Do you want to buy LED TV, laptop or mobile on EMI without credit card or some other electronic items? Then this post is written for you. Here I’ll explain to you how to buy durable goods on EMI without credit card. There are some companies out there who can help you buy things on monthly equated installments.
Many a times, when we get to know that a new gadget is about to launch like latest model of Apple iPhone, then we take a sign and wish we could buy all the stuff that we want to. But frankly saying, most of us, financially unable to afford our luxury desires cost.
I remember, when I was studying I tried to own a credit card to buy things like mobile on EMI (Equated Monthly Installment) but my poor bank account’s credit history ruined my desire to own it.
I used to feel deprived from all the things that I wanted to own (but fortunately with time, I got many of them). However, humans have endless desires so of course, mine too!
Back in 2009, I used to search on the internet that ‘Is there any way to buy electronic goods such as mobile, laptop, LED TV on EMI without credit card?’ But unfortunately, I could not have found any such way.
Yes, you could buy some electronic items on EMI from local finance agencies but they apply unreasonable interest rates.
But now time has changed, there are many durable finance companies in India who help customers buy LED TV, laptop or mobile on EMI without credit card. These just see your income source and done. If you have reliable income source then you can avail EMI loan facility from them.
Nowadays, many financial institutions are offering durable finance without any type of interest rates (with nominal processing charges) to help you lift up your lifestyle and let you live your dreams.
To provide interest free durable finance to customers and to enhance sales by targeting needy customers, renowned manufacturing companies have tied up with some financial institutions.
For that purpose, manufacturers bear annualized rate of interest or share margins with its counterparts.
It’s a win-win situation for trio, manufacturer, finance company and customer. Manufacturer could boost his sales, durable finance company can enhance its profit and customer can acquire things after paying a reasonable one time processing fee.
From the past few years, durable finance has been gaining popularity because some e-shopping websites are also allowing customers to buy things through such sources.
As of now, the main players of this finance segment are:
- Bajaj Finserv
- Tata Capital Financial Services Limited
- ICICI Bank Consumer Finance
- HDFC Bank Consumer Durable Loan
In our recent post, ‘Top consumer durable loan companies in India,’ we have discussed about all reliable durance finance companies.
In this post, we will focus on how to avail durable finance company to buy refrigerator, mobile, laptop, and LED TV on EMI without credit card.
How can I buy on EMI without credit card?
Nowadays, it’s become so easy to buy electronics products such as mobile on EMI. You don’t need to apply for loan approval. All you need to do is just visit your nearest retail showroom or direct brand store from where you want to buy your electronic item and ask the salesman about EMI finance facility.
All retailers and brand stores have tied up with some finance companies and even some finance companies have set up offices in some brand showrooms to speed-up the process.
They provide EMI facility on the spot to the customer and all charges and fees can be discussed there.
Before you avail for EMI finance facility, it’s advised to ask for all charges.
Alternatively, customer can also apply for durance finance facility online by visiting official website or installing app of concerned finance company.
Next, I have selected Bajaj Finserv durable finance to show you how to apply for EMI loan because currently this company is evolving very rapidly in this finance segment and has a very flexible loan eligibility criteria.
But as I mentioned above, many finance companies offer consumer durable finance, therefore, you can also look for other options too.
Bajaj Finserv is a renowned Indian financial services company and it has started financing durable goods to hike up lifestyle of many lives. It offers durable loan up to 5 Lakh or more for consumer products such as LED TV, AC, Refrigerator, Smartphone, Laptop/Desktop, and the like.
It has made loan process as easy as possible. Anyone (employed, self-employed, or businessman) can buy electronic items such as laptop on EMI without credit card by providing few documents such as identity proof, income proof, and residence proof. Note: PAN Card is mandatory to avail this facility.
Bajaj Finserv charges straight fee about 2.5% to 3% of the loan amount as processing excluding interest charges, if applicable.
Visit Bajaj Finserv official website to know more about eligibility, documents required, and processing charges.
How to apply for Bajaj Finserv Durable Finance
I suggest you avoid applying online to reduce approval time. You can visit any outlet from where you want to purchase an electronic item and ask them if they have tied up with Bajaj Finserv; almost all renowned outlets offer finance facility.
However, you can also apply through an online application.
To do so:
- visit official website of the company and find ‘apply for durable finance’ link
- click on the link and fill in the details
- verify your mobile number and email address
- That’s it. Now wait for a confirmation call from the company regarding your loan request.
Alternatively, you can also apply for the loan through Bajaj Finserv smartphone application. To do so, follow the steps given below:
- Visit your phone’s app store. Then, find and install official Bajaj Finserv app.
- Tap on open and grant permissions and then select an option for your details.
- In the next step, tap on employment type and select one; either salaried or self employed.
- Enter your name, date of birth, mobile number email id, and then tap on product ‘you are looking for’ and select a product. Pan card column is optional; nevertheless, you can enter it. Subsequently, tap on continue.
- In the next page, you will be asked to enter your address details. After entering everything, click on continue link.
- If you own a credit card, then enter its details or simply tap on skip.
- Confirm your address details and tap on the box next to I accept term & conditions then hit apply button.
That’s it. In the next page, you will see your application status along with reference ID. You will also receive an SMS on your mobile number from the company.
You will receive your loan approval or refusal details on your mobile number and email.
If you would like to apply for EMI finance facility of some other company then steps will be the same just visit official website of that company.
As I mentioned in the beginning, if you would like to buy LED TV, refrigerator, laptop or mobile on EMI without credit card or some other item then directly visit authorized partner’s store. Avoid applying online because it’s time consuming.