A laptop with a fast processor, sufficient storage, and excellent graphics is now an essentiality for any person. The larger the number of features it possesses, the more expensive it is. Everybody may not have the money to buy an expensive laptop. In that case, you can opt to buy a laptop on EMI. This implies that you can purchase a laptop in cash now and pay later in small installments over an agreed duration of time. This will help you avoid exhausting all your savings and putting too much strain on your budget. Let us now understand how to buy a laptop on EMI without down payment. Before that let us see the benefits of buying a laptop using an EMI. 

Benefits of Buying a Laptop on EMI  

  • Freedom to exhaust your savings: You do not have to exhaust your savings: Since you can buy now and pay in small installments of EMIs over an agreed period of time, you do not have to run through all your savings. 

  • You will have the flexibility to purchase more things: An EMI option enables you to buy costly items like laptops, sofas, LED TVs, or cars without having to pay immediately. Even if your salary is huge, sometimes you may not be able to buy an expensive laptop for your child’s educational needs with just your salary.

  • You Do not Have to Go Through a Middle Man: When you pay through an EMI for a laptop, the money gets credited directly to the lender. So, the money you pay for purchase does not have to go through multiple middlemen, thus increasing the overall cost of purchase. 

  • You do not have to make down payments: For getting loans from the bank to buy a laptop, you may have to pay a certain amount as down payment. If you are choosing the EMI option from a good finance company, then you can pay the entire cost of your laptop through EMI. 

  • You can improve or build your credit score: If you don’t have a credit score and are in the process of building one, then a laptop on EMI will be a good option. Because, by paying your EMIs on time, you will be able to get a good credit score. 

  • You can avail the most out of seasonal offers: Many e-commerce firms give big discounts during festival seasons like Diwali, Christmas, Flipkart, Amazon, etc. These offers also extend to the EMI options given by e-commerce websites. For example, you may get a no cost EMI choice or a discount on the EMI itself. So, this is the best time to buy a super low-priced laptop on EMI.  

How does no-cost EMI without downpayment work?  

No-cost EMI with zero downpayments is when the retailer/EMI provider allows you to pay the laptop's cost as equal EMIs divided over the chosen repayment tenure. There are no interest charges, or processing fees levied for choosing the EMI repayment option. 

Let's explain how it works with an example. Let's say you have finalised a laptop that costs Rs. 48,000. While paying for the laptop (either online or at a brick and mortar store), you have to choose the option – Zero-cost EMI without downpayment. 

When you choose this option, you will have to select the desired repayment tenure. Let's state that you prefer a 12-month tenure. In this case, you have to pay Rs. 4000 per month for the next 12 months. This covers the total cost of the laptop, which is Rs. 48,000. Note that there are no additional charges or any upfront downpayment. 

Additional Reading: Laptop Loans for College Students 

How to purchase a laptop on EMI without down payment?  

You can purchase your dream laptop on EMI with zero downpayment using several options available to consumers. We'll run through some of the popular options available to customers. 

  1. Online Marketplaces like Amazon or Flipkart 

Both these popular online shopping portals offer laptops on EMI. While checking out, you need to select the payment method, "Zero cost EMI." Once you choose this payment method, you will be provided with a list of credit cards/debit cards that you can use to complete the purchase. Select your preferred card, choose the tenure, and check out. Once the payment is approved, the laptop will be shipped to you. The repayment commences in the form of EMIs over your chosen tenure. The amount will be debited directly from the card you have provided every month. 

  1. Online Consumer Durable Loan Providers like Zest, Upwards 

There are several online consumer durable loan providers like Upwards and Zest who offer no-cost loans for customers. To use this option, you have to decide on your preferred consumer durable loan provider. Sign up for an account and activate your credit limit. The next step is to purchase your laptop from the list of marketplaces, that the loan provider has a tie-up with. While checking out, choose your loan provider as the payment option. 

Your purchase is complete, and you can repay the loan to your loan provider in the form of monthly EMIs, over your chosen tenure. 

What Are the Eligibility Criteria to Buy a Laptop on EMI with Zero Down Payment?  

  • Income: The individual must have a minimum net income of Rs. 15,000 per month.  

  • Age: Between 21 to 55 years 

  • Residential status: Should be an Indian resident. 

  • CIBILTM score: At least 630 plus 

Conclusion 

With more people working from home and kids attending school online, owning a decent laptop has become mandatory. By choosing to buy a laptop on EMI with zero downpayment, you can finally get the laptop of your dreams today and pay for it later. Use this guide to help you complete buying a laptop on EMI without down payment.  

FAQS 

  1. Can a student get EMI on laptop?  

Yes, students can get a loan for a laptop if they fulfill the eligibility criteria.  

  1. What will happen if the EMI on laptop is not paid? 

Missing an EMI on laptop can lead to late fees and a negative impact on your credit score. A series of defaults will result in legal action or possession of  assets.