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“How I wish I there was a genie who could furnish my home with a TV, washing machine, sofa etc., before my mother-in-law visits next month!

So said my colleague Ravi, who recently got married. It reminded me how after our wedding, we had to set up our house from scratch. We started with almost nothing, took things from our bachelor pads in a rickshaw, and moved it to a new house. (Now it would take a couple of trucks!).

So, you are now married, on your way to setting up your first home together. It’s only in books and movies that couples live happily ever after. Come to think of it, that’s probably the reason why all movies end with the protagonists getting married.

Marriage is not the end of the journey. Like everything in life that is special, it requires commitment, hard work, and sacrifice.

Unless you are going to stay with your parents, setting up your own home is one of the major tasks you need to do as a couple soon after getting married. It is an exciting task but it is also hard work. And there are decisions to take: do you buy modern gadgets for the kitchen or do you furnish the living room first? As for electronic devices, is it better to buy from a physical store or online?

While all couples will have their own way of setting up their first home together, there are a few things that should be kept in mind. When it comes to finances, some couples pool their money, others prefer to keep their finances separate, and yet others find a middle ground. See what works best for you.

Loans from banks and financial institutions are easily available these days, for a wide range of electronics and furniture online or across leading merchant outlets like Croma, Reliance Digital etc. Before you apply for a loan, you need to fully understand what you are getting into.

Factors to consider before taking a loan

Loans are easily available today, but when you take one, you have to pay back the amount you borrowed plus the interest. Remember, availing of a loan and not repaying it on time can affect your credit score. In fact, banks and financial institutions check your credit score before disbursing a loan. The credit score ranges between 600 and 900, and anything above 720 is considered good.

Before taking a loan you need to ask the following questions:

  • What is the process of getting the loan, and what documentation is required?
  • Are there any pre-approved offers, where an amount is readily sanctioned that you can use as per your convenience?
  • Down payment may be required; can you afford to pay this initial amount from your pocket?
  • Can you cancel or prepay the loan without paying a penalty?
  • What is the process of repaying the loan? Will the bank send reminders regarding monthly due dates, or is there an autopay option?
  • What is tenure? (This is the duration for which you take the loan.)
  • What is the applicable rate of interest?
  • What would be the EMI or equated monthly instalment? (This is a fixed payment made by a borrower to a lender at a specified date each calendar month.)

Be sure that you can pay the EMI comfortably.

Understanding No Cost EMI

You might come across the term ‘No Cost EMI’. This means the purchase price is divided by the length of the tenure to calculate your EMIs. You don’t have to pay additional charges. Say you buy a TV on No Cost EMI. Assume the price of the TV is Rs 1 lakh and you agree to repay the loan in 12 months. So, your EMIs will work out to Rs 1,00,000/12 = Rs 8333.33 per month.

So, you pay the original price of the TV in monthly EMIs at No Cost EMI.

Moreover, you can also choose a convenient tenure of 3, 6, 9 or 12 months to repay your instalments. Click here <https://www.kotak.com/en/personal-banking/loans/smart-emi/offers.html> to check the exciting deals on the best-in-class brands on availing Kotak Smart EMI.

Loan offers from Kotak Bank

Let’s consider an example of availing a loan from Kotak Bank. You can consider the following types of loans to buy furniture and gadgets for the home.

Debit Card EMI: Choose the EMI option while using your Kotak Debit Card at the partner store or while shopping on your favourite shopping website. SMS DCEMI<space><Last 4 digits of Kotak Debit Card Number> to 5676788 to know your pre-approved limit.

Kotak Smart Card EMI: Smart EMI Card lets you purchase everything on EMI. Click here to know more.

Instant in-store EMI: Even if you are not a Kotak Bank customer, you can avail Smart EMI. Walk-in to the nearest partner store <https://kapps.kotak.com/store_locator/index.php> and ask for the store representative.

You can buy practically anything you want on EMI using Instant in-store EMI, Debit Card EMI or Smart EMI Card while making your purchases from 14,000+ partner stores & 200+ shopping websites.

What’s more, there are tons of exciting deals and offers you can find with Smart EMI today. Click here

How I wish such options were available in the early 2000s. We slowly got these things after saving for months or when we got a bonus. And Ravi did buy many things on EMI with Kotak Smart EMI.

Disclaimer: This article is for information purpose only. The views expressed in this article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this article is sourced from empanelled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees, and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.

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