A refrigerator has become an essential part of every household and we are highly depended on this gadget on a daily basis! The demand for buying new refrigerators or replacing old refrigerators keeps increasing with the changes that technology brings in. As new refrigerator technology steps in, the costs go up as well. Banks and financial institutions have come to the fore with an array of financial products to bridge the gap between demand and supply.
If you are looking to buy a refrigerator on EMI and want to know about the types of financial options available to you, then read on.
Here are 5 ways to finance a refrigerator on EMI:
With the evolution of FinTechs, getting finance for buying consumer durables is easier than before. MoneyTap is one of the technology-driven online platforms that has made finance for buying consumer durables accessible to many.
The application process is easy and online. The approval is instant. The documentation is minimal, and the disbursement is quick. Moreover, you can convert your refrigerator purchase into easy EMIs and spread them over a convenient tenure ranging from 2 months to 36 months.
- Consumer durable loans
Most of the kitchen appliances dealers collaborate with financial institutions to provide easy and convenient finance options to their customers.
You can visit the retail outlets, choose your refrigerator, apply for the consumer durable loan at the bill desk or online and take home the refrigerator with you on the same day itself. The documentation is minimal, and approval is quick too.
- EMI Cards
An EMI Card is a pre-approved loan. You can use this loan to make various purchases, big and small, and convert them into easy EMIs. An EMI Card also gives you the flexibility to choose your EMI amount and the loan tenure. You can even foreclose the loan without paying any foreclosure charges.
- EMI on your existing debit card
Generally, most banks allow their customers to use their debit cards to finance electronics on EMI. You first need to find out whether your bank offers such a facility.
If yes, check out their partner outlets where you would be able to use your debit card to buy a refrigerator on EMI. Ensure that you have sufficient balance in your savings account for the bank to approve your transaction.
- Credit card
You can charge your refrigerator purchase on your credit card and then make monthly payments towards your purchase.
However, before you swipe your card, find out if your credit card has a zero-interest repayment window feature. This window usually lasts for up to 45 days from the date you make the transaction.
Paying through your credit card can also earn your reward points, cashback or other benefits. However, you need to be cautious about making payments regularly and on time to avoid being pulled into a debt trap.
Looking for finance to buy a new refrigerator on EMI? Get started with MoneyTap. Download the app now!