If you are someone who constantly needs to upgrade your gadgets or appliances every year or so, you might want to consider getting an EMI Card. An EMI Card, or Equated Monthly Installment Card, is a payment option that allows you to pay for your purchases in installments.
Rather than paying a lump sum for a gadget or appliance, you can pay it off over a period of time without feeling the burden of a large payment all at once. Here are five reasons to get EMI Card in 2023.
Affordability
One of the most significant benefits of getting an EMI Card is affordability. An EMI Card enables you to purchase gadgets or appliances that you might not be able to afford otherwise. Rather than paying a lump sum upfront, you can pay for your purchases in small, monthly installments that don't put much of a strain on your budget.
For instance, let's consider the launch of the iPhone 14 in 2023. With the constant increase in the price of smartphones every year, it wouldn't be surprising if the new iPhone 14 costs more than the previous one. You might be hesitant to upgrade your smartphone to the newest model, but with an EMI Card, you can easily afford it. You can spread the cost of the iPhone 14 over several months, paying a small amount each month instead of shelling out a ton of money at once.
Flexibility
EMI Cards offer a lot of flexibility in terms of repayment. You can choose how many months you want to pay off the cost of your purchase, with some EMI Card providers offering up to 24 months of repayment. This gives you the freedom to choose a repayment tenure that fits your budget and financial goals.
Additionally, some EMI Card providers offer zero or low-interest rates for certain purchases. This means that you can buy expensive gadgets or appliances without having to pay a hefty interest rate. This gives you more flexibility to manage your finances and make smarter purchasing decisions.
Convenience
EMI Cards are incredibly convenient, especially if you are someone who likes to shop online. You can use your EMI Card to pay for a variety of purchases online, without having to go through the hassle of applying for a loan or getting a credit card. Moreover, you can use your EMI Card to make purchases in brick-and-mortar stores and pay for them in installments.
Paying with an EMI Card is much quicker than applying for a loan or getting a credit card. You can apply for an EMI Card online and get approved very quickly. Once your EMI Card is approved, you can start using it immediately to make purchases.
Easy Approval Process
EMI Cards have a very easy approval process compared to loans or credit cards. All you need to do is apply for an EMI Card, and if you meet the eligibility criteria, you will get approved. The eligibility criteria for EMI Cards are not as stringent as those for loans or credit cards. You can get approved even if you have a low credit score or are a first-time borrower.
Additionally, since EMI Cards are not loans, you do not need to provide any collateral to get approved. This makes the approval process much faster and hassle-free.
Better Financial Planning
EMI Cards help you plan your finances better by allowing you to make purchases in installments. Rather than going over budget and spending a significant amount of money at once, you can divide your expenses into smaller, more manageable payments. This gives you the flexibility to prioritize your expenses and determine how much you can afford to pay each month.
Furthermore, EMI Cards help you avoid taking on high-interest loans or using credit cards to finance your purchases. This prevents you from falling into debt and helps you maintain better financial health in the long run.
Conclusion
In conclusion, an EMI Card can be an excellent option for people who want to purchase gadgets or appliances without breaking the bank. The affordability, flexibility, and convenience that EMI Cards offer make them a valuable tool for better financial planning. Additionally, the easy approval process, low-interest rates, and zero or low-down payment requirements make EMI Cards a more accessible borrowing option than loans or credit cards. So if you're considering upgrading your gadgets or appliances in 2023, getting an EMI Card might be a wise decision.