Things that you should know before opting for an EMI without credit card
There are a number of banks and FINTECH companies which offer the services of lending cash through instant money loan as well as features such as shopping without a credit card. By making use of these services, you can channel out your inner shopaholic and go on a shopping spree without worrying about reaching your credit card limit. There are a number of online e-commerce websites such as Amazon, Flipkart, Snapdeal, etc. which offers these features and helps you to buy on EMI without worrying about maxing your card.
There are a number of ways through which you can buy things on EMI (equated monthly installments) without making use of your credit cards. The most secure and the fastest way would be to shop on installments online. There are a number of NBFCs (non-banking financial companies) as well as FINTECH companies which help you to set up EMI form of payment methods without making use of your credit card details. The only form of details that you would have to fill up would be your Aadhaar card number and banking details.
The advantages of opting to buy things without credit cards are:
· This option helps you to avoid applying for a personal form of a loan, and thus helps you to maintain a good credit score. The personal loans are a form of emergency fund that you procure from banks and NBFCs (non-banking financial companies) when you are in urgent need of cash. They reflect your financial awareness and thus, they are bad for your credit score and history. Whereas, the EMI method helps you to make timely repayments and increase your credit score.
· You can buy on Emi; the favorite gadget that you always wanted to buy or an appliance for yourself, without any hassle. Therefore, you can easily buy the things that would be impossible otherwise. Thus, the big-ticket items can be easily bought without any sort of financial risks.
· There are a number of NBFCs (non-banking financial companies) as well as FINTECH companies which give out the option of repayment via EMIs (equated monthly installments) without charging interest rates.
· The major advantage of shopping on EMI (equated monthly installments), is the fact that it allows you to spend your money in a smart way. By making use of this feature, you don’t have to make use of your cash reserves and deplete them; you can use this cash reserve for future investments. Also, the option of making timely repayments via installments gives you the flexibility needed to plan out your future repayments in advance.
· Also, by buying things on EMI without credit card makes sure that your budget isn’t messed up. Although, this feature might not seem important; it is for those of us, who live life on a tight budget and struggle in order to make ends meet. Thus, you can spend freely without worrying about any sort of financial setbacks.
· The feature of EMI (equated monthly installments) payments helps you to keep a track of your expenses and thus, plan them out better in the future. You can even stretch the repayment tenure of the installments. Hence, you can buy on Emi without having to break a sweat.