Buying TV on EMI-is it a good idea

As the festive season is just a couple of months far you might be planning to get rid of your old Tv and planning to buy a new one on EMI to suit your interior or for any other reason. But before you buy one, allow deal4loans.com to aware you with the pros and cons of EMI and as your financial assistance tell you is it a good idea to buy a Tv through EMI scheme.

EMI stands for Equated Mothly Installments. An EMI scheme grants you to purchase products and pay the price over a prolonged time period in installments. Although EMI seems easy on your pocket, it has it’s own pros and cons. When you opt for an EMI scheme certain invisible cost gets added to your regular product price known as interest. Suppose the Tv costs Rs 50,000 and you have to pay a down payment of Rs 8000 and monthly installments of Rs 7843 for a time period of 6 months, the extra Rs 5058 is the interest amount. Besides the interest cost EMI scheme charges a processing fees which varies from bank to bank. When you invest in a product through EMI scheme granted by your credit card bank there is a pre-closure penalty, which means when you opt to pay-off the complete amount before the completion of the EMIs, you are constrained to pay a pre-closure amount which is generally in between 2.5% to 3% of the outstanding principal amount. Sometimes while opting for EMI scheme you are exempted from the comfort of discount.

Allow us to put forward an elaborate tabulation so that it gives you a much closer view to inspect before investing your money:

Suppose you want to buy the enormous LG 80 cm(32) HD Ready LED TV for the cost of Rs 20,990 and HDFC Bank provides you with its top notch EMI plans

However, if you could afford to pay an extra ounce of your salary or hard earned cash than it is much preferrable if you save that amount of money every month and buy your favourite TV in just one go not much indulging yourself into the puzzles and huddles of EMI, because you end up paying free cash to the bank.

The idiot box is no more idiot, it has evolved to one of the smartest technology ever. With so much advancment of technology Smart TV’s are the forthcoming big thing after phones and laptops. Samsung, Sony, LG are a dominating brand names whenever it comes to purchasing a Television. You want to purchase the best Smart TV but is confused to whether buy through EMI. Well in this case as your financial friend we suggest you to go for the EMI scheme because to pay such an huge amount of money in just one go is not in everyone’s league, therefore the way to purchase your desired TV is through EMI and as always a little extra money for your happiness is no harm.

Suppose your smart Tv cost around Rs 1,11,000

EMI has made all our needs so afforable but is it good to purchase commodities on EMIs ? Well to answer this question it depends on your own perspective. If you use it wisely EMI could turn out to be really helpful. Even though it should not be your first priority because you end up spending more money as well as its not healthy for your finances. But sometimes when need arises and you really had craved that product for a very long time but was always tight on cash EMI shall validate your urges instantaneously just with an extra amount because nothing comes for free.

As Tv being one of the most useful product of our day to day life, purchasing one is not at all a bad idea. But cash with you is tight for the latest model. As your financial companion, EMI could prove your dreams to come true. Although you might be spending more but sometimes some happiness are worth more than money.