Easy EMI Consumer Durable Loans: Shop Smarter This Festive Season

This festive season, upgrade your lifestyle without straining your wallet. Easy EMI Consumer Durable Loan lets you shop smarter, bringing home appliances, gadgets, and electronics with flexible payment options. With this blog, let’s understand how this payment option helps you shop smarter this festive season. Read on!

What is an Easy EMI Consumer Durable Loan?
 

Consumer Durable Loans are a type of unsecured financing ideal for purchasing consumer durables like phones, refrigerators, TVs, and other electronic devices. Unlike other loans, the loan amount won’t be disbursed to you. Instead, when you opt for the easy EMIs at the point of purchase, the lender will disburse the amount to the retailer instead. 

This happens through the partnership that the stores have with the lenders. The approval process also happens on the spot itself; it typically requires minimal KYC documentation that’s processed within minutes in most cases. After deciding the repayment tenure and other conditions, you can take home your product right away. You can also use your lender’s app to track the repayment process.

You repay these loans in monthly instalments, with little or no down payment required in most cases. Several retail stores also have partnerships with lenders to offer flexible repayment options and attractive offers to make the process convenient for consumers.

Financial Advantages of Easy EMI Loans for Festive Buyers

Such loans offer a lot of benefits, especially during the festive season:

●    Preserves Liquidity: The EMIs help you avoid spending money from your savings or breaking investments for the sake of a new purchase.

●    Manageable Repayment: The loan comes with a flexible repayment duration, allowing you to repay the loan amount at your convenience.

●    No or Low-down Payment: You can take home your product without making any upfront payments in most cases. When down payments are required, they’re typically nominal.

●    No-Cost EMI options: Many lenders and retailers offer a No-Cost EMI plan, which means that you’ll only pay the price of the product without paying interest overhead.

●    Convenient and Fast: During festive seasons, discounts and sales are time-sensitive, making it essential to be decisive and swift with shopping. These loan options are often digital and paperless, making them ideal for such seasons.

●    Builds Credit History: By making regular payments with your EMI, you can improve your credit score, which improves your chances of getting better credit deals in the future.

Also Read: Smart Spending: Examining the Pros and Cons of Laptop EMI Plans

Eligibility and Documentation

Easy EMI Consumer Durable Loans have flexible eligibility criteria. It typically includes:

●    Age: Between 21 and 65 years. 
●    Residency: Citizen of India. 
●    Income: Salaried or self-employed person with a take-home pay of ₹15,000 per month. 
●    Credit score: Has to maintain a fair credit history (CIBIL score of > 650 is acceptable).
●    KYC documents: Should have valid PAN and Aadhaar cards along with bank account details from where the instalments will be deducted.

Understanding Interest Rates and Charges on Easy EMI Loans

The interest rates for these loans depend on certain factors, like your credit score, loan amount, and the duration of your loan. Another factor to consider is the festive season offer, which may include a No-Cost EMI option or a lower interest rate.

Always be sure of the entire cost of your purchase; this includes the processing fee, late payment charges, and other expenses. A small processing fee might be applied with the No-Cost EMI option. In addition, always ensure your No-Cost EMI is truly beneficial and offers the best possible deal.

Also Read: No-cost EMI: Meaning, How It Works, and Is It Good or Bad?

Steps to Apply for Easy EMI Consumer Durable Loans

Applying for an Easy EMI loan with lenders like Poonawalla Fincorp is simple and convenient:

Step 1: Visit Poonawalla Fincorp’s Consumer Durable Loan page, navigate to the EMI Card section, and click on the “Apply Now” button. Start your application by entering your mobile number and verifying it using the OTP.

Step 2: Enter your personal details and complete KYC Verification. 

Step 3: Set up mandate details with the required repayment bank and receive the mandate link. 

Step 4: The link redirects to the Digio page, where the mode of mandate is selected and proceeds. The page is redirected to the NPCI page for registration once he clicks on Proceed and completes the mandate.

Step 5: Once the mandate is registered as per the approved offer, the digital PFIN EMI Card is activated.

Also Read: Benefits of Bringing Home an Air Conditioner on EMI This Summer

To Conclude

Easy EMI Consumer Durable Loans empower you to bring home the latest gadgets, appliances, and electronics with minimal upfront costs and flexible repayment options. Whether it’s a new smartphone, a smart TV, or a kitchen upgrade, these loans make it easier to enjoy the festivities while keeping your budget intact.

However, choosing the right plan from a trusted lender like Poonawalla Fincorp ensures your festive purchases remain both convenient and financially stress-free. Apply today!

Frequently Asked Questions

What exactly is an Easy EMI Consumer Durable Loan?
An Easy EMI Consumer Durable Loan is a financing option that converts your purchase cost into fixed monthly instalments, enabling you to buy consumer durables without paying the entire amount upfront.

How does Easy EMI differ from regular Personal Loan EMIs or credit card EMIs?
Easy EMI loans often have faster approval, minimal documentation, and are directly linked to specific product categories, often offering lower interest rates or No-Cost EMI options compared to credit cards and regular Personal Loans.

Can I buy consumer durables online using Easy EMI loans?
Yes, many e-commerce platforms and lenders provide Easy EMI options integrated seamlessly during the online checkout process. This allows you to select EMI payment plans digitally and complete your purchase easily without visiting a store.

What documents are required to apply for an Easy EMI loan?
Basic KYC such as PAN card, Aadhaar card, and bank account details, is usually sufficient for verification and loan processing. The application process is mostly digital and requires minimal paperwork to enable quick loan approvals.

Are there any hidden charges or fees with Easy EMI loans?
While interest may be waived under No-Cost EMI schemes, there could be processing fees or penalties for late payments, so reviewing loan terms carefully is advised.

How fast is the approval process during festive sales?
Thanks to digital KYC and automated eligibility checks, approvals often happen within minutes, allowing you to complete your purchase immediately.