A refrigerator has become an integral feature of every home, and we rely heavily on this appliance daily! Technological advancements result from rising demand for new refrigerators and replacing older refrigerators. As new refrigerator technology emerges, prices also increase. Banks and financial institutions have developed various financial instruments to bridge the gap between demand and supply.
The most recent refrigerator models include appealing features that keep food fresh and safe for longer. They are also energy-efficient, making them ideal for the environment and your pocketbook. If you’ve been looking to replace your old refrigerator, you’ll be pleased to learn that several alternatives are available. Moreover, even though quality refrigerators might be expensive, there is a reasonable method to finance their purchase. Purchase a fridge on a payment plan!
If you are interested in purchasing a refrigerator online on EMI like whirlpool refrigerator EMI and want to learn about the different financing choices, continue reading.
Here are five EMI financing options for a refrigerator:
With the growth of FinTechs, obtaining financing for purchasing durable consumer goods is now simpler than ever. MoneyTap is one of the technology-driven online companies that has made financing the purchase of durable consumer goods available to a large population.
The application procedure is simple and conducted online. Instant approval is granted. The paperwork is simple, and payment is expedited. In addition, you may convert your refrigerator purchase into affordable EMIs, for example, you can purchase a Samsung refrigerator on EMI and stretch them out over 2 to 36 months.
Consumer durable loans
Most retailers of kitchen appliances partner with financial institutions to provide clients with simple and quick financing alternatives.
You may visit retail locations, choose your refrigerator, apply for a loan for durable consumer goods at the bill desk or online, and take the refrigerator home on the same day. Minimal paperwork is required, and approval is expedited.
EMI Playing Cards
An EMI Card is a pre-approved loan. This loan may finance various large and small items with manageable monthly payments. In addition, an EMI Card allows you to set your EMI amount and loan term. You may even foreclose on the debt without incurring any fees.
APR on your current debit card
In general, most banks provide debit card financing for electronics purchases. You must first determine if your bank offers such a service.
If so, visit their partner stores, where you can buy refrigerators on EMI with your debit card. Ensure that your savings account has adequate funds for the bank to authorize your transaction.
You may charge the purchase of a refrigerator on EMI to your credit card and then make monthly payments on the balance.
However, before you swipe your card, determine whether your credit card offers an interest-free period. This period often lasts up to 45 days from the transaction date.
Using a credit card to make purchases may also earn you reward points, cash back, or other incentives. However, you must be careful to make payments consistently and on schedule to avoid falling into a debt trap.
What possibilities exist for financing durable consumer goods?
Several financial businesses, such as Bajaj Finserv, Tata Capital, CapFirst, and Home Credit, provide durable consumer loans, which you might use to finance the purchase of a refrigerator in monthly installments. You may purchase your preferred refrigerator at one of the partner stores and apply for the loan at the cash register or on their website. Documentation is sparse. If your paperwork is deemed to be in order, you will be accepted, and you may leave the same day with your dream refrigerator!
Which EMI Cards are the finest?
The EMI Card from Bajaj Finserv is one option for purchasing your dream refrigerator. An EMI Card is a pre-approved loan that transforms numerous expenditures into convenient EMIs. Additionally, you may choose the duration and EMI amount you are comfortable with. There is no prepayment penalty if you want to pay off your purchase early.
How do technological platforms for lending aid borrowers?
With daily advancements in financial technology, you may now buy refrigerator on EMI via internet lenders with just your debit card! You may take advantage of several online lending companies that transform purchases made with a debit card into manageable monthly installments (EMIs). Thanks to services like as ZestMoney, Filomena, and FastBanking (formerly Kissht), you may shop with a debit card and turn your purchase into convenient EMIs. Approval is expedited, and minimum paperwork is needed.
EMI with your current debit card:
Banks like Axis, HDFC, and ICICI Bank let consumers purchase refrigerators and other appliances on EMI using their debit cards! If you are a member of one of these banks, you may buy refrigerator on EMI simply by visiting the partner location where this offer is offered. Check the bank’s website for information on partner locations and eligibility. Remember that you will need the minimum amount in your savings account for the transaction to be authorized.