How to Buy AC on EMI [Includes Advantages of Buying AC on EMI]

Indian summers can be quite unforgiving. If there’s one thing we all can agree on, it’s that Indian summers are tolerable when you’ve got air conditioning. We all are quite familiar with the feeling of stepping out of a hot, humid day into an air-conditioned home: Pure comfort.

Summer is hot enough and when humidity adds to it, the feeling gets much worse. Heat, pressure and water is not a good combination to live with. And that’s a good enough reason to invest in air conditioning.

Whether you choose to buy air conditioner online or offline, be sure that you select the right AC unit for comfortable cooling. 

However, the problem is that not everyone has ready cash to buy a new AC unit. If this is the case with you, and you don’t have a credit card or don’t want to use it, don’t panic; there are ample finance options that allows you to buy AC on EMI.

Can I Buy an Air Conditioner on EMI Without a Credit Card?

Yes, you can buy an AC on EMI without a credit card. We’ll talk about various potential financing options in the next section of this article.

How to buy AC on EMI?

If you want to buy an AC,  

• Without using a credit card
• Without paying any money upfront
• With the option of converting your purchase into easy EMIs

THEN, these are your financing options:

1. Personal loan or personal line of credit through online lenders like MoneyTap

Online lenders like MoneyTap fulfils every consumer’s need for easy personal finance. They rely on technology to offer personal loans or personal line of credit that acts as a consumer durable loan.

MoneyTap – A go-to option for a personal loan to buy AC on EMI

• Offers a single lump sum amount in the form of a credit line.
• Offers fixed interest rate and EMIs are predictable that can be extended from 2 months to 3 years. You can calculate your EMI amount using this personal loan EMI calculator. So, no guesswork here!
• No need to use collateral. It’s an unsecured personal loan.
• Offers 100% finance to buy AC on EMI. No down payment required.
• The application process for a personal loan is straightforward and online.
• Checks credit history and credit score instantly to decide whether you are a good fit. Approves a personal loan within a few seconds.
• Offers low-interest rate starting at 1.08% per month. Much lower than that of a credit card.
• Since it’s an app based credit line, the funds are accessible 24/7
• Offers an option to convert purchases into EMIs of your choice with just a tap on the screen!

2. EMI cards

A number of banks and financial institutions offer EMI cards. These can be used to buy AC on EMI without a credit card.

EMI card is linked to a pre-approved personal loan. You can repay the amount by converting your purchase into affordable EMIs.

3. Consumer durable loans

If you walk in a store and you like an AC, but you don’t have enough cash, you just need to walk to the salesperson at the store. With minimal documentation, you can get a consumer durable loan. However, consumer durable loan may not provide 100% finance. You may be asked to make a down payment on your purchase.

4. EMIs on debit cards

A few banks allow you to use a debit card to buy AC. As long as you have sufficient balance in the account, you can purchase the AC on EMI without a credit card from a partner dealer.

Whatever financing option you choose to buy the AC on EMI, you’ll have these advantages:

• Repay in easy EMIs

You don’t have to break the bank to repay the loan. You can choose easy, pocket-friendly EMIs.

• No charge for converting your purchase into EMIs

You don’t have to pay any processing fees to convert your purchase into affordable EMIs.

• Instant approval and disbursal

No waiting to get your AC home. Funds are instantly disbursed.

• You can choose a convenient EMI payment plan for what you buy

You can select a loan tenure based on your financial comfortability. You can divide the expense of your purchase into equally divided EMIs for a tenor from 1 to 5 years.

• Helps build up your credit score

Taking a loan to buy AC on EMI can also boost your credit score. Making your payments on time and following a strict financial discipline give you the opportunity to increase your credit score. 

The Bottom Line

Expensive purchases like an AC unit can throw a wrench in your overall financial picture. Fortunately, having easy finance options to buy AC on EMI without credit card helps to spread out the cost without breaking the bank.

Are you ready to beat the summer heat? Buy AC on EMI without a credit card. Apply for MoneyTap’s personal loan for consumer durables. Get the app now!