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How to Purchase an Inverter Battery on EMI Without a Credit Card?

January 16, 2024 • 2600 views

You understand the frustration if you frequently encounter power fluctuations or sudden power cuts. To safeguard your appliances and your mood from such disruptions, investing in a reliable inverter is the best option.

If the price gives you pause, there's a solution – consider purchasing the inverter battery on EMI without a credit card. Keep reading to learn more about how to avail it.

The Why and How: Inverter Battery on EMI Without Credit Card

Opting for EMI when making a purchase allows you to avoid paying the entire amount upfront. However, there's usually a monthly finance charge added to your instalments. The scenario changes when you choose a no-cost EMI option for your inverter and use Poonawalla Fincorp’s Short-term Personal Loan. How does it work? With these loans, you will get extra funds along with the actual cost of the inverter. This means you can still enjoy the convenience of EMI without worrying about losing your savings!

Advantages of Purchasing Inverter Batteries on EMI

Some of the most important advantages of purchasing an inverter battery on EMI without a credit card are:

  • Budget-friendly: Spreading the cost over manageable monthly instalments makes a high-quality inverter battery a more accessible investment.
  • No Credit Card Required: Many financial institutions and retailers offer inverter battery EMIs without demanding credit cards, opening doors for those with poor credit history.
  • Improved Cash Flow: Easily pay for other essential expenses while securing your home's power needs without depleting your savings.
  • Flexible Repayment Options: Choose instalment periods that suit your financial situation, ensuring comfortable repayment without straining your budget.

Starting Your EMI Journey: The Essentials

Before embarking on your EMI journey, choose the capacity of the inverter on EMI based on your appliance requirements. Consider factors like the number of appliances, their wattage, and desired backup duration.

Also, it is important to explore inverter brands, models, and prices. Compare EMI options from different providers, analysing interest rates, processing fees, and repayment terms.

EMI Plans for Inverter Batteries: Choices to Consider

Various EMI options cater to different needs:

  • No-cost EMI: Available for selected retailers and lenders, these no cost EMI inverter battery plans come with zero interest.
  • Low-interest EMI: Enjoy affordable monthly instalments with minimal interest charges, making the battery more accessible. Compare interest rates and repayment durations.
  • Flexible EMI Plans: Customise the credit based on the funds required for the purchase of the battery and your loan repayment capacity.

Eligibility and Required Documentation

Here are all the eligibility criteria you need to fulfil to avail a Short-term Personal Loan:

  • Indian citizenship is a prerequisite.
  • Loan applicants should be between 22 and 57 years old at the time of application.
  • Employment eligibility includes having a job in PSU, MNC, Central Government, Listed or Unlisted Public Ltd, Pvt Ltd, LLP, or internally listed companies.
  • A monthly net take-home salary of Rs. 30,000 or more is required.
  • Additionally, applicants must possess a minimum of 1 year of job experience, with at least 1 month of stable employment in their current job.

Here is a list of the required documents to avail these loans:

  • Identity Proof: PAN Card, Aadhaar Card, Driving License, Voter ID
  • Address Proof: Passport, utility bills
  • Salaried Individuals: Latest salary slips for the past 3 months
  • Self-Employed Individuals: Bank statements for the past 3 months
  • Employment Proof: Official email ID, Employee ID Card

Also Read - Eligibility Criteria and Documents Required To Apply For A Personal Loan

Step-by-Step Guide to Secure Your Inverter Battery on EMI

Here is a step-by-step guide to choosing an inverter battery on EMI without a credit card:

  • Step 1: Select the brand and the model that suits your needs.
  • Step 2: Now select the ‘Apply Online’ button and enter the necessary details.
  • Step 3: Upload the necessary documents and click on the ‘Submit’ button.

After the verification, the lender will notify you regarding your application approval and disburse the loan amount to your account. Use the funds acquired from the loan to buy an inverter battery at no cost EMI.

Understanding the Interest Rates and Other Charges

Following are the interest rates, charges and other features of Poonawalla Fincorp Short-term Personal Loans when you buy an inverter battery online on EMI:

  • Attractive Interest Rates: Starting at just *9.99% p.a.
  • Minimal Fees: Processing fees range from 0% to 2% of the loan amount.
  • Transparency is Key: There are no hidden charges or prepayment penalties (except 4% if paid from other sources).
  • Personal Loan EMI Calculator: Plan your borrowing smartly with our online EMI calculator. Accurately estimate your monthly payments and total interest.

Also Read - What is the Meaning and Full Form of EMI and How to Calculate it?

To Conclude

Don't let loan worries dim your shine! By opting for an inverter battery on EMI without a credit card, you can safeguard your home against power disruptions and enjoy uninterrupted peace of mind. Choose Poonawalla Fincorp and borrow smart with affordable Short-term Personal Loans.

Apply today and experience the difference!

Disclaimer

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. Personal Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply

poonawalla fincorp team

Poonawalla Fincorp Team

We are a team of expert writers and editors passionate about providing our readers with authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

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