Installment plan at DNS

What is the difference between installment plans and loans?

An installment plan is a method of paying for purchases similar to a targeted loan, meaning in installments over a specific period. It differs from a standard consumer loan by the absence of interest for the borrower. To be precise, there is an overpayment, and the credit agreement shows the total cost of credit along with accrued interest. In this case, the benefit for the buyer is achieved through a discount provided by the store when arranging the installment plan. Its amount equals the interest accrued on the loan.

We recommend paying off installment plans early. This allows you to save even more on credit purchases by reducing the contract overpayment.

Terms of the installment plan at DNS

The duration of an installment plan at DNS depends on the promotions active in the store at the time of purchase. For example, the retailer periodically offers goods on credit with no overpayment for 3, 6, 9, 12, 18, or 24 months.

Moreover, not all goods can be purchased on an installment plan, only those covered by the promotion. As a rule, these include large household appliances, laptops, tablets, mobile phones, and so on.

For example, at the time of writing this article, DNS offered an installment plan for smartphones Honor X6 and X7, ecosystem products, coffee makers, GIGABYTE laptops, Huawei monitors, and more.

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How to apply for an installment plan at DNS?

You can apply for an installment plan at DNS either in-store or on the retailer's official website. In the first case, simply visit a store, select the desired item eligible for the promo terms (you can clarify this with DNS consultants), submit a credit application with the help of a bank representative, sign the contract upon approval, and complete the purchase at the checkout.

To apply online, you need to:

1. Add the desired promo-eligible item to the cart and place an order, selecting the "On Credit" payment method and a suitable bank at the final stage.
2. After order confirmation, fill out the credit application.
3. Upon approval, sign the credit agreement. You can do this directly in the store, through partners, via courier, or via SMS.

Which banks provide installment plans at DNS?

At the time of writing this article, installment plans and loans at DNS were provided by the following banks and financial institutions:

• Home Credit Bank;
• OTP Bank;
• Tinkoff Bank;
• Renaissance Credit;
• Pochta Bank;
• Kupi ne kopi;
• MTS Bank.

Borrower requirements and necessary documents

Borrower requirements depend on the lending organization. Banks typically require clients to meet the following:

• hold citizenship of the Russian Federation;
• having permanent or temporary registration within Russia;
• age from 18 to 75 years;
• minimum employment history of three months at the current job;
• having a regular source of income;
• having a good credit history;
• no overdue debt on current loans.

As for the required documents, they are kept to a minimum. Banks usually only require a passport of a citizen of the Russian Federation and a second document of your choice. This can be: a driver's license, international passport, compulsory medical insurance policy, INN, SNILS, and so on.

Advantages and disadvantages of installment plans

The advantages of installment plans are obvious. As are their disadvantages. For convenience, we have presented this information in a table.

 

 

Advantages of installment plans	Disadvantages of installment plans
The opportunity to purchase goods without having the full amount ready for a single payment	High cost of the product, into which the store builds the installment interest
The ability to pay for goods in small, equal payments over several months	Short loan repayment term — as a rule, installment plans can be arranged for no more than 12 or 24 months
No overpayment under the loan agreement	Requirement for a down payment — although not always present, it does occur
High probability of application approval	Large fines and interest for overdue payments
Opportunity to apply with just one document	Opportunity to arrange an installment plan for specific goods only

 

Let's summarize. An installment plan is a great opportunity to purchase goods without having the required amount on hand. However, keep in mind that this type of credit does not apply to all goods, but only to popular and, as a rule, expensive ones. You should also pay attention to heavy penalties and high interest rates in case of payment delays.