How to Buy Mobile on EMI: Complete Guide About EMI Purchases
There are a lot of individuals in modern society who desire to get the latest smartphone, such as an iPhone or an expensive Android phone. However, their cost is so high that it may be difficult to afford them. Luckily, more individuals are currently utilizing the alternative of purchasing a phone via EMI without having a credit card. This allows them to afford it through small, manageable payments in monthly installments.
This article discusses the way of purchasing a phone on EMI without the use of a credit card. It discusses who is able to do it, the advantages, and the potential issues, which will also guide you about other related purchases, like how to purchase a laptop in EMI or how to purchase a bike in EMI.
What Are EMI Purchases?
Equated Monthly installment, abbreviated as EMI, is a method of payment of an item in smaller, constant monthly payments within a specified time. It is easier to get high-value items such as cellphones, laptops, and even gold without necessarily paying the money initially.
EMI plans differ from regular loans in that they are usually made to purchase certain products, such as buying an iPhone on EMI or buying gold on EMI. These are available in stores, online stores, or banks. It should be mentioned that most of the alternatives now allow individuals to receive EMI without a credit card. It becomes simpler to purchase expensive items for people who don’t have credit cards.
How to Buy Mobile on EMI
The fact that a mobile phone can be purchased on EMI without the use of a credit card is easy to purchase since most of the stores, online shopping platforms, and non-banking financial institutions (NBFCs) offer these finance options. The following is a step-by-step process of gaining access to a mobile phone on EMI:
- Select a Retailer or Platform: Amazon, Flipkart, and other large online stores, Croma, and Reliance Digital all provide EMI. Search to find the methods of how to purchase a phone by EMI without a credit card.
- Select the Mobile: Select what phone you want, such as an iPhone or an Android, and find out whether it can be paid for in installments. How to buy an iPhone on EMI is the most expensive and qualified option.
- Check EMI Options: NBFCs such as Bajaj Finance, ZestMoney, or Paytm Postpaid have many stores with whom they can work to demonstrate how to get a phone on EMI. These services do not usually require the use of a credit card.
- Submit documents: Provide bank information and general KYC copies, such as your Aadhaar and PAN. Certain websites may require an income statement or a credit report as a low credit score may affect your purchase.
- Select a Tenure: Select a period of repayment that may fit your financial needs, i.e., 3, 6, 12, or 24 months. Longer terms reduce monthly payments, but they can have a serious effect on paid interest.
- Complete Purchase: Once you have the amount of the EMI approved, it will automatically be withdrawn from your bank account every month.
There is also a way to purchase a laptop on EMI or a bike on EMI, although it will vary depending on the product and the store.
Eligibility for EMI Purchases
In order to purchase a phone on EMI without the use of a credit card, there are certain requirements that vary depending on the provider. These may be requirements such as:
- Age: You should be between 18 and 60 years.
- Evidence of income: Certain NBFCs would require evidence of stable income, such as salary slips or bank statements, particularly for costly items, such as how to buy an iPhone on EMI without a credit card.
- KYC Documents: You have to produce identity documents (such as Aadhaar or voter ID) and address documents.
- Bank Account: Making a purchase on EMI would usually require a bank account, such as a savings account that has an auto-debit option or a UPI-linked account.
- Credit Score: An excellent credit score will assist you in being approved on how to get a mobile phone on EMI, but you do not always need it when making a purchase without a credit card.
Other websites, such as ZestMoney, allow you to purchase a phone on EMI without a credit card by providing pre-determined EMI limits, which do not require a lot of paperwork.
Benefits of EMI Purchases
The advantages of using EMI without a credit card are several:
- Affordability: You can afford expensive items such as smartphones, laptops, or bikes through payment in installments.
- No Credit Card is Required: Individuals who do not possess credit cards can also use options such as NBFC financing or EMI plans supported by retailers.
- Flexible Payback: Choose a payback term that fits your budget, between 3 and 24 months.
- No down payment offers: There are stores where no down payment is required whatsoever, at least on special events or during a holiday, like how to buy a mobile on EMI.
