Are There Any Cons Related to No-Cost EMI?

Posted by amrina alshaikh on June 27th, 2019

Estimated Monthly Installment (EMI) is the option to buy a product by not paying the whole amount at once. Instead, it lets you pay the amount in small instalments, over a specified period. And, as there are a host of benefits of EMIs, therefore, EMIs are becoming more and more people, especially, the no-cost EMI. Several financial institutes, as well as many online credit platforms, are also the option to pay for things in EMI. And, many of them have partnered with the online and offline stores to make it convenient for the people to buy a laptop on EMI, mobile on EMI, TV on EMI and even furniture on no-cost EMI. But, the best way to buy things on no-cost EMI is with the help of LazyPay, one of the topmost online credit platforms.

What are the benefits of no-cost EMI?

The key advantage of no-cost EMIs is that it allows the purchaser to own a product without having to pay for it completely at once. For example, if an individual wants to purchase an AC this summers, but he or she doesn’t have the funds to pay for the AC at once, then they can opt for no cost EMI, take home the AC, use it, and pay for it in small instalments. Isn’t that fantastic?

Therefore, now plenty of companies are offering the option to buy things on EMI. And, not just ACs, now, we can buy a host of things on EMIs, like even a microwave, a tablet, and in fact, we can even buy a laptop on EMI.

So, the key advantages of opting for an EMI option is to get to use the things early, even without paying for them at once. Secondly, the financial burden is reduced, especially if we choose the no cost EMI option. So, there are definitely a host of benefits of choosing to go for an EMI option.

Are there any disadvantages of no-cost EMI?

EMIs have several benefits, and there aren’t any noteworthy disadvantages related to EMIs. However, EMI is a responsibility, so only when you know that you can easily pay the instalment amount on a regular basis, for a specified period of time, then only you should go for the EMI option. As, if you opt for EMIs for a certain period of time, then you will have to dedicatedly, regularly pay that amount to the bank or the credit platform like LazyPay on a regular basis.

Also, you need to make sure that you be careful while buying bulk things at no-cost EMI. As, say, if you want to buy a laptop on EMI as well as an AC on EMI, then the EMI amount that you would have to pay on a regular basis would be higher. It is just that you have to plan your EMIs well, in order to make sure that you are able to pay them without any pressure.

Check the credit limit offered by LazyPay now.