I want the new Iphone but… I am short of cash!

(In Collaboration with Ezinstallment.com)

Story of my life!

A new model of a laptop, a new refrigerator or a new phone model comes out and almost 60% of our nation has no means of purchasing it. The prices are always sky-high and the incomes have touched rock bottom. Here is where buying on installments comes to the rescue. Installment plans were introduced back in the 1920s but they didn’t gain popularity until the advertising industry promoted the benefits of ‘buying now, paying later’. However, due to financial crisis this mode of payment does seem to have it’s cons too. Here is why I believe the pros outlive the cons:

  1. You get to use the product instantaneously. No waiting. No need to save for months only to find a newer and higher priced version. You try the features and get the benefits as soon as you make the down payment.
  2. You get to plan your budget effectively. Once you know how much you need to give as an installment each month you will be careful not to overspend and will be saving as well. Think of it as a pre-decided sum.
  3. Installments free up money for other expenses. Tying up money with one asset or expense may not be a wise decision when there are other expenses, especially expenses competing for it. Instead budget the expenses in a way that more than one expense is compensated with the installments.
  4. No extra charges. The final figure is pre-decided and does not change as the market fluctuates. This means even if your installment plan stretches over 2 years you still have to pay the original price. Yoo-hoo!
EZInstallment launches it’s website at Marriot Karachi

However, the goods require proper documentation to transfer possession. Otherwise, all is just wasted effort and money. EZInstallments has made this easier than ever in Pakistan. For the past 35 years they have been selling electronic items of all kinds on easy installments with very good reviews offline. At a recent event they launched their online store with brands like TCL, Dawlance, Changhong Ruba, Westpoint, Pel and OPPO on installments ranging from Rs. 1000/- – Rs. 8000/- depending on the price.

See products on EZInstallment.com

The terms & conditions on their store are pretty stringent which makes for a fool-proof business model but may become a hassle for the consumer since it involves a lot of paperwork. However, Ezinstallment has a history of excellent customer service which is depicted by the customized options they have to offer their new and old clients.

Still wondering if installments is a good idea? I think if you are tight on cash and need to buy something before it goes out of style then installment plans are the way to go!

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