If you’re looking to invest in gold, but don’t have the funds to make a lump sum payment, buying gold on EMI might be the perfect solution for you. This option allows you to pay for your gold in monthly instalments, making it more affordable and accessible. With the rise of online shopping, buying gold on EMI has never been easier, and there are many reputable online retailers that offer this option.
When you buy gold on EMI, you’re essentially taking out a loan to pay for your gold. The loan amount is divided into equal monthly instalments, which you pay over a fixed period of time. The interest rate on these loans can vary depending on the retailer, so it’s important to shop around and compare rates before making a purchase.
Selecting your gold jewellery is an important part of the process when buying gold on EMI. You’ll want to choose something that not only fits your budget, but also aligns with your personal style and preferences. With a vast array of options available online, you’re sure to find something that suits your taste and budget. Whether you’re looking for a piece to wear every day or a special occasion, buying gold on EMI is a great way to invest in your future.
Key Takeaways
- Buying gold on EMI is a great option for those who want to invest in gold but can’t afford to make a lump sum payment.
- When buying gold on EMI, it’s important to compare interest rates and select a piece that fits your budget and personal style.
- With the rise of online shopping, buying gold on EMI has become more accessible than ever before.
Understanding EMI Purchases for Gold
If you’re interested in buying gold, but don’t have the funds to make a lump sum payment, then buying gold on EMI might be a great option for you. Here’s everything you need to know about EMI purchases for gold.
The Basics of EMI
EMI stands for Equated Monthly Installment. It is a payment option that allows you to pay for your gold purchase in monthly installments. The installments include the principal amount and the interest rate charged by the lender. You can pay for your gold purchase using a credit card, debit card, or net banking.
Advantages of Buying Gold on EMI
There are several advantages to buying gold on EMI. First, it allows you to purchase gold without making a lump sum payment. This makes it easier to manage your finances and budget your expenses. Second, you can spread out the payments over a longer period of time, making it more affordable. Third, you can take advantage of promotional offers and discounts that are available when you purchase gold on EMI.
Eligibility and Documentation
To be eligible for an EMI purchase of gold, you must have a credit card, debit card, or net banking facility. You will also need to provide documentation such as proof of identity, address, and income. Additionally, you may be required to pay a processing fee for the EMI option.
In conclusion, buying gold on EMI is a great option for those who want to purchase gold but don’t have the funds to make a lump sum payment. With EMI, you can spread out the payments over a longer period of time and take advantage of promotional offers and discounts. Just make sure you meet the eligibility criteria and have the necessary documentation ready.
Selecting Your Gold Jewellery
When it comes to buying gold jewellery online on EMI, selecting the right piece can be a daunting task. Here are a few things to keep in mind when choosing the perfect piece of jewellery for you.
Choosing the Right Type
Before selecting your gold jewellery, you need to decide what type of jewellery you want to buy. Do you want a gold chain, bangle, or a pendant? Do you want a yellow gold or rose gold design? Once you have determined the type of jewellery you want, you can move on to the next step.
Quality and Purity Check
When buying gold jewellery, it is essential to check the quality and purity of the gold. Look for hallmarked gold jewellery that indicates the quality and purity of the gold. 22k gold is the most common type of gold used in jewellery. Ensure that the jewellery you are buying is hallmarked to ensure its authenticity.
Understanding Gold Rates and Prices
Gold prices are constantly fluctuating, so it is essential to keep an eye on the current gold rate. Weight is another factor that affects the price of gold jewellery. The heavier the jewellery, the higher the price. Design is also a factor that can affect the price of gold jewellery. Intricate designs can increase the price of the jewellery.
When buying gold jewellery on EMI, it is essential to consider all of these factors to ensure that you get the best value for your money. With the right knowledge and information, you can select the perfect piece of gold jewellery that suits your style and budget. So, go ahead and choose the piece that speaks to you and adds a touch of elegance to your wardrobe.
Frequently Asked Questions
How can I purchase gold without a credit card using EMI?
If you do not have a credit card, you can still purchase gold on EMI by opting for a personal loan. Many banks and financial institutions offer personal loans that can be used to buy gold on EMI. You can compare the interest rates and terms of various loan providers before making a decision.
What are the steps to buy gold in monthly instalments?
To buy gold in monthly instalments, you need to first select a jeweller that offers EMI schemes. Next, you need to choose the gold jewellery that you wish to purchase and determine the EMI amount that you can afford. You will then be required to provide your personal details and submit the necessary documents. Once your application is approved, you can begin paying your monthly instalments.
Where can I find nearby options to purchase gold on EMI?
You can find nearby options to purchase gold on EMI by searching online for jewellers that offer EMI schemes. Alternatively, you can visit the websites of banks and financial institutions that provide personal loans for purchasing gold on EMI.
Is it possible to get gold on EMI through Bajaj Finance?
Yes, Bajaj Finance is one of the leading providers of EMI schemes for purchasing gold. You can apply for a Bajaj Finserv EMI Card and use it to purchase gold on EMI from any of their partner jewellers.
Are there any specific jewellers offering gold EMI schemes?
Yes, many jewellers offer EMI schemes for purchasing gold. Some of the popular jewellers that offer such schemes include Tanishq, Kalyan Jewellers, and Malabar Gold and Diamonds.
Can I acquire a gold chain on EMI and what are the prerequisites?
Yes, you can acquire a gold chain on EMI by selecting a jeweller that offers EMI schemes. The prerequisites for purchasing a gold chain on EMI include providing your personal details, submitting the necessary documents, and having a good credit score. You may also be required to make a down payment or pay processing fees.