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Rentomojo: A New Age Of Owning Has Begun!

09:45Guruji Foodie

Time keeps on changing, and with the evolving trends, we also need to implement and adhere to the changes around. Certain times it becomes very necessary for us to change or implement things in our lifestyle so that we benefit out of it. Bringing in the same logic to owning something, a company named Rentomojo has come up with a strategic plan to help people own furniture, electronic appliances or motorcycle in a smarter way. In this article, I am going to give you a basic idea of this company, an insight and of course my wise thoughts.

About Rentomojo
Rentomojo is an online home appliance, and furniture rental start-up started in the year 2014. Founded by CEO Geetansh Bamania, Rentomojo has created a new category in the Indian market. Ajay Nain, Achal Mittal, and Gautam Adukia are the other three co-founders of this company.

Rent/ EMI: A Debate
It seems like an age-old debate, and the conclusion would always be EMI for the only reason that at the end of the term you don’t need to give it back. EMI, however, feels unsafe because of its terms, conditions and credit score.
However, in rent, the only scare will be that they would take the product back. Your credit score is also not affected at all. It surely depends on person to person. A guy working in a different location might feel happy to rent and a person settled off in a particular city might think otherwise.
For me, I would rather choose to buy a product on EMI than renting it out, but what if I can rent a product, use it for a couple of days and then buy it? Don’t you think it would be smarter? Because once you rent and use, you will know how good or bad the product is, right? Rentomojo has come up with the same plan. Now you can not only rent products at a very cheap rate but can also own it.

Rent-To-Own:
Rent-to-own also was known as rental-purchase, is a type of legally documented transaction under which tangible property, such as furniture, consumer electronics, motor vehicles, home appliances and real property, is leased in exchange for a weekly or monthly payment, with the option to purchase at some point during the agreement.
This model was first started in the United States during the 1950s and 1960s but is currently making a big noise in India. Rentomojo’s rent-to-own agreements are based on a monthly rental term on the goods, and at any time of the engagement, you can buy it giving extra money. This is a smart way of buying because, in EMI, you don’t get free services like from Rentomojo. For example, I rent out a bike and use it for 2 years with all free services then I will buy it giving little more extra money. So I get the bike, the advantage of renting as well as free services. So who is smart?

My Wise Thoughts
Rentomojo is a company helping me to own home appliances, furniture as well as motorcycles smartly, but is it really smart? This question definitely comes to our mind, and it is not wrong. Rentomojo is doing something very smart, but think again, no company in this world does business without profit. Are they making us fool by telling smart way of buying? Definitely not!
Rentomojo is a really a good alternative to owning something for way too many reasons. India is filled with middle-class families, and every paisa makes a difference. Think like this - you don’t have a refrigerator, and you want to but one. You have an option to buy it in one shot, which you cannot, or you can take it on EMI. Something bad happens, and you need 10 more days to pay the monthly EMI, but once the date crosses, you get calls, your credit score goes for a toss, and it is insulting.
Do you need all this to own a small refrigerator? Absolutely not! At Rentomojo, however, you can rent and use the refrigerator, change it anytime you want, get free services and you get 30 days buffer to pay the rent. And one day if you want to own it, buy it from them for 1/4th of the actual cost. I feel, Rentomojo is trying to bring in a good change and I am sure, the rent-to-own category would be a great success.

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