Fridge on EMI: Things to Know Before You Choose a Payment Plan
Buying a refrigerator is a big investment, and paying the entire amount upfront can strain your budget. Fortunately, you can buy a fridge like any other electronics on emi, splitting the cost into affordable installments. But while getting a fridge on EMI is convenient, understanding how it works can help you avoid unnecessary costs and make smarter financial decisions.
Types of EMI Options Available
When you purchase a fridge, you’ll typically get two main EMI options: credit card EMI and consumer durable loans. Credit card EMI is straightforward if you have a card with a sufficient limit. But for those without cards, NBFCs and fintechs offer consumer durable loans to get electronics on emi, including fridges, washing machines, and televisions. They partner with major retailers and e-commerce platforms, allowing you to pay over 3–24 months, depending on the plan.
No-Cost EMI vs. Standard EMI
No-cost EMI is a popular marketing term where the retailer or manufacturer bears the interest cost, so you only pay the product’s price divided across EMIs. However, it’s important to confirm that there are no hidden fees or processing charges. In standard EMI, you pay interest on top of the product price, which can increase your total repayment amount significantly. Whether you’re getting a fridge or mobile on emi, checking the total cost before committing is crucial.
Eligibility and Documents Required
To buy electronics on emi without a credit card, you’ll need to meet basic eligibility criteria like age (usually 21–60), stable income, and a minimum credit score if required by the lender. Documents often include ID proof, address proof, income proof (salary slips or bank statements), and a post-dated cheque or ECS mandate for EMI payments.
EMI Tenure and Down Payment
Most EMI plans for fridges offer tenures from 3 to 24 months. Shorter tenures mean higher EMIs but less total interest, while longer tenures reduce EMIs but increase the total cost. Some plans require a down payment—especially for high-end models—to reduce the loan amount. Knowing your monthly budget helps you choose the right EMI tenure without straining your finances.
Retailer and Brand Offers
When buying electronics on emi, many brands and retailers run limited-time offers with benefits like free installation, extended warranty, cashback, or waived processing fees. These can significantly improve the deal and lower your overall cost. Always check for current promotions at both online and offline stores.
Impact on Your Credit Score
Financing a fridge or any electronics on emi can positively impact your credit score if you pay EMIs on time. Missed or delayed payments, however, will harm your credit profile. Since many consumer durable loans are reported to credit bureaus, treating EMI payments with the same discipline as loan EMIs is essential.
Conclusion
Buying a fridge on EMI is a smart way to manage your cash flow while enjoying the convenience of modern appliances. Whether you choose a credit card EMI or consumer durable loan, understanding tenure, costs, eligibility, and offers helps you make an informed choice. By planning carefully, comparing multiple options, and keeping up with your EMIs, you can add a fridge to your kitchen without financial stress—just like you would with a mobile on emi or other electronics on emi. Smart financing today can lead to better savings and more comfort at home tomorrow.
