Shopping on EMI? Here’s a Simple Trick to Save Big

Shopping on EMI: Nowadays , you can even get a loan for shopping . Even if you are short of money, you can buy something and pay a small amount every month. Nowadays, many people buy expensive items like mobiles, TVs, and refrigerators in this way. They say that shopping on EMI is good for managing money. However, sometimes, due to ignorance or carelessness, you have to pay a lot of money. So, here are some mistakes you should not make while shopping on EMI.

Don’t make these mistakes when shopping on EMI!

1. Not budgeting for EMI

If you make late payments, your credit score will suffer. So, make a monthly budget including EMI payments. Set up an auto debit option. Or, set up reminders. That way, you won’t forget to pay your EMIs. Everything is on your mobile these days.

2. Late EMI payment

If you pay EMI late, you will have to pay a penalty. Your credit score will also suffer. So, choose the date to pay the EMI after your salary. Only then will you not have to pay a penalty.

3. Taking on too much debt

Think about how much you can borrow and repay. Don’t borrow more than that. Otherwise, it will be difficult. The more debt you have, the higher the interest. Then you will have to suffer.

4. Leaving the option to pay off the loan early

If you pay off your loan early, you will save on interest . You can also pay off your loan early. However, be aware that there may be a charge for paying off your loan early.

5. It takes a long time to pay EMI.

If you take a long time, the monthly EMI will be less. But the interest will be higher. So, look at how much the EMI is and how much the interest is.

6. Lack of attention to hidden fees

When taking out a loan, be careful to see if there are any hidden fees.

7. Not looking at other offers

When taking out a loan, compare everything from the interest rate to the EMI amount. Then, decide what is best for you.

How to activate EMI?

To activate EMI on your debit card or credit card , please contact your bank. There is an online EMI calculator to calculate the EMI amount. Try using it.