Electronics with credit/debit EMI or Electronics loan. Which is best?

Electronics with credit/debit card EMI or Consumer durable loan. Which is best?

Loan for electronics

An online consumer durable loan or an electronics loan helps the consumers purchase white goods and other luxury items that seemed like an impossible dream. These are essentially small personal loans to help consumers buy electronics on EMI.

Consumer durable goods can be used for a long time, and customers don’t have to purchase them often. In general, if employed correctly for their purposes, they can serve their owner for years. This type of goods includes appliances, furniture, equipment, electronics, etc.

Consumer durables are not presented only in specific industries, but you can find them everywhere, starting with electronics and finishing with factory production machines and equipment. That’s why it is essential to mention that there are different categories of durables, that you might need in your everyday life and which you can get with the help of instant consumer loan finance or you can buy electronics on credit.

Should you opt to buy Electronics with credit/debit card EMI? Here’s what to consider.

An equated monthly installment (EMI) is a way to pay off an electronic loan in parts over time mentioned by the financial institutes, instead of paying a large amount of repayment altogether. Factors such as the principal amount, loan tenure, interest rates, and the CIBIL score; whether you can get a consumer durable finance; determine the amount you can pay as you can get finance for electronics.

As with most financial schemes, buying electronics on online consumer durable loans has both benefits and drawbacks. Consider the factors mentioned below before making a choice.

Advantages of Credit/Debit EMI

Freedom to buy: An EMI option allows you to purchase expensive items right off the shelf, even though you might not have the funds to pay for them at the very moment. For instance, if you’re a salaried person, buying all the necessary electronics is more accessible with a TV loan for option with your credit/debit card.

Affordability: Be it expensive household items, electronics, or equipment, EMIs can help you buy anything and everything. Your lender first checks your documents for the loan for the electronics application. Next, they divide the total amount into monthly installments, and you pay it off in manageable chunks.

Leverage flexible EMI option: Several banks and financial institutions now offer flexible EMI schemes. But a personal loan without CIBIL is not considered. The lender allows you to decide on the amount per EMI or the payment duration, depending on your consumer’s durable finance and income.

Disadvantages of Credit/Debit EMI

  1. Longer debts: EMIs are designed to significantly extend the loan period, and taking an instant online consumer durable loan increases interest rates, lending to you carrying the debt for longer.
  2. Higher Repayments: If you want to buy the latest smartphone through an electronics loan. If you opt for a loan option, you will end up paying more than the cost at the end of your repayment period. The excess amount reflects the interest charged by the institution for the use of its funds. To avoid paying higher than your upfront purchase cost, you might want to look for a zero-interest EMI scheme, which is hard to avail of.
  3. No prepayment: Even if you have the ready cash to pay off the loan that you took to finance electronics before the tenure ends, most consumer durable finance EMI schemes will charge you a prepayment penalty ranging between 2-3% of the principal amount.

Credit Card vs COnsumer Durable Loan

Should you opt to buy electronics with a consumer durable loan? Here’s what to consider.

If you are searching for a source of funds to buy household items for your home or you need funds to buy a smartphone,an electronics loan is a great option. In any of your financial needs, the online instant loan apps are the answer to all your money-related needs because you can get an online consumer durable loan from them instantly.

You can get a consumer loan finance from Lenditt to plug gaps during a sudden monetary shortfall or finances. You can avail of a personal loan without documents to get finance for electronics as there is no limitation on the end-use of the borrowed funds.

Electronics loans are unsecured loans, and they are relatively easy to avail by anyone. You can get an instant loan for electronics from Lenditt. Many individuals do not have collaterals to pledge. For them, in challenging financial situations, Lenditt’s loans can be the way out.

Advantages of consumer durable loans

  1. Fast and hassle-free loan application: You can apply for an online consumer durable loan using the online loan apps. You just have to upload the required documents electronically. Also, the documentation required is minimal, and the process of loan application is fast.
  2. No collateral required: As mentioned earlier in the article, as you can get an instant TV loan because it is unsecured, no guarantee or collateral is required to avail of it. Thus, you won’t lose any of your assets if you face a crisis in repayments.
  3. Flexibility in end usage of funds: Even if you are availing of a consumer loan finance, you do not have to disclose the purchase of funds to the lender. Alternatively, when you take a home loan, the loan has to be explicitly used for constructing a house or related purposes; a personal loan by Lenditt can be used for any purpose.
  4. No CIBIL Score is needed: When you apply for an online consumer durable loan through Lenditt, a CIBIL score is not required. You can upload your last 3 months’ salary receipts and you are eligible to apply for the loan. 

Disadvantages of consumer durable loans

  1. Relatively High-interest rates: As a loan for electronics is unsecured, its interest is a little higher as compared to secured loans. Lenders like the online loan apps take a higher risk by giving you instant finance for electronics. Even lending them without any security so you can buy through an electronics loan. The interest rate offered to you is dependent on factors like your loan, income, amount you can afford as EMIs, etc. But with Lenditt you don’t have to pay more than 0.1 to 0.4% a day and you can avail of the loan without any prepayments.
  2. Possibility of a debt trap: An online consumer durable loan is easy to avail of because of instant loan apps, even if you have a good credit score and the right documentation, it is a possibility that you might get into a debt trap by availing of too much amount or too many loans. As a result, your financial situation crumbles when a large chunk of your monthly income regularly goes into EMIs.


From an overall perspective, credit/debit EMI and electronic loans seem the same. While you can borrow funds and make repayments, the differentiator is in the interest rates charged. The duration of the loan period and the approval of the loans including your CIBIL score and documentation asked by the financial institutions and the instant small loan apps. 

For example, if you buy electronics on credit/debit EMI, having an account in that financial institution is important, including your CIBIL score that decides how much interest you have to pay during the months mentioned by the institution. On the other hand, if you take a consumer loan finance from instant loan apps, you don’t have to worry about your CIBIL score. It is not needed and you can make repayments whenever you want without higher repayment interest charges.

Electronics with credit/debit card EMI or consumer durable loan. Which is the best? A lot depends on your needs, perspective, and circumstances to choose the winner.

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