From Electronics And Home Appliances To Furniture And Decors. Shop On EMI This Diwali

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26 October 2021

From Electronics And Home Appliances To Furniture And Decors. Shop On EMI This Diwali

Highlight: As Diwali comes closer, houses get ready to celebrate in full enthusiasm. But with this enthusiasm also come expenses, something that EMI can help you manage.

As Diwali comes closer, houses get ready to celebrate, filled with enthusiasm. From fairy lights on the terrace to new utensils to your mother gathering the entire house for the yearly “Diwali Cleaning”. Everything radiates the pious festive energy. Buying new items during the festival season has been a norm in every Indian household. This new item could be something as small as a new spoon and something as significant as a new car. Most people in this country hold sincere devotion to this annual festival so much so that they save up for months and spend weeks preparing for it. 

One of the reasons why people prefer to buy expensive items during Diwali apart from religious reasons is that almost every employee gets a Diwali bonus. This bonus is then used to buy home items and luxury items. However, a lot of times even after adding the bonus amount you might fall a little short of an expensive purchase. In addition, buying heavily priced items like a fridge, motorbike, air conditioners, etc can create a major dent in your savings. This is where EMI comes to your rescue.

EMI stands for equated monthly instalments. As described by Investopedia, it is “a fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly instalments are used to pay off both interest and principal each month so that over a specified number of years, the loan is fully paid off along with interest.” 

The main benefit of EMIs for a borrower is that it makes a borrower aware of the amount they need to pay for the loan each month, making monthly budgeting easy. A no-cost EMI means that you have to pay for nothing more than your actual purchase. 

This also helps them avoid any major impact on their savings as every month a small amount of money is deducted from your account depending on the amount of loan instead of a huge lump sum at once. 

Also Read: The Essential Guide To Diwali Shopping on a Budget

Items to avail an EMI for

One can avail an EMI for a wide range of times, from the phone of your dreams to the stilettos that caught your eye. EMIs are offered on most purchases above INR 1000, however, this might vary depending on the bank you are availing EMI with. Let us walk you through some of these items

#1 Gifts For The Whole Family

If there is one thing Indians are more obsessed with other than festivals then it is gifts. As soon as the festival arrives, it brings the chaos of gifting. And let’s be honest, in this day and age everything requires a significant amount of money to be spent for a quality gift unless you’re planning to pass on those Soan Papdi Boxes from last year. 

#2 Fashion

EMI can help you manage these expenses as they distribute the expenditure over a larger period of time. You can avail of no-cost EMI from EarlySalary to buy fashion apparel, jewelry, customised footwear, and so on. Make sure that this Diwali everybody remembers your gifts, for at least someone was gifting beyond sweet and dry fruit boxes. 

#3 Giving Your Home a Chic Makeover

Everybody wants to give a quick makeover to their houses during Diwali. From a new television to make the hall more radiant to new furniture to change the aesthetics of your home. You can also modulate your kitchen asking for new functional attachments such as a modern furnished kitchen top and new kitchen appliances to go with it. A touch of modernity to your humble home. 

There is always some or other offer going on during the festive period making home appliances more affordable. However, if you still need further assistance in buying these items, EMI can come in handy

Also Read: Some Classic Money Management Tips For This Festive Season

Happy Diwali! 

Festivities are one bumper chance to splurge, EMI makes sure that you do this without burning a hole in your pocket or throwing your monthly budget off the charts. You can use various calculators available online to calculate your monthly EMI amount. Consequently, you can decide the period you want to take to repay your loan amount and the exact amount of EMI would depend on this. 

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