Can Jewellery Be Bought on EMI
Yes, jewellery can be bought on EMI (Equated Monthly Instalments), which allows you to spread the cost of your purchase over a set period rather than paying the full amount upfront. Many jewellers, both online and offline, offer EMI options, making it easier for customers to buy expensive items like gold, diamonds, or precious stones without straining their finances. With EMI, the total price is divided into smaller monthly payments, and depending on the jeweller or financial provider, you can choose from low-interest or even no-cost EMI plans. This option is particularly useful for those looking to make significant purchases for special occasions, such as weddings, festivals, or gifting, while managing their budget more efficiently. All you need to do is check the jeweller’s eligibility criteria, select an appropriate EMI plan, and ensure the repayment terms suit your financial situation.
Introduction
Thinking of purchasing that beautiful diamond ring or a stunning gold necklace but don’t want to drain your bank account all at once? The good news is that jewellery can indeed be bought on EMI (Equated Monthly Instalments). In this guide, we’ll walk you through everything you need to know about purchasing jewellery on EMI—whether it’s for a special occasion or just a luxury treat.
What Is EMI and How Does It Work?
What is EMI?
EMI stands for Equated Monthly Instalment, a convenient payment plan that lets you spread the cost of a product over several months, instead of paying the full amount upfront.
How Does EMI Work for Purchases?
When you buy something on EMI, the total cost of the item is divided into smaller, manageable payments that you pay monthly over a predetermined period. The duration of the EMI plan can range from 3 to 24 months, depending on the terms offered.
Benefits of Buying Jewellery on EMI
Spread the Cost Over Time
One of the biggest advantages of buying jewellery on EMI is that it allows you to spread out the cost over time, making luxury purchases more affordable.
Low-Interest or Zero-Interest Options
Many jewellers offer zero-interest EMI, meaning you can pay in instalments without any additional charges. Some plans, however, may come with a low-interest rate, so it’s important to compare options.
Flexible Repayment Terms
Jewellery EMI plans often come with flexible repayment terms, allowing you to choose a repayment period that suits your financial situation.
Why Buying Jewellery on EMI Makes Sense
The Rising Cost of Gold and Diamonds
With the price of gold and diamonds consistently rising, paying for jewellery in small instalments makes it easier to afford high-quality items without overwhelming your finances.
Festive Seasons and Special Occasions
Many people buy jewellery during festive seasons like Diwali or weddings. EMI allows you to splurge on special pieces without worrying about the immediate financial impact.
Gifting Luxury Without the Upfront Burden
Planning to gift jewellery to a loved one? EMI enables you to make that special purchase without paying the full amount right away, making luxury gifting more accessible.
How to Buy Jewellery on EMI: Step-by-Step Guide
Step 1: Choose a Trusted Jeweller Offering EMI Options
Not all jewellers provide EMI options, so start by researching or visiting reputable jewellers that offer this payment method.
Step 2: Select Your Jewellery and EMI Plan
Once you’ve selected your jewellery, review the EMI plans available. Check the interest rate, if any, and the duration of repayment.
Step 3: Check Eligibility for EMI
Ensure you meet the eligibility criteria, which usually includes having a valid credit card or a relationship with a bank that offers EMI services.
Step 4: Choose Your Repayment Tenure
Most EMI plans offer repayment tenures ranging from 3 to 24 months. Select the one that fits your budget comfortably.
Step 5: Provide Necessary Documents
Be prepared to provide identification, income proof, and bank or credit card details to process the EMI application.
Step 6: Finalize the Purchase
Once your EMI plan is approved, your jewellery purchase is complete. You can now enjoy your jewellery while paying for it in small instalments.
Types of EMI Options Available for Jewellery Purchases
Credit Card EMI
Many jewellers partner with banks to offer credit card EMI, which allows you to convert your purchase into instalments.
Bank Loan EMI
Some banks provide personal loans specifically for high-value purchases like jewellery, which can be repaid in EMI.
