Purchasing high-value products on your card often leads to the dilemma of choosing between EMI (equated monthly instalments) vs. full payment. Though both methods have their merits, the final decision depends on your financial situation and preferences. Here is a quick snapshot of both methods.
Difference between shopping in full payment or in EMIs
1. Payment method
Paying the full amount on your card essentially means clearing the credit taken in the same monthly billing cycle. While shopping on EMIs allows you to spread the amount over a few months. With the Insta EMI Card, you can pay for your purchases over 60 months
2. Financial impact
Paying the debt in full reduces financial liability and frees you from a payment concern in the future. Whereas opting for monthly instalments helps cope with budget constraints and makes high-value purchases affordable.
3. Interest costs
You do not have to pay interest when you clear the total bill in full while with standard EMIs you would need to pay interest charges. The Bajaj Finserv Insta EMI Card lets you benefit from Easy EMIs. This means you pay minimal interest on EMIs.
4. Impact on savings
Paying in full may impact your savings significantly at once but shopping on EMI lets you continue your savings to use them for emergencies or other investments and letting you have the joys of shopping.
5. Credit score impact
Both, repaying the credit in full or EMI paid on time can help build a positive credit history, improving your credit score.
When it comes to deciding between full repayment and EMIs, the choice varies based on your personal financial goals. The Bajaj Finserv Insta EMI Card offers the best of both worlds. With its Easy EMI feature, instant approval and activation, and flexible repayment tenures, the card offers a smarter way to manage high-value purchases while sustaining your savings.
In conclusion, whether it is for lifestyle upgrades, essential purchases, or unforeseen expenses, the Bajaj Finserv Insta EMI Card empowers you with financial flexibility and control. Make the right choice with the Insta EMI Card to embark on a journey of responsible financial management.
