Easy EMI options have grown rapidly over the last few years, thus proving the popularity and convenience offered by this type of financing. By paying through EMIs, you split up your purchase cost over a long tenure, making it easier for you to manage your monthly budget. Today, retailers, and e-commerce websites offer two types of EMI schemes:
Regular EMIs: In a regular EMI scheme, you make a down payment, your financier pays the remaining product amount, and you repay the borrowed sum over the tenure at a fixed interest rate.
Interest-free EMIs: Under this EMI scheme, you shop via certain retailers online or offline, your financier pays the product amount, and you repay the borrowed sum over the tenure without any interest.
What is Easy EMI?
Easy EMI means a type of easy EMI facility where you can convert the cost of your products into EMIs or easy monthly instalments to lessen the burden of a large upfront payment. Such a payment option is often provided by retailers, banks, or other financial institutions to make purchases more affordable and manageable for customers.
How does Easy EMI work
To calculate your monthly EMIs under the Easy EMI scheme, you can simply divide your purchase price with the length of the repayment tenure.
For instance, you visit a partner store near you and decide to buy a television on Easy EMIs. The amount you pay post discounts and processing charges is Rs. 1 lakh. To pay this amount you opt for a repayment tenure of 12 months. With this tenure and product cost, your monthly EMI will be Rs. 8,333.33 (i.e., Rs. 1,00,000/ 12 months).
What to look out for while choosing Easy EMIs
Opting for an Easy EMI option can be enticing, as it allows you to make big-ticket purchases without immediate financial strain. However, it is crucial to consider certain factors before availing of this option:
- Budget assessment: Assess your financial situation and ensure that the monthly EMI payments fit comfortably within your budget without compromising other essential expenses.
- Credit score: Verify if opting for the EMI will affect your credit score, as it involves a financial commitment.
- Prepayment flexibility: Check if the EMI scheme allows for prepayment without penalties, giving you the option to clear the debt ahead of time.
Pros and cons of Easy EMI
Pros |
Cons |
1. Affordable monthly payments: Easy EMI allows consumers to break down the cost of a product into smaller, more manageable monthly instalments. |
1. Limited product selection: Not all products or retailers offer Easy EMI, limiting choices for buyers. |
2. Interest-free options: Some Easy EMI plans offer interest-free options, making it a cost-effective way to make purchases. |
2. Credit checks and eligibility: Eligibility may require a good credit score and may involve credit checks. |
3. Budget-friendly: Easy EMI helps consumers stay within their budget by spreading payments over several months. |
3. Processing fees: Some retailers or financing companies may charge processing fees, which can add to the cost. |
4. No need for a credit card: Unlike credit cards, Easy EMI does not require a credit card, making it accessible to those without credit cards. |
4. Complex terms and conditions: The terms and conditions for Easy EMI can be complex, and consumers may not fully understand them. |
5. Convenience: Easy EMI is a convenient way to make high-value purchases without the need for a lump sum payment. |
5. Limited retailers: Easy EMI may only be available at specific retailers, limiting shopping options. |
Easy EMI can be a beneficial option for individuals looking to make big-ticket purchases while managing their finances. However, it's essential to be aware of the terms and conditions and choose this option wisely, considering the product, retailer, and personal financial situation.
Difference between Easy EMI and No Cost EMI
Easy EMI |
No Cost EMI |
Definition: EMI stands for Equated Monthly Instalment, which is a payment plan that divides the total cost of a purchase into smaller, equal monthly payments. |
Definition: No Cost EMI is a payment plan that allows customers to purchase products or services by paying in easy, manageable installments. |
Interest charges: Interest charges are applied to the EMI, making it a more expensive option in the long run. |
Interest charges: May offer interest-free or low-interest options, making it a more affordable option. |
Offered by: Banks or credit card companies usually offer EMI options. |
Offered by: Offered by merchants, retailers, and financiers, in partnership with banks or NBFCs. |
Documentation: Requires documentation, such as income proof, credit score, and identity proof. |
Documentation: Minimal documentation required, with instant eligibility checks. |
Approval: Approval process may take time, and may require physical documentation. |
Approval: Instant approval process, with minimal paperwork. |
Where can I use the Insta EMI Card
You can use the Insta EMI Card at over 1.5 lakh partner stores across 4,000+ cities to buy 1 million+ products. Furthermore, the Insta EMI Card also offers you a card loan offer amount of up to Rs. 3 lakh.
Exclusive features of the Insta EMI Card:
- An Easy EMI where you pay minimal interest.
- Flexible EMI repayment tenure 1 month to 60 months
- Card loan offer amount of up to Rs. 3 lakh
- Shop for 1 million+ products across 4,000+ cities through the EMI Network
- No physical documentation required
Eligibility criteria for the Insta EMI Card:
- Age: 21 years to 65 years
- Nationality: Indian
- Income: You must have a regular source of income
- Credit score: Per Bajaj Finance risk policies
Check your pre-approved offer and get access to exclusive low-cost Easy EMI deals.
How to avail Easy EMI using Bajaj Finserv Insta EMI Card?
Bajaj Finserv Insta EMI Card is a great way to make purchases without burning a hole in your pocket. One of the most exciting features of this card is the low-cost EMI option. If you want to avail of this feature, here are some simple steps to follow:
- Check if the store you want to purchase from is a partner of Bajaj Finserv. You can do this by visiting the official website of Bajaj Finserv and using the store locator.
- Choose the product you want to buy and calculate the total amount you need to pay.
- At the payment counter, inform the cashier that you want to avail of the Easy EMI option through your Bajaj Finserv Insta EMI Card.
- Swipe your card at the payment counter and select your preferred EMI tenure.
- The amount will be deducted from your card, but you will not be required to pay any interest or additional charges.
The Insta EMI Card is a fantastic financing option for anyone who wants to make purchases without breaking the bank. With easy-to-apply-for and fast approval procedures, the Insta EMI card puts the power of affordable purchasing right into your hands. It allows you to break down purchases into smaller, more manageable payments, and with the zero down payment options available, you can make the most of your card with minimum fuss. Also, the card comes with a wide range of features such as loyalty reward points and discounts on a range of exciting products. In conclusion, the Insta EMI Card is one of the most valuable financial products available on the market today.