No-Cost EMI Schemes
No-cost EMI means you don’t pay any interest on your EMI. The cost of the interest is either absorbed by the jeweller or spread out in the product’s price.
Eligibility Criteria for Buying Jewellery on EMI
Minimum Income and Credit Score
To qualify for EMI, you often need a stable income and a good credit score. These factors influence the approval process and the terms of your EMI.
Documentation Requirements
Common documents include ID proof, address proof, and income-related documents, depending on whether you’re using a credit card or a bank loan.
Pre-Approved Offers
Some customers may receive pre-approved EMI offers from their banks, which can speed up the approval process.
Top Jewellers Offering EMI on Jewellery
National Brands Offering EMI
Brands like Tanishq, Kalyan Jewellers, and Malabar Gold offer EMI options for jewellery purchases.
Online Jewellery Platforms with EMI
Online platforms such as CaratLane and BlueStone also provide EMI plans for customers shopping online.
Local Jewellers and Their EMI Plans
Many local jewellers offer EMI schemes as well, often partnering with banks or financial institutions.
Important Things to Keep in Mind When Buying Jewellery on EMI
Interest Rates and Hidden Charges
Some EMI plans come with hidden charges, such as processing fees or high-interest rates, so be sure to read the fine print before agreeing to the plan.
Read the Terms and Conditions Carefully
Always read the terms and conditions of the EMI plan to avoid surprises, such as penalties for late payments or early foreclosure fees.
Plan Your Finances Ahead
Before opting for EMI, make sure you’ve planned your budget to cover the monthly instalments without affecting other financial commitments.
How to Calculate EMI for Jewellery Purchases
EMI Calculators Available Online
Many online EMI calculators can help you estimate your monthly payments based on the jewellery’s cost, interest rate, and tenure.
Examples of EMI Calculations for Different Jewellery Items
For example, if you purchase a gold necklace for ₹50,000 with a 12-month tenure at 0% interest, your EMI would be ₹4,167 per month.
Is Buying Jewellery on EMI Safe?
Secured Transactions and Reliable Providers
When purchasing from reputable jewellers, EMI transactions are secure and follow all necessary legal and financial guidelines.
Buyer Protection and Refund Policies
Most jewellers offer buyer protection and allow returns on EMI purchases, but it’s important to clarify the return policy in advance.
Common Myths About Buying Jewellery on EMI
“Only Expensive Jewellery Is Available on EMI”
This is a myth. Many jewellers offer EMI for mid-range items, not just high-end pieces.
“EMI Leads to More Debt”
If managed wisely, EMI is a convenient way to make purchases without incurring excessive debt.
“You Can’t Return EMI Purchases”
Most jewellers accept returns on EMI purchases, although some conditions may apply.
Tips to Get the Best Deal on Jewellery EMI
Compare EMI Plans Before Purchase
Always compare EMI plans across different jewellers to get the best deal.
Look for Promotional Offers and Discounts
Festive seasons and sales events often come with promotional EMI offers, so keep an eye out for those.
Ensure Zero-Cost EMI Options
Zero-cost EMI is a great way to pay in instalments without any additional charges, so prioritize these offers if available.
FAQs
What Happens if I Miss an EMI Payment?
Missed payments may result in late fees or penalties, and could also affect your credit score.
Can I Buy Diamond Jewellery on EMI?
Yes, many jewellers offer EMI for diamond jewellery.
Is Interest-Free EMI Really Free?
In most cases, zero-interest EMI is genuinely free, but always read the fine print for any hidden fees.
Can I Pay Off My EMI Early?
Some plans allow early repayment, but check for any foreclosure charges.
Can I Return Jewellery Bought on EMI?
Most jewellers allow returns for EMI purchases, but check the return policy beforehand.
Conclusion
Buying jewellery on EMI is a smart way to manage your finances while still enjoying the luxury of fine jewellery. With a variety of EMI options available, you can find a plan that fits your budget and lifestyle. Just be sure to do your research, compare offers, and read the fine print to ensure you’re getting the best deal possible. Happy shopping!
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