What is EMI?
EMI stands for Equated Monthly Installment. It is a payment plan where the buyer pays monthly installments for the product instead of paying the entire amount at once. EMI is a popular payment method when it comes to purchasing costly items such as smartphones, laptops, and smartwatches. The monthly payment amount in an EMI includes both the principal amount and interest rate.
What is BNPL Financing?
Buy Now Pay Later financing is a payment method where you can buy the product now and pay for it later, usually in installments. BNPL financing options are available on various E-commerce websites and typically do not involve interest rates. It is a convenient way to shop and can be an excellent option for people who want to purchase more expensive items and pay for them over time.
How to Buy a Smartwatch on EMI with Zero Cost EMI?
Step 1: Choose the Smartwatch you want to buy
The first and essential step is to choose the smartwatch you want to buy. You can find an extensive collection of smartwatches across various E-commerce websites such as Amazon, Flipkart, and others. Make sure you pick a model that meets your requirements and budget. Also, check for the Zero Cost EMI option while selecting the product.
Step 2: Check for the Zero Cost EMI option
Many E-commerce websites offer EMI options on products; however, the interest rates for the same can be high sometimes. To avoid paying interest rates, check if the product has a Zero Cost EMI option. In this option, the buyer can pay the monthly installments without any interest added, making it the most cost-effective method for EMIs.
Step 3: Select the EMI tenure
After selecting the product and checking for the Zero Cost EMI option, you need to select the EMI tenure. In simple terms, EMI tenure is the duration in which you want to pay the monthly installments. Different E-commerce websites offer different EMI tenures, ranging from 3 months to 12 months or more.
Step 4: Add the Product to Cart
Now that you have selected the product, checked for the Zero Cost EMI option, and selected the EMI tenure, it's time to add the product to the cart. After adding the product to the cart, you can proceed to the payment page.
Step 5: Select the Payment Method
On the payment page, you will find various payment options, including Net Banking, Credit Cards, Debit Card, Digital Wallets, and more. Make sure to choose the BNPL financing option, and if possible, select Zero Cost EMI to avoid paying interest rates.
Step 6: Provide Required Details
To proceed with the payment, you need to fill in the necessary details such as Name, Mobile Number, Email Address, and Address. Some websites may require additional details like PAN cards or Aadhar Card.
Step 7: Confirm the Payment
After filling in the required details, confirm the payment. Once the payment is confirmed, the EMI option will be activated, and you will start paying the monthly installments without any interest rate.
Smartwatch on EMI with Zero Cost EMI – Benefits
1. Affordable Option
Buying a smartwatch outright can be expensive, especially for high-end models. The EMI option makes it affordable for everyone by allowing the purchase of expensive items in installments.
2. No Interest Rate
If you choose the Zero Cost EMI option, you won't have to pay any interest rate. This means that you can buy the smartwatch you want without any extra cost.
3. Flexible EMI Tenure
EMI tenures are flexible, ranging from 3 months to 12 months or more. You can choose the tenure that suits your budget, making it easy for you to manage your monthly expenses.
4. Convenient Payment Option
EMI is a convenient payment method for people who don't want to pay the entire amount at once. The monthly installments help in easy budgeting and better financial management.
Conclusion
Buying a smartwatch on EMI with Zero Cost EMI has become a popular payment method for many people. With E-commerce websites like Amazon and Flipkart offering BNPL financing options with Zero Cost EMI, purchasing expensive items like smartwatches has become affordable and hassle-free. You can choose the EMI tenure that suits your budget, and the monthly installments make it easy to manage your finances. So, if you're planning to buy a smartwatch on EMI, follow these simple steps, and you can get your hands on the smartwatch you always wanted.