Television has been an indispensable part of many Indian households for decades, and it continues to be that way. It is one of the major sources of entertainment for families around the country. The most preferred way of buying expensive items like TVs is by relying on cards to finance them. Getting finance makes it easier for anyone to buy a TV, as it spreads the cost over a period of time. Thus, one can pay for their purchase over 6 months or a year instead of paying the whole amount upfront. Moreover, one can also go for a bigger or better TV on finance (EMIs) as the higher cost can be easily accommodated in monthly instalments. For instance, let’s say that you have enough savings to buy a 24 inch TV, but you wish to get a 50 inch TV for your home. While you can’t get the 50 inch TV with your savings, you can purchase an LED TV one with an EMI loan. If you’re planning to buy a branded LED TV in India, you’ve come to the right place. Read on to find the best ways to get finance on your LED TV price.
The most popular kind of finance for purchasing electronic items is an EMI (equated monthly instalment) loan. For those who don’t know, an EMI is a monthly payment made to clear an outstanding loan within a stipulated period of time. It is a highly preferred type of finance due to the convenience it offers. There are different types of EMIs. The most prevalent ones of these are:
Credit Card EMIs
Most banks provide the option of EMI loans on their credit cards. Thus, you can use your credit card to purchase a television set from most online and brick-and-mortar stores. Some banks also offer EMI loans on debit cards, but they aren’t accepted in a lot of stores. Banks charge an interest rate ranging from 1.5% per month to 13% per month depending on the tenor. Higher tenors attract higher interest rates.
First of all, you should check your eligibility for an EMI loan. You can do so by visiting your bank’s website, calling/writing to the bank’s customer care service or visiting your bank’s nearest branch. Most banks have minimum income criteria for disbursing EMI loans. Before using a plastic card to purchase items on EMIs, however, it is important to understand the different charges applicable during the transaction, other than just the interest rate. In most cases, there will be a processing fee that you will have to pay for converting your purchase into an EMI loan. Decide your preferred tenor in which you want to pay your LED TV price, and bring home your favourite LED TV.
Depending on your bank and type of credit card, the amount of down payment will differ. Down payment is a percentage of your total purchase price that you pay upfront. It is generally advisable to pay a down payment of around 15-20% of your LED TV price as it will save you the interest on that amount.
When it comes to a physical store, you can ask the salesperson to help you pay for your TV through the EMI facility on your credit card. In the case of an online store, simply choose the EMI option on the payment page, choose your credit card and make the payment.
Bajaj Finserv EMI Network Card
Another option for buying a 24 inch TV through an EMI loan is through the Bajaj Finserv EMI Network Card, which is touted as India’s most popular EMI tool. This card offers no-cost EMIs, which means you don’t have to pay any interest on the loan. All you need to do is choose a flexible tenor of up to 24 months, and bring home the TV of your choice. No-cost EMIs imply that you won’t have to pay any additional charges over and above the original price. This includes interest charges and processing fees. Furthermore, there is no documentation required for an EMI loan with the Bajaj Finserv EMI Network Card. It is one of the most widely accepted EMI cards, and can be used at over 1 lakh partner stores in 1900+ cities across India. You can also use the EMI Network Card to purchase your favourite LED TV online from all major e-commerce websites, along with the Bajaj Finserv EMI Store, where you can shop from a wide range of TVs. This is one of the best EMI options in India, as it saves you a lot of money through no-cost EMIs, and the zero down payment facility on select products at the EMI Store.
In conclusion, it’s easy to get finance on your LED TV price with a number of credit cards, and the Bajaj Finserv EMI Network Card. You just need to check your eligibility criteria and make your purchase.