Buying electronics on EMI can make your dream gadgets more affordable, letting you take home the latest TV, smartphone, or appliance without paying the full price upfront. But many buyers forget to look beyond the advertised “easy emi” offers, only to end up paying much more than expected. If you’re planning to buy a tv on emi or any other electronic item on installments, knowing the hidden charges helps you make an informed decision and avoid financial surprises.
Processing and Documentation Fees
One of the most common hidden charges in easy emi deals is the processing fee. Many lenders or retailers charge a flat amount or a small percentage of the product’s price to process your EMI application. This fee is often not included in promotional ads, so make sure you ask about it beforehand. Documentation charges for verifying your KYC or income proof can also add up.
Interest on Standard EMI Plans
While some sellers offer true no-cost EMI, others only claim it in advertisements. In many cases, standard EMI plans add interest to the product price, inflating the total repayment amount over the tenure. Always check the final amount payable and compare it with the actual price of the product. When buying a tv on emi, even a small monthly interest can add thousands to your total cost.
Advance EMIs and Down Payments
Some easy emi schemes require you to pay one or two EMIs upfront, which increases your initial outlay. In addition, down payments of 10–20% may be mandatory, especially for high-value items like a large-screen tv on emi. These costs are often hidden in the fine print, so clarify them before closing the deal.
Late Payment Penalties
Missing even one EMI can lead to hefty late payment fees, which can be as high as ₹500–₹1,000 per missed installment. On top of that, lenders may charge penal interest on overdue amounts, and frequent delays can harm your credit score. It’s essential to understand the exact penalties associated with your easy emi plan.
GST on Interest and Charges
While product prices often include GST, the interest amount and processing fees on EMI plans attract additional GST, increasing your total cost further. Many buyers overlook this component, but it can significantly affect your repayment amount, especially for long-tenure plans like tv on emi.
Pre-Closure or Foreclosure Charges
If you decide to pay off your EMI plan early to save on interest, some lenders impose pre-closure charges, usually 2–5% of the outstanding amount. While it might still save money compared to paying all remaining EMIs with interest, knowing this fee beforehand helps you plan your finances better.
Insurance and Add-On Products
Retailers often bundle insurance, extended warranties, or accessories with easy emi plans. While these add-ons can be useful, they sometimes come at inflated prices or may even be included by default. Always verify whether such add-ons are optional or mandatory when finalizing your tv on emi purchase.
BNPL and Digital EMI Plans
Buy Now, Pay Later (BNPL) apps and digital lending platforms make it easy to get easy emi offers instantly, but they also have hidden costs. If you miss payments, BNPL services charge steep penalties, and some may charge convenience fees even if you pay on time. Always read their terms carefully.
Conclusion
Choosing easy emi plans can make big purchases like a tv on emi more manageable, but ignoring hidden charges can turn an affordable deal into a costly mistake. Before signing up, compare multiple lenders, read the fine print on fees, and ask your retailer for a detailed breakup of all charges. By planning ahead and understanding every component of your EMI plan, you can enjoy your new electronics with confidence, knowing you’re not paying more than you bargained for.
