Technology has revolutionized the way we shop and pay for goods. The use of EMIs (Equated Monthly Installments) has become prevalent in today's society.EMIs give us the opportunity to buy expensive products, such as Realme products, and pay them off in smaller, manageable chunks. In this article, we'll dive deeper into EMI finance - what it is, how it works, and everything else you need to know.
What is EMI Finance?
EMI is short for Equated Monthly Installment. EMI finance refers to the payment plan given by financial institutions to their customers regarding the purchase of products that may be too expensive to pay in full immediately. It is beneficial to those who cannot afford to pay for a product upfront but still want to own it. It's also a great way to build up your credit score if you make timely payments.
The Insta EMI Card is one such credit facility that offers a pre-approved loan amount for cardholders. The card allows users to make purchases online or in-store and convert the payment into interest-free EMIs (Equated Monthly Installments). Users can avail the pre-approved amount and payback in easy monthly installments, without paying any interest amount.
How EMI Finance Works
EMI financing involves purchasing a product, such as a Realme product, and paying for it using an installment plan. It means that instead of paying the full amount upfront, you pay it in smaller installments over a set period. EMI plans are available from various financial institutions such as banks, credit card companies, and non-banking financial companies.
The EMI system works based on interest rates, which are determined by how much you borrow, the duration of the loan, and your credit score. Interest rates vary among financial institutions, so it is essential to shop around for the best rates.
The EMI process is pretty simple. A customer chooses a product from an online store or a physical shop, and they are provided with an EMI option by the seller. The customer decides the down payment they would like to make and the duration of the loan. The loan amount is then calculated, including the interest rate, which is divided into equal monthly installments over the loan period.
Advantages of EMI Finance
EMI finance makes it possible to own expensive products even if you don't have the funds to pay for them upfront. It helps individuals to acquire items that would otherwise be out of reach due to cost.
Many banks and financial institutions offer EMI facilities. This makes it relatively easy to purchase products and pay for them at a convenient pace, making them a great alternative to buying outright.
3. Low Interest Rates
In some cases, the interest rates for EMIs are lower than personal loans and credit card loans. This means you save money on interest in the long run.
4. No Hassle
Unlike credit cards, there is no need to undergo lengthy procedures and checks to apply for EMI finance. Most purchases can be made with a few clicks or a simple form, making it easy for anyone to use.
Realme Products and EMI Finance
Realme is an electronic brand that produces high-quality products at a reasonable price. The brand has become increasingly popular in recent years, especially with their smartphones and accessories. Realme products are compatible with several EMI financing options.There are a variety of Realme products available on EMI finance, with some of the most popular being:
1. Realme Smartphones
Realme smartphones are known for their high-quality cameras, AI-powered features, and excellent battery life. Some of the most popular Realme models on EMI finance include Realme 7, Realme 6, and the Realme Narzo series.
2. Realme Audio Devices
Realme also produces audio devices such as earphones and wireless headphones. They're known for their excellent sound quality and are compatible with most smartphones.
3. Realme Smartwatches
Realme smartwatches are ideal for fitness enthusiasts looking to track their daily activity. The watches come with features such as heart rate monitoring, sleep tracking, and exercise tracking.
EMI finance is an excellent option for those looking to buy high-priced products such as Realme smartphones and accessories. The process is simple, and the rates are competitive, making it a great way to manage your finances while still owning expensive products. However, it would be best to keep an eye on interest rates, hidden fees, and the number of loans you take on to avoid getting trapped in debt.
Overall, EMI finance is a great way to make expensive products more accessible while still maintaining a solid financial plan.