How Can We Buy Gold Jewellery Online on EMI in India?
Last Updated : May 23, 2020, 1:25 p.m.
We are living in an age where everything is available online. Anything you want can be bought from your mobile or laptop having an internet connection. And this list of anything includes Gold Jewellery also. Finding hard to believe it? Well, you certainly can buy gold jewelry online in a hassle-free manner. There are so many platforms available online from where you can buy gold jewellery without any problem. Some of them are Tanishq, PC Jewellers, Kalyan Jewelers, Blue Stone, Malabar Jewellers, etc.
But what if you don’t have enough funds to buy the jewellery that you like to buy? Well, you don’t need to worry as you can buy any gold jewellery that you like online, on Equated Monthly Installments (EMI). This way, you can pay a fixed sum of money every month over a fixed tenure. So, if you are looking to buy jewellery online but are short of funds, you can read this post and know several methods by which you can buy the jewellery on EMI in India. With these methods, you don’t have to pay the full amount in one go, and instead you can choose to pay the amount in monthly installments. So, without any further delay, keep reading to know more!
What are the Methods to Buy Gold Jewellery Online on EMI in India?
Buying Gold Jewellery online has become easy and popular among individuals because of several online platforms. We are providing some of the methods with which you can buy gold jewellery with EMI in India. There are mainly two methods by which you can buy the gold ornaments – Personal Loan and Credit Card.
Personal Loan
If you want to buy gold jewellery online in India but do not have enough funds for it, a personal loan can come to your rescue. You can opt for a personal loan at an affordable rate of interest from any of the banks or financial institutions for a maximum tenure of 5 years. You can choose the tenure according to your convenience and repayment capacity. The interest rates on the personal loan usually range from 9% to 20% per annum. They may vary from one lender to another and also depends on your age, employment type, job history, monthly income and CIBIL score . The repayment amount will depend on your rate of interest and you can pay the loan amount via EMI. Let’s understand how you can buy gold jewellery online via a Personal Loan.
Apply Personal Loan @ 10.75%* Rate
Suppose the jewellery you want to buy costs around INR 3 lakh. So, the loan amount you require is INR 3 lakh. For this, you will need to take a personal loan. Choose the lender that provides the loan amount at low-interest rates. If you will be eligible, then after all the procedure, the loan amount will be disbursed into your account and with the amount, you can buy the Gold Jewellery online on EMI. Let’s say you get the loan amount of INR 3 lakh at an interest rate of 12% per annum for 4 years. All the calculations are given in the below table. Do check them!
| Loan Aspects | Details |
|---|---|
| Required Loan Amount | INR 3 lakh |
| Rate of Interest | 12% per annum |
| Tenure | 48 months (4 years) |
| EMI amount | INR 7,900 |
| Interest Outgo on your Loan Amount | INR 79,207 |
| Total Amount Payable | INR 3,79,207 |
So, you can see that for buying gold jewellery online of INR 3 lakh, you will be paying an EMI amount of INR 7,900 every month. This is just an example and the EMI amount may change according to the details. You must remember that missing your repayment can affect your CIBIL score negatively, so choose the loan amount according to your repayment capacity and monthly income so that you can pay on time.
Credit Card
In the pursuit of buying gold jewellery online on EMI in India, a credit card also can be one of the suitable options for you if you don’t have hard cash with you. As you know that with the help of a credit card, you can buy anything you want within your credit limit and then pay that amount in easy installments over a fixed tenure. To avail of this facility, you will need to pay a certain interest on the amount that you have used with your credit card. The interest rate will be around 13%-18% a year as opposed to 30%-40% when revolving the credit without EMI.
To buy the gold jewellery online on EMI in India via a credit card, you just need to swipe it at an outlet where you want to purchase the precious items. You must check the credit limit of your credit card before buying the jewellery online. For example, if the credit limit of your card is INR 1 lakh, you can only buy jewellery worth of INR 1 lakh. After paying the full amount with your credit card, you can convert this transaction into easy monthly installments for a fixed tenure of 6, 9, 12 months, or more. You can choose the tenure according to your convenience.
Your EMI will consist of a part of the principal amount and the interest amount. The interest rates tend to change from one bank to another. You will also need to pay a one-time processing fee for availing this facility of turning your big transactions into easy EMIs.