This Festive Season Upgrade Your Lifestyle On EMI

Shopping Loan


29 October 2021

This Festive Season Upgrade Your Lifestyle On EMI

Highlight: This Diwali season, indulge in luxury shopping this festive season with the EMI route!

Going into the festive season this year, do you find yourself stuck in a dilemma to indulge yourself in shopping or to sit back and sulk your way back? Festive seasons can get us a great purchasing window that otherwise would cost us fortunes in terms of appliances, gadgets, and devices. When it comes to buying gadgets, it should ideally be seen as an investment rather than a purchase. When the festive season taps on the door, it always comes with shopping sales and schemes that customers should grab. 

In times like the global pandemic, everyone is on the lookout to buy things that don’t cost them a hole in their pockets right away. Here is when EMI shopping comes in;  Equated Monthly Investments (EMI) shopping can take a humongous load off your mind by not taking out every penny from your hand in an instant while shopping for an expensive item. EMI can also be called and seen as a shopping loan, which is quite temporary in comparison to other loans that are paid over the years. Shopping loans can be paid over a period of 3 or 6 months or according to the EMI policy of that particular shop. Shopping loans can help you pay off the bill slowly in a few small installments. 

Today, many shopping applications and websites offer EMI options that let you buy items you wish. However, they ask for credit or debit card details for safety purposes. Since COVID 19 hit the country, many people have opted for credit cards for their personal shopping. 

EMI

There was a hike in purchasing on credits and thereafter many online retail companies like Amazon and Flipkart also reported on the change in finances since the pandemic started.  As the frequency and normality of shopping loans have increased over the years, many banks have started giving EMI on Debit cards as well, e.g. HDFC bank. 

According to a Business Standard article, the leading E-commerce website Amazon reported that the big sale they host every year, called the Big billion sale/ Big Indian festival, concludes that almost 3 out of 4 people took the EMI route when shopping.  The company also reported that for the products that cost an estimated over Rs 20,000, almost one in three people chose to complete the purchase through financing schemes. 

Today, many sites provide schemes that have major collaborations with brands and get you as a consumer great deals in terms of sale, payment methods, etc. with EarlySalary, you can get instant credit and can shop on EMI. EarlySalary has collaborations with the leading online retailers like Amazon and Flipkart where you can buy high-cost products, right from furniture to devices with no cost EMIs. 

The theory and perks of No-Cost-EMI

Often there could be certain reservations when buying expensive items on EMI in regard to the high-interest rate that tags along with the installments,  leaving a much bigger bill for you once you are ready to pay. But, since more people started shopping with EMI, many companies offered no-cost-EMI that charges no interest and lets you pay the original product price of the items up to a certain timeline. No-cost EMI is a three-tier relationship between a bank, retailer, and the customer. 

While you must think that no-cost EMI only benefits the customer, however in the entire transaction, everyone is equally benefited from the transaction. The customer can purchase any high-cost product and choose to pay for them in monthly installments without being charged a high-interest cost (often seen in a normal EMI purchase); the bank receives a new source of income and the retailer shares a fixed or flexible chuck of its margins on every no-cost EMI purchase with the bank. The retailer then gets increased sales and high-cost products and generous goodwill. 

While going into the festive season, do not deprive yourself of the pleasure of gifting the people you love with extravagant gifts and yourself with the things you have been eyeing ever since. Shopping loans can get you the things you want without making your pockets burn all at once. Here at EarlySalary, we provide no-hassle perks like a pay-as-you-use policy and flexible repayments in 3-6 EMIs. 

Want to talk to us about credit, shopping loans, and your instant cash needs? We are here, ping us on:

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