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A laptop with a fast processor, enough storage, and excellent graphics is now a necessity for any person. However, the more features you want, the pricier it becomes. Although you can find good laptops at fair prices today, buying one that will serve your purpose best and last longer may require you to spend a lot of money. How can you afford it if you don't have much saved up or don't make a lot of money? Well, you can buy a laptop in cash and pay on EMI. This means you can buy the laptop now and pay later in small installments over an agreed period, preventing you from spending all your savings or putting too much strain on your budget.
EMI (equated monthly installment) is a fixed amount the borrower pays the lender at a specific date every month. EMI is applied to the principal amount and interest every month to help repay the loan in full after a specific number of years. So, when you purchase your laptop and repay on EMI, you'll be repaying the loan in monthly installments until the loan is repaid in full on a given period. Actually, this is very beneficial for those who do not have the funds immediately but wish to purchase a laptop immediately.
The best way to purchase a laptop is availing of a personal loan. Many lenders offer personal loans at competitive rates and terms, which make it easier for you to pay off the cost of the laptop in installments. However, note that personal loans may have a higher interest rate, even though they can be your only option when you need funds instantly. Apart from this, other alternative ways of funding a laptop purchase, such as peer-to-peer lending sites, crowdfunding websites, and many more, can help you get the required amount.
Since laptops are costly, many people find it challenging to afford one. This is because they have to save up enough money before buying it, which can take a month or more. Sometimes, they even use the emergency funds they have saved for years to pay for a laptop. Compared to these options, it is ideal to buy a laptop in cash and pay on EMI. It offers unbeatable advantages, as mentioned below:
The best thing about buying a laptop with cash and then repaying it on EMI is that you will not go back to your savings or an emergency fund and take whatever is there to buy a laptop. You will get the funds instantly and use them to buy the laptop, then repay in monthly installments, which will be deducted from your salary.
You can change your monthly payment amount and tenure to match your needs and budget. Whether it is a short or longer tenure, you are free to do that. Also, if you want to repay more installments, you can easily do that without worrying about the upfront cost. This option is ideal for those who want to invest in a good-quality laptop but do not want to interfere with their monthly budget.
You can choose a repayment period that is convenient for you. Usually, it ranges from 3 months to 15 months. You can choose when to complete paying off your loan during the agreed time frame. Remember, the longer the repayment period, the lower the EMI. However, repayment will take a long time, but they are very easy to pay from your monthly salary, and you can also handle your daily expenses. Additionally, opt for a shorter repayment term if you want to pay off your loan faster and reduce stress every month. Plus, the lower interest rate will be an added bonus.
With cash ready to purchase a laptop, you can always make use of the best seasonal deals and offers. Many stores offer discounts and other benefits during the festive season, making it the ideal time to buy a laptop in cash and pay on EMI. You can usually get laptops at discounted rates or with additional offers like free accessories if you purchase them during these times.
Another benefit of using cash from a personal loan to buy a laptop is that it'll be approved within an hour. This makes it very convenient to purchase a laptop when you want at any time. Furthermore, the interest rates and payment terms are usually quite flexible, making personal loans an excellent option for financing purchases like laptops.
You may also read this: Short-term personal loan
This is the main perk of buying a laptop with cash and then paying with EMI. Unlike most loans, which require you to provide a down payment, this isn't the case when paying your loan with EMI. Instead, you'll be able to pay off the cost of your laptop through easy and affordable monthly EMIs. Besides, no additional fees will be charged. This makes it easier for you to manage your budget and plan for the future without worrying about added expenses.
You want to buy a laptop. But even a basic laptop can cost you ₹30,000 to ₹50,000. This will be a huge cost for you, and it can affect your savings. But you need not worry, as No-cost EMI can help you.
Under No-cost EMI, the retailer will divide your laptop cost into small equal monthly instalments. You don’t have to pay any amount upfront. For example, if the laptop cost is ₹48000 and you opt for a 6-month No-cost EMI plan, then you will have to pay ₹8000 each month.
In traditional loans, EMI also has an interest component. But in No-cost EMI, interest is totally waived off. You don’t have to pay any interest on the purchase price. The discount provided by the seller is equal to the interest that you would have paid. This means you only have to pay the actual price of the product. There are no additional charges or upfront down payment. This is a very effective way to buy the laptop on EMI.
The requirements for eligibility vary depending on the lender. But here are the basic things to consider:
In addition to the fundamental requirements, other lenders might also check your credit score. If you have a score of 670 or higher, you can qualify for these loans easily.
Furthermore, the process of getting a loan is simple. You have to fill out the application form and then provide any supportive documents required by the lender, like an Aadhar card, bank statement, passport, etc. The approval will then be done within minutes, and you will be notified whether you will get the loan.
Investing in a more advanced laptop might be a smart decision, as it offers higher quality, better performance, and an overall better experience. It would certainly pay off in the long run since you don't want to sacrifice these elements just because of different price tags. Moreover, this is something you'll buy only some days, so why not go for the best and pay on EMI?
Before investing in a laptop, make sure you do your research to secure the greatest value for your hard-earned money. Besides, ensure you have sufficient funds as well. Paying on EMI is the only way to take care of your financial needs faster without having unnecessary stress. Since you pay in monthly installments, your financial plans won't be interfered with.
People make the following mistakes when buying laptops on EMI: -
A No-cost EMI can at times have processing fees. For example, if a ₹299 processing fee is levied on the short tenure EMI, then it will increase the overall purchasing cost.
The longer tenure can reduce the EMI amount, but you will have to bear the repayment burden for long years. Hence, if possible, it’s advisable to choose a shorter tenure ranging from 6 months to 9 months.
Many people plan to buy a laptop using a debit or credit card EMI option. But these cards have a pre-approved limit of a limited amount. It may not be sufficient to purchase your desired laptop.
You can buy a premium laptop through EMI. But that EMI shall be affordable and not increase your financial burden. Buy a laptop that fits your budget.
If you have a low credit score, then you may have to pay higher interest rates and additional charges. Hence its advisable to check your credit score before applying for EMI.
With the rising trend of online activities, such as remote learning and working from home, owning a decent laptop is an absolute necessity. By deciding to buy a laptop in cash and pay on EMI, it's very easy to get the laptop you've been dreaming of. Purchasing a laptop with cash and opting for an EMI plan is the wisest decision you can make.
Yes, it’s possible to buy a laptop by paying monthly EMIs. Many banks and online lenders now offer EMI facilities. You can repay the laptop amount in fixed monthly instalments.
Laptop instalment plans carry risks like: -
There are various options to buy a laptop on EMI like credit card, debit card, personal loan, No-cost EMI, consumer finance cards, etc. Check all options. Compare interest rates, processing fees and go for the one which you find suitable.
Yes, even with a low credit score, you can buy a laptop on EMI, but there are many limited options. You will be charged a higher interest rate or may have to provide additional documents.
If you buy the laptop without a credit card, then you may have to pay processing charges, documentation fees, GST on certain fees, late payment charges or foreclosure charges. Hence, you shall go through the complete cost of EMI before you apply for it.
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Unifinz Capital India Limited is a Non Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI). lendingplate is the brand name under which the company conducts its lending operations and specialises in meeting customer’s instant financial needs.
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