable choice. In this blog, we’ll explore why you should consider bringing home an AC this summer and the benefits of purchasing it on EMI. So, let’s get started!

Is Buying an AC on EMI a Smart Choice? 

High temperatures can make life uncomfortable, and an air conditioner can be the quickest solution to stay cool. But at times, getting an AC with upfront costs can get especially when other expenses are piling up. That’s where EMI (Equated Monthly Installment) options come in as a practical solution. Instead of delaying your purchase or compromising on a lower-end model, buying on EMI lets you spread the cost over manageable monthly payments.  
With zero-down payment options, and instant approvals available through major banks, NBFCs, and online platforms, you can get your AC now and pay overtime without financial stress. But first let’s check the benefits in the next section. 

Benefits of Buying an AC on EMI

Here’s why choosing AC on EMI is a smart move:

1. Affordable and Convenient Payments
Paying a large sum upfront can be challenging at times. EMI options allow you to divide the total cost into small, manageable payments over several months. This makes it easier to purchase an AC without financial stress.

2. Access to High-end Models
With EMI plans, you can opt for advanced AC models that may be beyond your budget when paying in full. Features like inverter technology, dual cooling, and smart connectivity can be within reach when you choose installment payments.

3. No Large Financial Burden
Many EMI plans come with zero down payment options, meaning you don’t have to make an initial hefty payment. This allows you to own an AC without affecting your savings.

4. Flexible Tenure and Payment Options
Most retailers and financial institutions offer customisable EMI plans with flexible tenure options, allowing you to choose one that aligns with your financial capacity.

5. Improves Credit Score
Timely EMI payments improve your credit score, making you eligible for future loans or financial assistance. It’s a great way to build financial credibility while enjoying the comfort of an air conditioner.
Now let’s check out how to buy an AC on EMI in the next section. 

How to Buy an AC on EMI?

Buying an AC on EMI is simple with Poonawalla Fincorp’s EMI Card. Here is how you can apply for one: 
Step 1: Go to Poonawalla Fincorp’s website and fill out the application form for an “EMI Card”. 
Step 2: Complete KYC Verification & Mandate Registration. 
Step 3: Upload the necessary documents and click on the ‘Submit’ button.
Once uploaded, wait for verification and avail of the offer shortly. 

Things to Check Before You Buy an AC on EMI

Buying an AC on EMI can be a smart way to manage your finances, but there are a few key things to check before making the purchase:

1.    Total Cost & Interest Rate: Ensure you understand the total cost, including interest rates and processing fees. 
2.    Loan Tenure: Check the duration of the EMI plan. A longer tenure means lower monthly payments but higher overall interest.
3.    Eligibility & Credit Score: Some EMI options require a good credit score. Make sure you qualify before applying.
4.    Brand & Model: Choose an AC that suits your needs, whether it's split, window, or inverter AC. Also check its energy efficiency rating to save on electricity bills.
5.    Warranty & After-Sales Service: Ensure the AC comes with a good warranty and reliable customer service.
6.    Hidden Charges: Look out for processing fees, late payment penalties, or foreclosure charges if you plan to pay off the EMI early.

To Conclude

Choosing the right air conditioner for summer is not just about comfort, it's a necessity for maintaining well-being, productivity, and a healthier indoor environment. As temperatures increase, investing in an AC can significantly improve sleep, air quality, and overall health. However, the financial burden of purchasing an AC outright can be challenging. Opting for EMI payments presents a practical solution, allowing for affordable monthly installments, access to premium models, and even the opportunity to boost credit scores. By leveraging flexible payment plans like those offered by Poonawalla Fincorp, you can enjoy the cooling benefits of an AC without financial strain. So, wait no more, apply now!

Frequently Asked Questions

1.    What are the documents required for an EMI card?
To apply for an EMI card, you must submit - Digital Adhaar-based KYC and repayment mandate setup details.

2.    What is credit score requirement for getting a Consumer Durable Loan?
The credit score requirement for getting a Consumer Durable Loan may vary depending on the lender. However, at Poonawalla Fincorp the credit score requirement is 650 and above.

3.    Can I buy AC from dealership stores?
Yes, with an EMI card from Poonawalla Fincorp you can purchase an AC at associated dealership stores.