In the past, buying a mobile phone meant shelling out a large sum of money upfront. However, with the rise of EMI options, purchasing a mobile phone has become more affordable and accessible to the masses. What’s even better is that you can buy a mobile on EMI without a credit card.
EMI or Equated Monthly Installment is a repayment option where a buyer can pay for their product in small monthly installments. In the case of purchasing a mobile phone, you can choose how many months you want to pay for and how much you can afford each month to get a mobile on emi without credit card. In this way, expensive mobile phones can be owned by many who cannot afford to pay large amounts of money upfront.
Here’s how you can buy a mobile on EMI without a credit card:
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Choose an EMI Partner:
The EMI partner is the financial institution that provides the EMI facility for the purchase of your mobile phone. While credit card companies are often the primary EMI partner for many of the merchants, there are independent EMI providers that offer EMI options without requiring a credit card. Some common EMI providers in India include Bajaj Finserv, ZestMoney, and Simpl. These institutions offer instant loans for your mobile phone purchase, which means you won’t have to wait for a long time to get your phone.
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Select the Mobile Phone:
Once you have an EMI partner in mind, you can select the mobile phone you want to purchase. Most e-commerce websites offer EMI options, so choose the one you like based on specifications, price and the EMI option provided.
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Check EMI Options:
After adding the mobile phone to your cart, you can check the EMI options provided by the EMI partner. You will need to enter your personal details like name, address, income details, and PAN card information. Based on that, the EMI partner will provide you with the EMI options available to you or you can use BNPL options also. Some institutions require verification and documentation to process the loan, though this process has become much simpler and quicker than before.
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Finalize the EMI Plan:
You can now select the EMI plan that suits you best. The EMI partner will provide you with an estimate of how much you will have to pay each month and the duration of the repayment period. You can also select the tenure for repayment that works best for you. These EMI plans are typically designed to be flexible, giving buyers the freedom to repay the cost of their phone over a period that’s tailored to their financial situation. Once an EMI is selected, you’ll be required to fill out the necessary documentation before the loan can be approved.
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Make the Down Payment:
After finalizing the EMI plan, you will have to make a down payment. The down payment is typically 10-30% of the total value of the mobile phone. It will be deducted from the total amount, and the balance will be paid in equated monthly installments over the duration of the plan. It is important to note that even if you’re using an EMI provider that doesn’t require a credit card, you will still need to have a bank account.
These are the five simple steps to purchase a mobile phone on EMI without a credit card. With EMI, buying a mobile phone has become affordable and accessible to a wider audience. Buyers can also choose the repayment plan that suits their financial situation, thus making it easier for them to pay off their purchase.
However, there are some things to keep in mind when buying a mobile phone on EMI. It’s important to read the terms and conditions of the EMI plan thoroughly, as well as understand the interest rate that the EMI provider is charging. You will also want to avoid missing any EMI payments, as banks and EMI providers typically charge a penalty fee in such cases—this can sometimes be a percentage of your monthly EMI payments, which all adds up over time.
Additionally, keep in mind that just because you’re purchasing a mobile phone on EMI doesn’t necessarily mean that you can afford it. Ideally, your monthly EMI payments should not consume more than 50% of your monthly income. Remember that you will still need money to cover other bills and necessities.
Now that you know how to buy a mobile phone on EMI without a credit card, you can enjoy the convenience of owning a top-of-the-line mobile phone. The flexibility of EMI plans, especially without a credit card, means that owning the mobile phone of your dreams is no longer something reserved for the privileged few, but something that is accessible to everyone.
