5 Ways in Which You Can Reduce Your Consumer Durable Loan EMIs

Consumer durables like air conditioners, laptops, smartphones, bicycles, and refrigerators, are in your possession for a number of years as they do not deteriorate quickly. As they are big-ticket expenses, you may consider financing them through a consumer durable loan. In fact, reports show that in India, consumer durable personal loans grew considerably, by 83% in FY2018.

Nevertheless, since a consumer durable personal loan can increase your monthly expenditure, you may be wondering how to reduce your EMIs and thereby lessen the strain on your finances. Thankfully, there are a number of ways in which you can reduce your EMIs ranging from traditional options like opting for a longer tenure while transacting, to contemporary ones such as signing up for the Bajaj Finserv EMI Reduction Offer. Take a closer look at 5 such tactics that you can implement.

Select The Most Economical Financier

One simple EMI reduction technique is to pick a financial institution that offers the most affordable repayment terms. E-commerce portals usually have a handful of e-financing options that you can choose from once you reach the checkout page. The task here is to compute the monthly cost of your consumer durable personal loan by taking into account charges like processing fees and convenience fees apart from the applicable interest rate.

Bajaj Finserv offers customers No Cost EMI financing plans on products bought through its EMI Network. By shopping for a TV, refrigerator, laptop, home theatre system, washing machine or consumer durable of your choice on No Cost EMI, you ensure that you pay for the item’s purchase price only, not a penny more.

When selecting your financer, consider the tenures offered; A longer tenures translate into smaller loan EMIs.

Avoid Extended Warranty Plans at Checkout

Today, most sellers offer add-on or extended warranty packages with your product when you shop. Many a times, this warranty doesn’t justify the additional cost. So, be sure to analyse the benefits first, and opt out of the warranty plan if need be before you shop online or offline. By trimming down your consumer durable’s purchase price, you can bring down your monthly instalments.

Make a Larger Down Payment When Shopping

If you’ve selected the best consumer durable EMI plan and are wondering how to reduce EMIs further, consider making a larger down payment. When you shop, lenders normally offer financing via a consumer durable personal loan. The extent of the loan amounts to a portion of the item’s purchase price, and the remainder is to be borne by you. So, while you can complete the purchase by paying just 5% as down payment, a 15% or 20% down payment will let you reduce your loan amount, make EMIs more affordable and keep interest expenses to a minimum.

Save Diligently And Make Prepayments

If you are wondering how to reduce EMIs, another interesting approach is to trim your monthly budget and use the surplus to make part-prepayments towards your consumer durable personal loan. Since this sum goes towards your principal, the amount of interest you pay for the remainder of the tenure reduces. However, use this EMI reduction tactic only if your monetary savings outweigh the prepayment fees.

Sign Up For Bajaj Finserv’s EMI Reduction Offer

Finally, you can lessen your monthly instalments by up to 70% each month by signing up for Bajaj Finserv’s EMI Reduction Offer. This privilege is available to consumers who have purchased from the Bajaj Finserv EMI Network. Essentially, it lets you refinance your EMI purchases by converting them into a single consumer durable instant personal loan that is repayable over a longer tenure ranging from 5 to 18 months.

Take a look at the calculations to understand how you can reduce your loan EMI outgo by signing up for the Bajaj EMI Reduction Offer.

Existing Loan Amount

Existing Tenure

Existing EMI


5 months


Loan Amount

New Tenure

Total Fixed Interest

New EMI (inclusive of interest)

Reduction in EMI


10 months




You can avail Bajaj Finserv’s EMI Reduction Offer without completing a lengthy application process or submitting extra documents. In fact, you can sign up online in no time at all.

Now that you know how to reduce your EMIs without breaking into a sweat, opt for one of these 5 suggestions to lower your monthly expenditure instead of postponing consumer durable purchases!

Related posts

Leave a Comment