Gone are the days of saving up for months to afford that coveted gadget or furniture set. EMI shopping apps have revolutionised the way we shop in India, offering a convenient and accessible way to purchase big-ticket items through easy monthly instalments. These apps empower you to spread the cost of your purchases over a specified period, making them more manageable for your budget. If you are considering using an EMI shopping app for your next purchase, this guide will explore the concept, its benefits, and some of the top options available in the Indian market.
What is an EMI shopping app?
EMI, which stands for equated monthly installment, refers to a loan repayment structure where you pay a fixed amount each month towards your purchase. EMI shopping apps partner with various retailers and financial institutions to offer you financing options for your purchases. These apps typically involve a simple application process, allowing you to get pre-approved for a specific credit limit. Once approved, you can browse products from partnered retailers within the app and choose to pay for them in easy EMIs.
Benefits of using EMI shopping apps
EMI shopping apps offer several advantages for Indian consumers:
- Affordability: By spreading the cost of your purchase over several months, EMI shopping apps make high-value items more affordable. This allows you to own desired products without having to pay a large sum upfront.
- Convenience: The entire process, from browsing products to applying for EMI options and managing your repayments, can be done conveniently through the app. This eliminates the need for lengthy paperwork or visiting physical stores.
- Improved cash flow: By paying in EMIs, you can manage your monthly expenses more effectively. This frees up your cash flow for other needs while still allowing you to make the purchases you desire.
- Enhanced credit score: Using EMI apps responsibly and making timely repayments can positively impact your credit score. This can be beneficial when applying for loans or other forms of credit in the future.
- Variety of options: EMI shopping apps offer a wide range of products from various categories, from electronics and appliances to furniture and fashion items. You are likely to find the product you are looking for on an EMI shopping app.
Check out the watches on EMI.
Top EMI shopping apps in the market
Several EMI shopping apps are available in India, each with its unique features and benefits. Here are some of the most popular ones:
- Amazon pay later: This service from Amazon allows you to split your Amazon purchases into monthly instalments. It offers a quick and convenient application process and integrates seamlessly with your existing Amazon account.
- Flipkart pay later: Similar to Amazon pay later, Flipkart's EMI service allows you to split your Flipkart purchases into manageable EMIs. It is a great option for those who frequently shop on Flipkart.
- Bajaj Finserv EMI Network: This network offers in-store financing options at a wide range of partnered retailers across India. You can pre-approve for a credit limit and use it to make EMI purchases at partner stores.
- Paytm postpaid: Paytm's postpaid service allows you to make online and in-store purchases and pay for them later in easy instalments. It offers a user-friendly app and a variety of payment options for your EMIs.
- ZestMoney: This EMI app provides instant loan approvals and allows you to shop from a vast network of online and offline retailers. ZestMoney offers flexible repayment options and competitive interest rates.
How can I get a product on EMI through a shopping app?
- Select your product: Start by choosing the item you wish to purchase from the shopping app. Ensure it is eligible for EMI options, which are often listed on the product page.
- Add to cart and checkout: Add the selected product to your cart and proceed to the checkout page. Look for the EMI option during the payment process.
- Choose the EMI option: At the payment stage, select the EMI option. You will typically be presented with various EMI plans based on tenure and interest rates.
- Enter required details: Provide necessary details such as your personal information, income details, and employment status. You may need to upload relevant documents for verification.
- Review and confirm: Review the EMI plan details, including the monthly instalment amount and tenure. Confirm your selection and proceed with the application.
- Approval and purchase: Once approved, you will receive a confirmation. Complete the payment process using your preferred mode, and your EMI plan will be activated.
- Track your EMI: Monitor your EMI payments through the app or the financial institution’s website to ensure timely payments and manage your balance.
This process makes purchasing through EMIs convenient, allowing you to enjoy your new product while managing your budget effectively.
Also see speakers on EMI.
Important note: It is crucial to use EMI shopping apps responsibly. Always carefully consider the interest rates and fees associated with EMI plans before making a purchase. Ensure you can comfortably manage the monthly instalments to avoid getting into debt.
By understanding the concept, benefits, and popular options available, you can leverage EMI shopping apps to make informed purchase decisions and enjoy the convenience of spreading your payments over time. Remember, responsible financial planning is key, so be sure to factor in EMIs when creating your budget.
How to Shop on EMI using the Bajaj Finserv Insta EMI Card
You can shop offline by visiting a nearby Bajaj Finserv partner store and exploring the products that you want to shop. Choose your desired product and opt for in-store financing. Simply provide your Bajaj Finserv EMI Network Card details and enjoy easy EMI schemes.
