Thanks to Easy EMI options, you can bring home a brand-new LED TV without paying the full price all at once this festive season. Tailored loan options enable you to split your expenses into simple monthly instalments, making Diwali and Dussehra the best time for some shopping. Let’s explore the many benefits of buying an LED TV on EMI options this season.
11 Benefits of Buying an LED TV on EMI
1. Zero Down Payment: Consumer Durable Loan enables you to take the television home without you having to make any upfront payments, making the purchase easy and convenient.
2. Minimal Documentation: You only need to provide basic identity proofs, such as your Aadhaar and PAN card, alongside income proof.
3. Quick Loan Approval: No need to wait for hours and days; in most cases, the loan gets processed within minutes!
4. Open for First-time Borrowers: A few lenders even provide the EMI option to those who may not have any credit history, given they meet the required income and eligibility criteria. This makes big purchases that much more accessible.
5. Festive Discounts and Cashback: Lenders usually club EMI schemes with seasonal discounts, exchange offers and cashbacks. Paired together, they help you get the overall cost of the TV down, reducing your final loan amount.
6. No-cost EMI: Several financial institutions offer a no-cost option where you pay for the price of the product alone, without any additional interest charges. This helps you keep your EMI costs low.
7. Exclusive Festive Launches: Many premium TV models are launched around Diwali and Dussehra. Having the option to buy them with EMIs makes it easier to get high-end models without a heavy financial burden.
8. Flexible Repayment Options: Many lenders offer flexible repayment terms to help you manage your finances optimally, with options ranging from a few months to a couple of years.
9. Build Credit History: Repaying your Consumer Durable Loan EMIs on time helps you build your score and portrays you as a financially responsible borrower. This improves your chances of securing larger loans more easily in the future.
10. Ease of Online Application: The entire process of EMIs can be initiated online through the retailer’s app or website, making the overall process much easier for you.
11. Insurance or Extended Warranty Add-ons: Some lenders and retailers offer insurance and extended warranties on EMI purchases, adding extra value and protection to your television. When combined with the larger cost and split as an EMI, it makes long-term protection that much more affordable.
Also Read: Benefits of Bringing Home an Air Conditioner on EMI This Summer
An Example of One-time Payments vs EMI Options
This example illustrates the difference easy EMIs can make when combined with all their benefits, helping to keep your savings intact.
|
Factors |
One-time Payment |
EMI Option - 12 Months |
|
Price of TV |
INR 60,000 |
INR 60,000 |
|
Upfront Payment |
Full amount paid upfront ₹60,000 |
Nothing OR a small down payment (e.g., ₹5,000-10,000) |
|
Monthly Instalment |
NA |
Fixed and manageable monthly payments |
|
Interest Charges |
NA |
INR 0 (No-Cost EMI) |
|
Restrictions on Savings |
High |
Low |
|
Financial Planning |
Requires large upfront savings |
Easier budgeting with predictable payments |
Also Read: 6 Benefits of a Consumer Durable Loan You Probably Didn’t Know
To Conclude
The best time to upgrade your home with a brand new LED TV is Dusshera and Diwali, and you can do it without straining your budget too. Buy the TV you want without thinking much about the cost, thanks to features like no-cost EMIs and fast approvals.
Check out Consumer Durable Loan options from Poonawalla Fincorp with attractive EMI plans!
Frequently Asked Questions
Can I buy an LED TV on EMI without a credit
card?
Many lenders, including NBFCs, offer Consumer
Durable Loans for TV purchases on EMI without requiring a credit
card. This allows buyers, even first-time customers, to choose from
multiple options with ease.
What is a no-cost EMI scheme for TVs?
A no-cost EMI means you pay only the cost of the TV by way of
equated instalments. No interest charges apply, making it very
budget-friendly.
What repayment tenures are available
for TV loans?
TV loans generally offer a repayment
period ranging from 6 months to 36 months. The decided tenure
depends on your eligibility and the terms of the lender.
Is there a minimum income requirement for TV
loans?
Yes, some lenders ask for a minimum monthly
income to ensure you can meet repayments. This requirement enables
the lender to assess one’s ability to pay and mitigate their risk.
Can first-time borrowers apply for a TV loan?
Yes, first-time borrowers are eligible for Consumer Durable Loan
and will get approval provided they meet minimum monthly income
requirements and a few other criteria. This makes it easier for new
customers to access EMI options for appliances like TVs.
What happens if I miss an EMI payment?
If you miss an EMI, the lender may charge a late fee or penalty. It
can also affect your credit score, making it harder to get future loans.
We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply