Considering the increasing price of furniture in recent times, opting for EMI financing is one of the most viable ways to meet home décor needs. Such a financing option allows you to distribute your purchase cost over equal instalments spread across a chosen tenor.
You can consider buying sofa sets on EMI, or an expensive dining table through the same route without bearing the cost burden of your purchase.
For more details regarding EMI financing, consider reading through the following sections.
Benefits of Purchasing Home Furniture on EMI
Purchasing high-value furniture through EMI financing brings along various benefits. A few of them are mentioned below:
- Reduces financial burden
One of the most crucial benefits of making purchases with EMI is that it reduces your overall financial burden. With rising inflation, the cost of furniture is also steadily increasing. Thus, it might become difficult for every other individual to buy items that they like, owing to the heavy costs associated with it.
In such situations, one can resort to EMI financing, which distributes the purchase cost over simple EMIs throughout a chosen tenor. This will reduce your overall financial burden and help you purchase a furniture that you like.
- Minimal documentation
Purchasing furniture on EMI does not require to go through any documentation process. You simply need to fulfil a KYC verification, upon which your bank account details are asked. The entire process can be completed in a few minutes online. Moreover, if you are purchasing a furniture offline, you simply need to furnish you income-related documents and avail EMI financing instantly.
- Flexible repayment tenor
Apart from reduced financial burden and minimal documentation, EMI financing also comes with flexible repayment tenor. Most financial institutions agree to a repayment tenor of around 3 to 24 months. Thus, you get enough time to repay your outstanding balance.
For example, if you purchase sofa sets on EMI, you can choose a tenor as per your budget and requirement. In this regard, consider assessing your monthly income and choose a tenor that will not disrupt your finances significantly.
- Low to no down payment
While purchasing furniture on EMI, you may be asked to pay a certain amount as down payment. However, various financial institutions offer EMI financing without any down payment requirement.
While paying no amount as down payment may sound idle, it can lead to higher EMIs. To reduce your EMIs over the long term, you can consider paying off a small amount of your purchase as down payment. This will ensure that you pay lower EMIs throughout the tenor.
However, consider making this decision only if you have enough funds in your hands.
- Ease of access
The wide availability of EMI financing across different platforms makes it easier and convenient for individuals to avail this facility. The option to purchase furniture on EMI is available both online and offline, thus adding to its ease of access.
Furthermore, certain financial institutions offer EMI network card, that can be used at certain outlets to purchase products on EMI. You can apply for such a card through Bajaj MARKETS and check your Bajaj EMI Card status upon submitting the application.
Moreover, if you pay off your entire EMI at once, most financial institutions do not ask for foreclosure charges. Opting for this would ensure that your debt account closes at the earliest and relieves you from the burden of debt. It also increases your credit score gradually as you make regular EMI payments.
Steps to Obtain an EMI Card
While buying sofa sets on EMI, you might require an EMI card. Here is the process to avail it:
Step 1: Visit the website of your preferred card issuer and navigate to the EMI network card
Step 2: Enter your mobile number and complete OTP verification
Step 3: Fill in the application form with all necessary details, such as name, PAN, PIN code and more
Step 4: Submit this application to know your card limit
Step 5: Complete the KYC process online and pay a minimal joining fee, which might vary from one platform to another
Step 6: Enter your bank account details to complete the process
Note that the online application process might vary depending on whether you are a new or existing customer. In this regard, some card issuers also offer pre-approved offers to existing customers, which streamlines and fasten the application procedure.
Purchasing sofa sets on EMI, or any other furniture through this route is a feasible way to fund your big-ticket purchases. However, before opting for EMI financing, consider weighing its pros and cons. Additionally, devise a clear repayment strategy to pay off the outstanding balance on time. This will help you avoid penalties on late payments and a drop in credit score.
Reference Links
https://www.bajajfinserv.in/insta-emi-card
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