3 Benefits of Converting Consumer Durable EMIs Into a Loan


Making expensive purchases has become easier over the last few years, so you can improve your lifestyle and meet your aspirations stress-free. Thanks to the rising popularity of EMI financing options in India, you can own a high-end TV or the latest flagship smartphone without worrying about the strain on your finances. However, the benefits do not end here. Thanks to the many options offered to you by financial institutions, you can reduce consumer durable EMIs in both number and value by consolidating them via a scheme such as Bajaj Finserv’s EMI Reduction Offer.

This financing option, available to customers who have purchased goods through the Bajaj Finserv EMI Network, helps you manage your EMIs better and extend your loan tenure via a consumer durable personal loan. This allows you to carry out an EMI reduction and free up your finances for lifestyle or unplanned expenses.

Here are 3 reasons why you should consider consolidating your consumer loan EMIs via the EMI Reduction Offer. 

Consolidates Multiple EMI Purchases

Thanks to how easy it is to avail EMI financing, you may opt for it for multiple purchases. While there is no harm in doing so, this practice raises the amount of effort required to meet the payments. This is because each transaction involves the creation of a new consumer durable personal loan. Due to the fact that there are multiple purchases, there are billing cycles that take place at different times of the month and this leaves room for default.

In such a scenario, if you find yourself struggling to keep up with multiple payment dates, consolidation is your best bet as it helps avoid mismanagement and reduces your EMIs to just one. This way, you can easily keep track of your payments and never have to worry about defaulting.

Reduces Your Monthly Instalments

While consolidating your debts into one, the EMI Reduction Offer also allows you to reduce your consumer loan EMIs. To help you understand how, take a look at the following example.

Consider that you purchased a refrigerator, television, washing machine and air conditioner from the Bajaj Finserv EMI Network via the No Cost EMI deal, a form of financing that ensures that you pay for the item’s purchase price, nothing more. Instead of servicing multiple EMIs, you choose to tackle them at once. When consolidated, your net consumer durable personal loan amount is Rs.20,000. This amount is split across 5 months, and the EMI you owe is Rs.4,000 every month. To illustrate the benefits of EMI reduction, consider that at this time you extend your tenure by 5 months.

Thanks to the restructuring, your revised EMI drops from Rs.4,000 to Rs.2,150 per month, a whole 46%! The additional Rs.150 per month is the interest you pay, which means that for a consumer durable personal loan of Rs.20,000, your total interest owed is Rs.1,500 which is split over 10 months.

Know that you know how to reduce EMIs via the EMI Reduction Offer, consider the third benefit, that is, consolidation helps you repay over a longer term.

Lengthens The Repayment Window

EMIs are designed to cater to the affordability of a product. However, having multiple consumer durable EMIs can quickly turn expensive, especially if you have to deal with an emergency. Consolidating your EMIs via the EMI Reduction Offer at this stage eases your repayment as it lengthens the tenure, effectively reducing the amount you pay as the installment. Using a credit card wisely you can get most benefits.

Bajaj Finserv allows you to repay your consolidated consumer durable personal loan comfortably over a tenure that ranges between 5 and 18 months. The EMI Reduction Offer works incredibly well as it helps you achieve EMI reduction by up to 70% each month. To sign up, all you need to do is visit the Bajaj Finserv webpage to enter your name, mobile number and OTP.

It’s safe to say that opting for this Bajaj Finserv EMI Reduction Offer helps you avoid high monthly payments that may cause you to spiral into a debt trap. Use this option to your advantage to make big-ticket spends without harming your financial stability.


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