Make multiple purchases conveniently with the EMI reduction offer

One of the biggest advantages of living in a largely cashless world is the ease of buying high-value products without paying the full amount upfront. Today, you can purchase expensive consumer durables and repay the cost in small, manageable instalments. EMI shopping works well for most people, especially when several purchases need to be made at the same time.

For example, when moving into a new home, you may need to buy a washing machine, a refrigerator, and kitchen essentials together. Similarly, upgrading your living room may involve purchasing a television, soundbar, and home theatre system in one go. EMIs make these purchases possible without disturbing your savings.

However, if EMI commitments are not planned carefully, they can slowly start affecting your monthly budget. A 2019 ET Wealth survey showed that nearly 15% of consumers were paying EMIs that added up to more than half of their income. In such situations, managing expenses becomes difficult. One practical way to reduce this pressure is by opting for the Bajaj Finserv EMI reduction offer.

Available to Bajaj Finserv EMI network customers, this offer helps you make multiple purchases conveniently. Read on to know more.

Consider the above example in which you need to buy several appliances. When you shop for these on the EMI network or at a partner store, each transaction utilises a portion of the finances available via an EMI Network card and counts as a separate consumer loan. Each of these has differing EMI amounts and repayment tenors. By opting for the EMI reduction offer, the first benefit you get is that you can consolidate all your prevailing loans into one and service a single new loan over an extended tenor.

Additional read: Repay all your outstanding debt with online personal loan

If you are facing multiple repayment obligations, you can also check your pre-approved loan offer using your phone number and OTP and see if a personal loan can help streamline your finances.

Once your loans are combined, Bajaj Finserv allows you to repay the new loan over an extended tenor ranging from 3 months to 60 months. This flexibility helps reduce the pressure on your monthly income.

For instance, if you were paying for a washing machine over 12 months and a refrigerator over 9 months, opting for the EMI reduction offer lets you spread both payments over a longer period, such as 18 months. This gives you breathing space and makes monthly budgeting easier.

If you are planning ahead, you can also check offer in 2 steps and understand how different repayment options may suit your cash flow.

Spreading repayments over more months directly reduces the amount you pay each month. With the EMI reduction offer, your monthly outgo can reduce by up to 70%, making it easier to manage expenses even when you have made multiple purchases.

Here is a simple example to show how this works in practice.

Suppose you bought a television worth Rs. 20,000 through the EMI Network and chose to repay it over five months.

Existing EMI structure

Now, if you opt for the EMI reduction offer and extend the repayment period to 10 months, the revised structure would look like this (including fixed interest charges):

Revised EMI structure

As you can see, extending the tenor significantly lowers the monthly EMI, helping you maintain better control over your finances.

Now that you know how the EMI reduction offer works, it can be a useful option when your monthly EMI commitments start feeling heavy. One major advantage is that EMI Network customers do not need to submit any additional documents to use this facility. You can apply online and enjoy reduced EMIs with ease.

If you are reviewing your repayment plans, it also helps to check your eligibility for personal loan and explore other ways to manage expenses more efficiently.

Additional read: How you can use a personal loan calculator