With the increasing trend of online shopping, consumers are always on the lookout for convenient payment options. One such option that has gained immense popularity in recent years is the EMI or Equated Monthly Installment payment option. EMI payment plans allow consumers to purchase products and services on credit, with the repayment spread over a specific period. In this article, we will discuss the advantages of opting for EMI payment plans, with a particular focus on the Croma EMI options.
Advantages of EMI Payment Plans
1. Easy on the wallet
One of the primary advantages of EMI payment plans is that they are easy on the wallet. Instead of paying the full amount upfront, consumers can opt to pay in installments over a period of time. This allows them to budget their expenses more effectively and make purchases that they might not have been able to afford otherwise. Additionally, many EMI plans come with low or no interest rates, making them a cost-effective option for consumers.
2. Flexibility
EMI payment plans offer consumers a great deal of flexibility. They can choose the duration of the payment plan as well as the amount of each installment. This allows them to customize the payment plan based on their financial situation. Additionally, consumers can choose to prepay the installment amount if they have excess funds, which will help reduce the overall cost of the purchase.
3. Wide Range of Products and Services
EMI payment plans are available for a wide range of products and services, from mobile phones to home appliances to travel packages. This means that consumers can make purchases of all types with ease. This is particularly advantageous for big-ticket items that would otherwise be a strain on the budget.
4. Builds Credit Score
EMI payment plans are an excellent way to build credit score. When consumers pay their installments on time, it reflects positively on their credit score. This makes it easier for them to obtain loans and credit cards in the future. Additionally, many EMI payment plans do not require a down payment, making it easy for first-time borrowers to get started.
Croma EMI Options
Croma, Indias leading electronics retailer, offers a range of EMI payment options to customers. One such option is the Bajaj Finserv Insta EMI Card. The Insta EMI Card that offers a pre-approved loan amount of Rs. 3 lakh for cardholders. The card allows users to make purchases online or in-store and convert the payment into interest-free EMIs. Users can avail the pre-approved amount and payback in easy monthly installments, without paying any interest amount.
Let's take a closer look at some of the advantages of shopping with Croma EMI options.
1. Easy Documentation
Cromas EMI options come with minimal documentation requirements, making it easy for customers to avail of the service. All that is required is a valid ID proof, address proof, and income proof. With these documents in hand, customers can apply for an EMI plan and get approval in just a few minutes.
2. Low Processing Fees
Cromas EMI options come with low processing fees, making it a cost-effective option for customers. The processing fee is a one-time charge that is deducted from the total amount of the product or service purchased. The fee is nominal and varies depending on the EMI plan selected.
3. Multiple Payment Options
Customers can choose from multiple payment options, including credit cards, debit cards, and net banking. This makes it easy for customers to pay their installments on time, without having to worry about the payment method.
4. Easy to Track
Cromas EMI options are easy to track, with customers being provided with regular updates on their payment status. This helps customers stay on top of their payment schedule and avoid any late fees. Additionally, customers can also opt-in for an automatic payment option, which deducts the installment amount from their account automatically.
Conclusion
EMI payment plans are an excellent way for consumers to make purchases of products and services without having to worry about the full cost upfront. The advantages of EMI include flexibility, easy on the wallet, and helping build a credit score. Croma's EMI options are among the best in the market, with no-cost EMI, easy documentation, low processing fees, and multiple payment options. With such attractive features, it is no surprise that shopping with EMI has become a popular trend in recent years.