Dream purchases often trigger the excitement rush in an ordinary person, but when it comes to paying that big amount all at once, this is not as easy as it may seem. So, whether someone longs for that latest smartphone, or there comes that unplanned requirement for electronic equipment at home, there may also be a chance of changing weather and its demand for new appliances, or you may just want to book a dream vacation, EMI helps you manage everything without feeling the burden of paying all at once. This gives you flexibility to pay according to your pocket and has hence made lives easier for many.
What is EMI?
EMI, which we also call an Equated Monthly Installment, lets you pay in fixed monthly amounts instead of having to make a lump sum payment. Now you may be wondering why would some company/shopkeeper let you buy their products in these installments? The thing here is, they actually get the full amount from the bank or financial institution, and you repay the amounts to these third parties in equal monthly installments over an agreed period. So, this is ultimately beneficial for both the seller and the buyer. The seller gets to make sales, and you get to enjoy the product without making a large hole in your pocket all at once.
Why should one choose EMI?
- Affordability: With EMI, you don’t need to compromise on quality or delay your purchase. You can buy what you need today without waiting to have the full payment in hand and then pay later in smaller, stress-free portions.
- Financial Flexibility: You can keep your emergency cash for actual emergencies and make any unplanned purchase through these EMI’s.
- Wide Availability: EMI’s have become so common these days that you can even buy your shoes on EMI. So, any product or service category in which you are struggling to pay a lump sum amount, you can actually explore the widely available EMI options according to your preference.
- Transparency: With fixed monthly installments, you know exactly how much to pay and when. And this eliminates the uncertainty in spending of a fixed salary person.
Roar Bank EMIs vs Other EMIs — which to choose?
Whenever one thinks of opting for an EMI option, there are always the chances of confusion, given so many options from various banks and merchants. So, to help you with the confusion, we have listed here a few key differences to help you decide what works best for your needs:
| Feature | Roar Bank EMI | Other EMIs |
| Interest Rate | Roar Bank EMI offers you a flat 1% interest rate, without any hidden charges, which means you just have to pay 1000 as interest on the payment of 100000. | Rates can be anything but higher than 1% which may sometimes even include hidden processing or service fees. |
| Tenure Flexibility | Having desired flexibility to choose the EMI tenure from 2 to 12 months helps you plan according to your pocket. | Some EMIs only allow certain fixed tenures (3, 6, 9 months etc.) where longer plans are more prone to penalties or extra charges. |
| Ease & Convenience | You can just convert your purchases directly into EMI’s without visiting any branch physically. The entire process is in your hands, where you can access all the benefits through our app only. | Other providers often require multiple steps: verifying bank/card eligibility, waiting for merchant/bank approval, filling forms, or sometimes visiting a branch on a working day. |
| Post-purchase Conversion | Even after completing a payment, you can convert eligible transactions into EMIs instantly through your app. So, no more regrets, just a freedom to buy anything, anytime. | Not all EMI options allow converting a past transaction into an EMI; many insist you choose EMI before the purchase only. |
| Foreclosure / Prepayment | Full early repayment is allowed via the app, only a 2% foreclosure fee will be applied on the remaining principal. | Other EMI schemes vary; some allow partial prepayment, some don’t; foreclosure charges differ, sometimes high; sometimes even the rules are less transparent while getting the EMI’s done. |
EMIs for Purchases Made Simple
Whether you are shopping online or swiping your card at a retail store, Roar Bank’s EMIs for purchases feature makes the checkout process smoother than ever. For example, imagine you have a kid studying at a college, where he needs a laptop for his coursework, and you have recently burnt all your savings on an urgent family medical emergency. Paying the entire amount at once will be very difficult for a middle-class person, but when you get an EMI plan, you can break it into monthly payments of ₹5,000 or ₹6,000, depending on the tenure chosen. This makes the purchase accessible and manageable without putting your finances under pressure.
Final Thoughts: Smart Financing for a Smarter You
Financial management should never hold you back from living the life you deserve. With Roar Bank’s EMI services, you can own the products and experiences you want today while comfortably spreading out your payments.
So the next time you’re planning a big-ticket purchase, don’t let the upfront cost worry you. Explore Roar Bank’s EMIs for purchases and experience the freedom of buying now and paying later in simple, stress-free installments.