While retailers may offer a zero down payment facility to boost sales, as a consumer, this type of financing allows you to make a purchase even when you’re low on liquidity. For instance, seasonal shoppers who have already exceeded budgets, cash-strapped individuals at the end of their pay cycle can all buy now and pay later through a financing plan that requires no down payment.
Normally, you need to make a down payment of 5% to 20% of your product’s purchase price and pay the rest via EMIs. Here, this initial expense is eliminated.
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What kind of products offer zero down payment facility?
You can shop for a wide range of consumer durables ranging from air conditioners and microwave ovens to water purifiers and smartphones via a zero down payment plan. At one level, the facility is brand-specific. That is, if a particular brand offers products sans an initial down payment, then your financier will extend to you the same benefits.
However, the benefits may be extended to products that aren’t normally listed for this scheme during festival seasons. Financiers and retailers do this so as to boost sales by making it easier for customers to shop.
Now that you know what is 0 financing in terms of the down payment, consider its pros and cons.
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Pros and cons of a zero down payment plan
A no down payment plan means that you can bring home your purchase, however expensive, without spending money upfront. This allows you to buy your favourite products when you need to and not postpone purchases due to lack of immediate funds. This type of financing enables you to free up money for other monthly expenses.
On the other side, zero down payment means that you pay larger EMIs. You may also incur more interest as your principal is bigger. So, you can say that you get convenience at a cost.
Additional Read: How to apply for a Bajaj Finserv EMI Network Card
Where to get a zero down payment deal?
A great place to avail a zero down payment offer is the Bajaj Finserv EMI Network. Here you can pick from over 1 million products sold through over 60,000 partner sellers across more than 1,300 cities in India. Many products available here come with the zero down payment facility.
Further, you can make your purchase still more convenient and affordable by shopping on No Cost EMI, a financing option that ensures that you pay nothing over the product’s purchase price. To buy, simply use your EMI Network Card online or offline or avail in-store financing at a partner store you visit.
Having considered the ins and outs of the zero down payment facility, avail its benefits to manage your finances well. When looking to bag a deal quickly, check your pre-approved offer from Bajaj Finserv. Doing so gives you instant approval through a customised offer and access to tons of 0 down payment and No Cost EMI deals as well!
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