Shopping has been one of the favorite pastimes of people from different walks of life. Whether you are a student, a stay-at-home mom, or a working professional, shopping can always give you a rush of adrenaline and satisfaction whenever you get to acquire something new. However, shopping can also be a source of stress for some, especially if they do not prepare themselves correctly or do not know the essential documents they need to consider.
If you are planning to go shopping using Easy EMI options, it is essential to know the necessary EMI document you need to have with you to ensure a seamless and stress-free shopping experience. These documents are crucial to prove your identity and financial background and ensure your eligibility for the EMI option. Here is a checklist of the essential EMI documents you need to have before you shop:
1. Aadhaar Card
Aadhaar Card is one of the most crucial documents you need to have when shopping using Easy EMI. This government-issued ID card contains your demographic and biometric details and serves as your identification proof. Your Aadhaar Card also contains your registered mobile number, which is essential for initiating the EMI application process.
2. PAN Card
The Permanent Account Number (PAN) card is another vital document that acts as your primary identification proof while applying for EMIs. Most financial institutions require PAN card to verify your financial background, so ensure that you have it with you in case you need it.
3. Salary Slip or Income Proof
If you are applying for an EMI option through a credit card or bank, your salary slip, or income proof can serve as an essential document for verifying your creditworthiness. This document will prove how much you earn and if you have the capacity to pay for the installments on time. Ensure that the salary slip you bring is recent, and the income it shows is enough to cover the purchase price you plan to avail of in EMIs.
4. Bank Account Statement
Most banks offering Easy EMI options require the applicant to have an account with them. A bank account statement is an important document you need to have with you to show your financial transactions, savings, and other monetary activities. This document also helps financial institutions determine your creditworthiness, so make sure that you have a recent bank account statement ready.
5. Credit Score Report
Your credit score report serves as an overview of your credit history, which indicates how responsible you are in fulfilling your financial obligations. A high credit score can help you secure a better EMI deal with lower interest rates and flexible payment options. Before you go shopping, make sure that you have a copy of your credit score report with you to determine your eligibility for an EMI option.
6. Employment Verification Letter
An employment verification letter serves as proof of your employment status and income. Some financial institutions require this document to verify your ability to pay the monthly installments on time, so make sure you have a recent copy of this letter with you.
7. Address Proof
Address proof serves as a document to verify your current residency and contact information. It can be in the form of a utility bill, bank statement, or any other formal letter that shows your current address. Ensure that your address proof is valid and up-to-date to avoid issues during document verification.
8. Passport Size Photograph
A passport size photograph is a requirement for many EMI applications as it serves as a visual identity proof. Make sure that you have two or three copies of your recent passport-sized photograph ready when applying for an EMI option.
In conclusion, shopping using Easy EMI is a convenient way of purchasing goods and services without the need to pay the full amount in cash up front. However, knowing the essential EMI documents you need to have when shopping can prevent any hassles and delays during the application process. Ensure that you have all the necessary documents ready before you go shopping to have a stress-free experience. If you’re planning to apply for an EMI option, it’s best to consult a shopping guide or seek advice from financial experts to help you understand the process better. By doing so, you can enjoy your shopping experience while being responsible with your finances.