- Broad Use: It is not only phones that can be included in EMI plans. You can also purchase a laptop, a bike without any interest or even gold.
| Benefit | Description |
| Affordability | Be able to pay in small monthly installments rather than a lump sum. |
| No Credit Card | Available to the non-credit cardholder through NBFCs or UPI. |
| Flexible Tenure | Select repayment periods between 3 and 24 months. |
| Zero Down Payment | Offers them when they are on promotions, which will decrease the initial expenses. |
Things to Watch Out For
EMI buying is simple, but there are a few things to consider that might go wrong:
- Interest Rates: There is a fee of interest in some EMI plans, especially those that demonstrate how to purchase a phone on EMI without the use of a credit card, and this increases the overall cost. You should also learn how to purchase a bike with no interest the EMI deals or other such offers.
- Processing fees: There are suppliers who would charge a one-time processing fee, although it is not that much, but it may increase the overall cost.
- Terms and Conditions: Read all the terms and conditions regarding the EMI plan, which may include info regarding late payment surcharges or prepayment penalties.
- Impact on Credit Score: Failure to pay your EMIs on time will damage your credit score, and this may affect your ability to take loans or have EMI approvals later.
- Extra Load: To ensure that you do not overburden your budget, do not borrow more than one EMI (a phone, laptop, and bike, etc). However, it still depends on your income how much you can afford. Therefore, for this purpose, EMICalculator.ai brings you the loan comparison feature, where you can compare multiple loans and make a better financial decision.
You should never miss looking at offers on various marketplaces to ensure that you are giving yourself the best price on how to get a mobile on EMI.
How to Get Started
The following are the steps to follow to purchase a mobile phone on EMI without a credit card:
- Browse in stores: Find EMI plans in the stores, such as Amazon, Flipkart, or in the stores.
- Examine alternative lenders: NBFCs such as Bajaj Finance, ZestMoney, or Paytm Postpaid are good deals to explore.
- Check eligibility: Ensure that you are able to bring all the right documents and that you meet the requirements of the loan provider.
- Request EMI: You may use online or in-store and select the duration of time you would like.
- Install Auto Payments: To make convenient monthly payments, link your bank account or UPI.
This is the same strategy of purchasing a laptop by EMI without the use of a credit card or iPhone by EMI without the use of a credit card, and it has also become easier to purchase other higher-priced items.
FAQs
Can a mobile phone be bought on EMI without the use of a credit card?
Yes, you can purchase a mobile on EMI with no credit card via NBFCs such as Bajaj Finance or ZestMoney, or through retailer-supported options that allow making the payments using bank accounts or UPI.
What is the way to acquire a mobile phone on EMI without any interest?
Use sites or shops that have zero-interest EMI over specific durations of time, especially during the holidays and special events, even though interest rate on EMI wil not be zero, it could be the least during these periods.
Do you require a credit score to purchase by EMI?
Not all the time. There are lenders who will explain to you how to get a phone on EMI with minimal paperwork, but having a good credit score will assist you in getting approved.
Could you use EMI to purchase other items, e.g., bikes or gold?
Yes, there are EMI plans to purchase gold and bikes, and the eligibility requirements for the two are normally similar.
What will become of me in case I do not pay my EMI?
You may not make payment on time and get fined, or increase interest rates or have a low credit score. Always ensure you pay on time.
Conclusion
Individuals who desire to get the most advanced technology at a cost that does not burden their pockets can purchase a mobile phone without using a credit card on EMI. It is still possible to do some smart purchases that would not stretch your wallet, provided that you understand how to purchase a phone on EMI with the assistance of NBFCs, store promotions, or using UPI-based payments. The EMI purchases are adjustable and convenient to utilise in case you are willing to learn how to buy an iPhone on EMI without a credit card and check upon purchasing laptops, bikes, or even gold. In order to have no hidden costs,you should always do your research, compare prices, and read conditions. You are able to purchase what you desire without endangering your finances with proper planning.
