It first gained prominence with online retailers, but now has gained popularity with brick and mortar stores too. EMIs have revolutionised the way we purchase products and is now available across a wide range of products ranging from electronics to home appliances. The biggest advantage for the buyer here is that they do not have to shell out a large amount in one go which would have otherwise disturbed their finances. For this reason, consumer durable loans have gained immense popularity.
Some of the prominent reasons why it pays to purchase electronics on EMI include -

Cost-Effective

One of the biggest reasons for opting for an EMI is that it makes purchasing electronic items much more affordable. This is because now you are able to purchase things even if you do not have the required money in your bank. Instead of waiting to collect the required amount of money, you can finance your purchase and pay back the amount in convenient instalments.

Full Financing

Another big reason to opt for finance is that you get full finance of the entire amount. This means at the time of purchase you do not have to pay even a single penny out of your own pocket to purchase your favourite lifestyle item.

Immediate Approval

Unlike conventional loans such as home loans, personal loans, or loan against property where you have to wait for approval, the same is not the case in consumer durable loans. In the case of the latter, the approval is really quick. This is because the documents required are minimal for the loan to be sanctioned and all that you need to do is fill up a loan application form to purchase your favourite electronic items.