Getting a new gadget or electronic device for our homes is always a thrilling experience. Mostly all of us remember the joy of bringing home that first fridge, television, or buying our first EMI mobile phone. While earlier, it took some amount of planning to save up enough money to buy those things as they were expensive back in the day, and loan options were far and few in between, that’s no longer the case.
Today’s market is full of options when it comes to products, with reduced prices, massive discounts and deals on offer, and consumer durable loans becoming more accessible and affordable for consumers. But, then again, with so many options on the table, it can sometimes become confusing for the consumer to figure out the option that’s best for them.
In this article, we will look at how you can best make use of the EMI mobile phone options available to you to get the best possible deal out there in the market!
Zero Down Payment Schemes
Zero down payment schemes have come as a lifesaver for many since not all of us have extra money lying around; moreover, sometimes you may need to buy that new fridge, television, or mobile phone because the old one gave up and there was no planning involved, you just need to buy one to replace the old. This is where zero down payment scheme can help you save money as you don’t need to pay anything upfront to buy the product. A consumer may just fill up a few details, pass the credit check and take home the newly bought product.
0% Interest Schemes
If you club the zero down payment offer with a 0% interest scheme, not only can you save money on the upfront cost but also on the interest rates. When you buy a product at 0% interest you only end up paying the actual price of the product and nothing else apart from that in interest charges. In the case of regular loan options, you may sometimes end up paying twice the price of the product if the interest rates are high and that could seriously pinch your wallet.
Time it Right
If you can wait, then it’s best to wait it out till some major festival hits as that is the time when the prices of the products drop and massive deals and offer on products start pouring in. Timing is key here, and as a consumer, you must always plan if you want to make the maximum savings on your purchases. Imagine how much you can save when you don’t need to pay an upfront cost and 0% interest on top of the festive offers that are available at the time.
Timely Repayment
Now that you have brought the product home, ensure that you make timely repayments to ensure that you don’t end up skipping or delaying the repayments as that would hurt your cibil score badly. Timely repayments make you eligible for future loan options and help you build up a strong credit history which could go a long way in ensuring that you can get the lowest interest rates and maximum tenure to repay debts when you go in for high-value purchases like a home or car in the future.
Don’t Buy What You Don’t Need
Even if a loan is being offered cheap, it’s still a loan that you need to repay. Therefore, it’s important to be financially disciplined and only buy a product that you need and not end up purchasing something as a result of impulse buying.
Options such as cardless EMI, buy now pay later offers, and pre-approved credit lines have made it easier than ever to buy the latest products in the market. But, it’s important to plan things in a way that you can make timely repayments to ensure that you don’t fall into a debt trap and are able to build up a cibil score that works for you and not against!
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