The Most Authentic Guide on Personal Finance and Investments


(Funny) Words of Wisdom : "My wallet is like an onion, opening it makes me cry." ~ Anonymous

Time to Make Your Comfort Wish List Come True

When you visit a retailer to purchase a consumer durable product, you will come across a range of different brands.

After deciding on the brand that’s best suited for the durable you want, the next step is paying for the item.

You may either pay the entire amount in cash or use your credit card to pay for it. Alternatively, you may choose Equated Monthly Installment (EMI) financing.

Here are three factors related to this financing option.

1.  Is the EMI financing interest-free?
One of the common factors that often influences your decision is the cost of the loan.

Several lenders offer interest-free consumer durable loans. In this case, the manufacturers bear the interest cost to promote the sales of their products.

If the loan entails an interest component, you may purchase the product with a credit card.

However, you will block your credit limit in this case. More importantly, the interest rate on the credit cards is higher. 

Therefore, opting for a loan on EMI, without a credit card, is more affordable.

consumer-loan


2.  What is the down payment amount?
The down payment is the margin amount you will need to pay through your personal resources. 

This often ranges between 10% and 25% and depends on the price of the product. 

However, some lenders offer the benefit of zero down payments on certain products. 

It is recommended you pay as much as you can afford, to reduce the EMI when you apply for consumer durable loan.


3.  Who is the financier?
Opting for a renowned financial institution entails several benefits. 

consumer-loan-for-led-tv


Whether you want to buy a LED TV on EMI or any other lifestyle product, choosing a reputed lender ensures your relationship extends beyond a single transaction. 

However, you must ensure you receive timely updates on your loan status, to avoid any discrepancies.

This will benefit you in receiving better deals, while developing your credit history for the future.


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