Installment plan at M.Video

What is the difference between an installment plan and a loan?

An installment plan is the same as a consumer loan, but for a specific purpose, meaning the purchase of goods. For the buyer, the application process is identical—they sign a loan agreement and make monthly payments until the debt is fully paid off.

The main difference between an installment plan and a loan for the buyer is the lack of overpayment. A loan agreement also includes interest for using the borrowed funds, while the benefit for the buyer is achieved through a substantial discount from the store—precisely equal to the amount of accumulated interest.

We recommend paying off the loan ahead of schedule—this makes your purchase even more profitable. 

Installment terms at M.Video

The duration of an installment plan at M.Video depends on the active promotions at the time of purchase. Thus, the store may offer financing for 3, 6, 9, 12, 18, or 24 months. It is much less common to get an installment plan for 3 years. Moreover, promotions usually do not apply to all goods, but only to popular appliances: smartphones, laptops, household appliances, and so on.

As we already mentioned, the duration of the installment plan and the goods it applies to depend on current promotions. At the time of writing this article, you could get a “0-0-24” loan for everything at M.Video. It was provided by Renaissance Credit on the following terms:

• loan amount: from 5,000 to 500,000 RUB;
• loan term: from 12 to 24 months;
• interest rate: from 12.59% to 19.91% per annum;
• down payment: none.

In general, you can get an installment plan or loan at M.Video from the following financial institutions:

• Renaissance Credit;

• Alfa-Bank;

• Home Credit Express;

• Russian Standard;

• Pochta Bank;

• Mokka;

• MTS Bank;

• Tinkoff Bank;

• Kupi ne kopi;

• OTP Bank;

• Kviku;

• Sovcombank.

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How to apply for an installment plan at M.Video?

 

You can arrange an installment plan at M.Video in two ways: directly in 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 arrange an installment plan directly at an M.Video store, you need to select a product with a price tag showing promotional information: “0-0-3”, “0-0-6”, “0-0-12”, and so on. Then, with the help of a bank representative, you need to submit a loan application. If the application is approved, you must sign the loan agreement and complete the purchase at the store checkout.

Applying for an installment plan on the website

To arrange an installment plan on the M.Video website, you need to:

• go to the official M.Video website at link;
• go to the “All Promotions” section;
• find the installment offer;
• select the desired product eligible for the promotion;
• go to the cart;
• click the “Installment or Loan” button;
• log into the website using your phone number or click the “Skip” button;
• click the "Apply" button;
• select the installment option in the opened form;
• click the “Next” button;
• select the delivery method;
• select a store;
• click the “Choose accessories” button;
• select accessories;
• click the “Next” button;
• enter your last and first name, phone number, and email address;
• click the “Next” button;
• indicate passport details;
• click the “Submit” button.

Borrower requirements and necessary documents

Borrower requirements depend on the financial institution providing the installment plan. Banks usually require the following from clients:

• hold citizenship of the Russian Federation;
• having permanent or temporary registration within Russia;
• age from 18 to 70 years old;
• having a work record at the current job of at least three to four months, and a total work experience of at least one year;
• having a regular source of income;
• having a good credit history;
• no overdue debt on current loans.

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

Advantages and disadvantages of installment plans

 

Let's start with the advantages:

1. No interest. While the overpayment on consumer loans can reach 40% per annum, there is none at all with an installment plan. Therefore, this option for purchasing goods allows you to save on monthly payments.
2. Simple and fast processing. Banks make decisions on installment approval or rejection almost instantly. In case of a positive response, a bank representative helps sign the credit agreement.
3. High probability of application approval. Customers usually get approved for goods installments; banks refuse borrowers only in extreme cases—with a very poor credit history.
4. Possibility of getting installments without income confirmation. Banks usually do not require additional documents for a purchase loan—a passport of a citizen of the Russian Federation and a second document of choice are sufficient.

Now let's move on to the disadvantages:

1. High cost of goods. Stores usually factor interest into the price of goods, which is the amount they offer as a discount to the buyer.
2. Short loan term—stores usually provide installments for several months, from 3 to 12. Offers to purchase goods on credit without overpayment for 2 years are less common.
3. Need to make a down payment. The terms of such promotions usually require a down payment ranging from 10% to 50% of the total purchase price.

To sum up. Installments are a great option to purchase goods without overpayment when the buyer does not have enough funds to pay for the purchase at once. However, keep in mind that interest-free credit usually does not apply to unpopular goods—as a rule, you can only buy household appliances, phones, tablets, laptops, and so on this way.