Daraz Pakistan leading online market store offering an easy monthly installment service EMI plan now extends to four leading banks of Pakistan to facilitate the customers with happy shopping. Daraz EMI installment plan has joined Bank Alfalah, Silk Bank, Standard Chartered Bank, and Muslim commercial bank MCB credit card, customers.
Daraz Easy monthly installment EMI is a service that allows customers to purchase items through a deferred payment plan using their credit card. For a short time, daraz EMI doesn't have any markup, downpayment, or any hidden cost with installment.
How to use Daraz EMI offer
First thing you need a credit card from daraz associated banks to use the daraz EMI plan. If you want to buy anything from Daraz EMI then visit any of the above banks and apply for a credit card if you don't have one.
To get a credit card, there're a few bank requirements. You must be a salaried person, or if you're a business person, farmer, or private job holder then you've to show the last 6-month bank transactions from your account in any bank. Once the bank is satisfied then you'll get your credit card. Mostly credit cards are activated in 7 days. Credit cards are loans amounts basically that you've to pay back to the bank. Each credit card has a limit according to your salary. For example, if my credit card limit is 1 lakh then I can buy any product less than or equal to worth 1 lakh from the daraz EMI plan.
Now the bank will pay for your product at the daraz shopping mall.
Next step, go to daraz online store and choose the product. For example, I chose Haier fully automatic washing machine cost pkr 60,000. Daraz will ask for a payment plan then. From payment plans choose installment.
Enter your credit card number, full name, and tenure of installments there.
Daraz offers installment in 3, 6, and 12 months to return. Enter the installment amount and check the charges.
After choosing the tenure, the bank will pay full for your product and you'll get daraz product at home through daraz EMI. The amount of pkr 60,000 will be blocked on my credit card. It means I left with 40,000 to use from a credit card.
As the bank has paid your full payment, now you have to pay an installment to the bank. One thing is to remember that if the tenure will be longer then the interest will be more.
For a shorter period, you can save processing and markup fees on installment. For example, my installment for the washing machine is pkr 20,000 for 3 months which can extend to about pkr 6 thousand in 12 month period.
Daraz EMI doesn't have any hidden charges but banks
Charge processing fees when EMI is activated. These fees may vary between pkr 1000 to put 2000 depending on the bank you choose.
Daraz EMI is offered only for products with a minimum value of 10,000.
You can only buy or book one product at a time from the daraz EMI plan even your credit card has a limit left.
Daraz EMI doesn't offer a partial amount that I may pay pkr 30,000 in cash and the rest pkr 30,000 in installments for my dream washing machine is not offered. All amount is paid in daraz EMI through credit card.
Daraz is an online market and logistics company founded by Muneeb Mayer and Farees Shah in 2012. Daraz is now operating in South Asia and Southeast Asia. Then Alibaba .com (a leading online store of world) took Daraz. pk. Daraz has changed traditional buying to digital in Pakistan by offering all types of products at wholesale rates. Now banks that are daraz digital payment partners have encouraged customers to pay through digital platforms.
When the prices of everything are skyrocketing, and it is being difficult to buy branded electronics, mobiles and everyday need things then Daraz EMI has made it easy to buy the necessities in easy installments. Buyers can meet official brands directly and the sellers have found millions of customers through daraz. Daraz has over 5 million products in 110+ categories. Daraz offers products from household to cars and motorbikes. Almost all official electronic and mobile brands collaborate with daraz for online selling. Every month or two daraz offers sale that receives a massive response. Daraz 11 11 in one such example. Don't get frustrated if you miss daraz 11 11, keep on checking the website and daraz app for sale offers. Daraz EMI is another milestone to get your dream products at home with zero markup and zero down payments.
Many people suggest that daraz EMI should also be valid for debit cards along with credit cards. Secondly, daraz should improve the variety of electronics in its online store.
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