Installment plan at Eldorado

What is the difference between installment plans and loans?

Essentially, an installment plan is the same thing as a loan. The buyer also receives the goods in hand and pays for them in parts—usually in equal amounts over a stipulated period.

However, while in the case of a loan there are only two parties to the transaction—the bank and the borrower, in the case of an installment plan a third participant appears—the store. It acts as an intermediary.

The key factor distinguishing an installment plan from a loan is the absence of overpayment for the borrower. In this case, the bank does not lose its profit—the store itself pays the interest for the client.

As a result, all parties to the transaction benefit greatly. The buyer purchases the necessary product immediately and pays for it in parts without overpayment. The bank receives its profit for using borrowed funds. The store increases sales by attracting customers with installments.

Let's summarize. An installment plan differs from a regular loan in the following nuances:

• the number of parties to the transaction—in the case of a consumer loan there are two, and in the case of an installment plan there are three;
• the object of lending—in the case of a loan it can be anything from paying for education to buying a car, while in the case of an installment plan it is always a good or a service;
• repayment terms—in the case of a loan, accrued interest is added to the principal, while in the case of an installment plan, the borrower only needs to pay the actual cost of the product.

Terms of installment plans at Eldorado

Depending on the current promotion, the borrower can arrange an installment plan for a period of 6 to 36 months. Moreover, as a rule, the offer is valid not for all goods—only for those that fall under the terms of the offer. Usually these are mobile phones, tablets, or expensive household appliances.

The loan terms were as follows:

• lending amount—from 1.5 to 300 thousand RUB;
• lending term—from 6 to 36 months;
• down payment—not required.

In general, installment plans and loans at Eldorado are provided by the following banks and microfinance organizations:

• Renaissance Credit;
• Alfa-Bank;
• Russian Standard;
• Pochta Bank;
• Credit Europe Bank;
• MTS Bank;
• Direct Pay;
• T-Bank;
• Kupi ne kopi;
• Mokka;
• Bystrodengi;
• OTP Bank;
• Kviku;
• Sovcombank.

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How to arrange an installment plan at Eldorado?

You can apply for an installment plan at Eldorado in two ways: directly at the store or on the seller's official website. Let's look at both options in a bit more detail.

Applying for an installment plan in-store

To apply for an installment plan directly at the store, you need to choose a product with a price tag indicating terms like “0-0-6”, “0-0-12”, “0-0-24”, and so on. Next, with the assistance of a store employee, you need to submit a loan application. If the application is approved, you must sign the loan agreement and complete the purchase.

Applying for an installment plan on the website

To apply for an installment plan on the Eldorado website, you need to:

• go to the official Eldorado website via link;
• go to the “All Promotions” section;
• find the installment offer;
• select the desired product eligible for the promotion;
• go to the cart;
• fill out the “Discounts and Bonuses” section, choose the product pickup method, and select “Apply for an installment plan” as the payment method;
• click the "Continue" button;
• enter your phone number and the SMS confirmation code, last name, first name, email address, and delivery or pickup details;
• click the "Continue" button;
• verify the order information;
• click the “Fill out loan application” button.

Borrower requirements and necessary documents

Borrower requirements depend on the bank providing the installment plan. As a rule, they are as follows:

• hold citizenship of the Russian Federation;
• having permanent or temporary registration within Russia;
• age 18 and older;
• having a work record at the current job of at least three months, and a total work record of at least one year;
• having a regular source of income;
• good credit history.

As for documents, the minimum package includes a passport of a citizen of the Russian Federation and a second document of choice: a driver's license, international passport, SNILS, INN, and so on. At the same time, the bank reserves the right to request additional documents to confirm income and employment.

Advantages and disadvantages of installment plans

Let's start with the main advantage: no overpayment. The interest rate on consumer loans can reach 40% per annum, so an installment plan is a great way to reduce monthly payments.

The second advantage is the simplicity and speed of processing. Banks make decisions on providing installment plans almost instantly. Moreover, loan approval is most common—typically, only people with the worst credit history face rejection.

The third advantage is the possibility of making a purchase on credit without income confirmation, using only two identity documents.

Significant disadvantages include the need to make a down payment. Sometimes it is not required, but as a rule, banks require some amount to be paid upfront. Most often, its size ranges from 30% to 50% of the purchase price.

The second disadvantage is the short loan term. Usually, you can arrange an installment plan for a period of up to 6, 9, or 12 months. Two years for such a loan is more of an exception than the rule. Therefore, in the case of an expensive purchase, monthly payments will be very noticeable.

The third disadvantage is the high cost of purchases. As a rule, stores build the interest they must pay to banks into the price of the product, thus reducing their own costs for paying bank fees.

To sum up. An installment plan at Eldorado is a good way to buy a product on credit while saving on interest payments. But please note that you can buy far from all equipment this way—only items that fall under the promotional offer.