A laptop with fast processing speed and great graphics is a must for everyone today. Whether you use your laptop for professional or personal use – a fast, modern machine with decent processing power has become mandatory.
The catch here is that purchasing a good laptop powered with the latest technology costs a pretty penny. A laptop with an i5 processor starts from around Rs. 40,000, and gaming laptops can run up to 1 lakh or more.
So, how can you afford a good laptop if you're running low on funds? Should you wait until you save the money for it? Well, the answer is – you can purchase a laptop on EMI.
Yes, you read that, right! Today, it's easier than ever before to buy gadgets and consumer durables on EMI. When you buy a laptop on EMI, you can purchase your dream machine right away. You can then repay the laptop's cost as monthly installments (EMIs) at your preferred pace.
Before we look at how to buy a laptop on EMI without a downpayment, let's take a look at the various benefits of purchasing a laptop on EMI.
Benefits of Purchasing a Laptop on EMI
Considering the steep prices of laptops, most consumers put off the purchase until they can raise the needed amount. Alternatively, some consumers even dip into their emergency funds to pay for the purchase. When compared with both these options, purchasing a laptop on EMI offers various benefits. They are:
Don’t Empty your Savings/Emergency Funds
When you purchase a laptop on EMI, you don’t have to shell out a large sum upfront. Instead, you can complete the purchase right away and repay it in the form of manageable EMIs, deducted from your salary account. This way, you don’t have to empty your savings or dip into your emergency funds.
Flexible Repayment Tenures
Generally, the repayment tenure ranges from 3 months to 36 months. You can choose a duration that is convenient for you. The longer the repayment tenure, the lower is the monthly EMI. Small EMIs are easy to pay from your monthly budget, without having to make big compromises on your current lifestyle expenses.
Make the Best of Seasonal Offers
If you're looking to save big on your laptop purchase, you need to keep an eye on sales and offers. When you shop during seasonal sales like the Prime Day Sale on Amazon, or Billion Day Sale on Flipkart, you can enjoy a significant discount on the MRP. Similarly, if you purchase the laptop at offline stores, you can enjoy huge discounts during festival sales.
When you purchase a laptop on EMI, you can complete the purchase whenever you see a good offer. You don’t have to wait till you raise the amount, thereby helping you make the best use of seasonal deals and limited-time offers.
Additional Reading: How to buy a Laptop on EMI Without a Credit Card?
Completing a laptop purchase on EMI is as simple as paying for it using your debit or credit card. There are no extra steps, and your request for EMI payment is approved within a few seconds.
No Downpayment & No Extra Costs
This is the biggest draw of purchasing laptops on EMI. Unlike other loans, you don’t have to provide a downpayment. You are offered EMI repayment for the entire cost of the laptop. This means you don’t have to pay a single penny out of pocket right away.
Additionally, today several online and offline retailers offer "Zero-cost EMIs." This means you don't have to pay any extra fees for using the EMI option. The total amount you pay is the same as the final cost of the laptop. There are no additional charges or processing fees.
How does no-cost EMI without downpayment work?
No-cost EMI with zero downpayments is when the retailer/EMI provider allows you to pay the laptop's cost as equal EMIs divided over the chosen repayment tenure. There are no interest charges, or processing fees levied for choosing the EMI repayment option.
Let's explain how it works with an example. Let's say you have finalised a laptop that costs Rs. 48,000. While paying for the laptop (either online or at a brick and mortar store), you have to choose the option – Zero-cost EMI without downpayment.
When you choose this option, you will have to select the desired repayment tenure. Let's state that you prefer a 12-month tenure. In this case, you have to pay Rs. 4000 per month for the next 12 months. This covers the total cost of the laptop, which is Rs. 48,000. Note that there are no additional charges or any upfront downpayment.
Additional Reading: Laptop Loans for College Students
How to purchase a laptop on EMI without downpayment?
You can purchase your dream laptop on EMI with zero downpayment using several options available to consumers. We'll run through some of the popular options available to customers.
Online Marketplaces like Amazon or Flipkart
Both these popular online shopping portals offer laptops on EMI. While checking out, you need to select the payment method, "Zero cost EMI." Once you choose this payment method, you will be provided a list of credit cards/debit cards that you can use to complete the purchase. Select your preferred card, choose the tenure, and check out. Once the payment is approved, the laptop will be shipped to you. The repayment commences in the form of EMIs over your chosen tenure. The amount will be debited directly from the card you have provided every month.
Using the Bajaj Finserv EMI Network
Bajaj Finserv is the biggest consumer durable loan provider in India. The company has tie-ups with 1 lakh+ stores across 1900+ cities. If you're looking to purchase your laptop on EMI at a physical outlet, this is the best choice.
While completing the purchase, let the sales clerk know that you would like to pay for the EMI purchase using the Bajaj Finserv EMI network. You don't have to provide any additional documents if you already own a Bajaj Finserv EMI network card. If you don't have one, you can easily apply for this card by providing a few essential KYC documents, recent passport-size photography, a cancelled cheque, and ECS mandate.
However, note that Bajaj Finserv charges a nominal processing fee that starts from Rs. 749 for the EMI option.
Online Consumer Durable Loan Providers like Zest, Upwards
There are several online consumer durable loan providers like Upwards and Zest who offer no-cost loans for customers. To use this option, you have to decide on your preferred consumer durable loan provider. Sign up for an account and activate your credit limit. The next step is to purchase your laptop from the list of marketplaces, that the loan provider has a tie-up with. While checking out, choose your loan provider as the payment option.
Your purchase is complete, and you can repay the loan to your loan provider in the form of monthly EMIs, over your chosen tenure.
What is the eligibility criteria for purchasing a laptop on EMI with zero downpayment?
The eligibility criteria vary based on the payment option you choose. For instance, if you opt for the Bajaj Finserv EMI Network, you must meet the following conditions:
You must be aged between 21 to 60 years
You must have a steady source of income
Must be a resident of India
Besides the basic eligibility criteria, other consumer durable loan providers may also check for your credit score. Customers who have a score of 630+ can easily qualify for consumer durable loans.
With more people working from home and kids attending school online, owning a decent laptop has become mandatory. By choosing to buy a laptop on EMI with zero downpayment, you can finally get the laptop of your dreams today and pay for it later. Use this guide to help you complete buying a laptop on EMI without downpayment.