Equated Monthly Instalments (EMI) is one of the most common purchasing methods available on the market. This method usually caters to larger purchases like home appliances, kitchen appliances, mobile phones, wearables, etc. This helps you fulfil basic requirements and needs, which can be something as trivial as a smartphone, that would otherwise be inaccessible due to immensely high prices.
EMI isn’t that complicated of a concept. As a method of payment, EMIs are monthly instalments paid to add up to a total amount borrowed by a buyer to make a purchase. EMIs make purchasing simpler by helping everyone access all kinds of products and services without the barriers of the lack of funds or a hefty price tag. If buying a brand new phone is in your wishlist, considering that mobile on EMI could be a wise decision.
5 Reasons Why You Should Opt for Buying Your Mobile on EMI
You’ve successfully understood what EMIs are. Now, let’s dive into the top 5 reasons why purchasing a mobile on EMI is your best bet at getting your dream phone.
- No Credit Card Required
Oftentimes, you find yourself assuming that you cannot purchase goods and services on EMI without the assistance of a credit card, but times have changed. A wizard called an EMI Card has entered the story to help you materialise your wishlist. This card can help you access bigger funds to make bigger purchases, which you can repay little by little within the tenure and EMI payments scheduled as per your convenience. Hence, by all means, you can buy your brand new mobile on EMI without a credit card.
- Payment Hygiene Assistance
It is of utmost importance for you to fulfil your monthly payments for your new mobile on EMI. It can get difficult to maintain repayment hygiene, and in the midst of prioritising expenses, you can tend to put your EMIs in second place.
However, EMI facilities today provide a set of disaster-proof repayment options wherein you can link your account to the card for repayments to be automatically made whenever scheduled as mutually agreed upon by you and the financial organisation. The repayment duties for your mobile can be seamlessly executed with no fear of debt or penalties.
- No-cost EMIs
This might just be the biggest bonus factor of purchasing your new mobile on EMI. Most loans will bring your hefty interest rates and a plethora of additional charges clubbed with the total loan amount, but using the EMI route to reach that brand new phone has no speed-breakers or bumps to slow you down.
No extra charges or interest is levied on the amount payable by you through monthly instalments; hence, you only pay the amount you signed up for without any extra baggage.
- Access Better Make and Models
You might catch yourself being afraid of even wishing for a mobile which will support your needs since the numbers on that price tag could intimidate you. Don’t let that stop you anymore!
With the help of a flexible tenure and comfortable EMIs, your dream phone is no longer out of your reach. That big selling price can be broken down into monthly instalments and little by little, you can repay the full amount with your dream phone in the palm of your hand, all thanks to the option of buying your mobile on EMI.
- No Collateral or Deposit
Before you truly understood the concept of EMIs, the jargon surrounding it must have sounded a lot like the idea of loans. You’re partially right; this is very similar to loans including a total loan amount, repayment tenure and a repayment schedule.
However, the need for submitting anything as collateral is absent when it comes to EMIs, which is a big benefit. EMIs are made to favour your needs and wishes without jeopardising all that you own already.
How to Buy a Mobile Phone on EMI?
You’re strongly considering getting your next mobile on EMI, aren’t you? Well then, it’s time to learn how exactly a phone can be purchased on EMI; here are 3 ways on how to pluck that phone out of your wishlist and place it in the palm of your hand.
- Consumer-lending Fintechs
This purchasing process is an absolute dream for any buyer. For this, you don’t need to be a credit card user to be eligible for purchasing a mobile through consumer-lending fintechs companies. Additionally, you are not liable to fulfil any downpayments on your purchase.
All you are required to do is provide the company with a few essential details, along with your KYC documents. A credit limit can be assigned to you at this phase and here on, you can purchase your brand new mobile on EMI without credit cards or down payments.
- Consumer-durable Loans
Consumer-durable loans can be acquired to essentially make heavy duty purchases surrounding appliances, gadgets and electronics. Financial organisations such as Bajaj Finserv, IDFC First Bank. etc. can help you acquire EMI loans with a maximum limit of up to ₹5 Lakhs. You can choose a tenure with accordance to your repayment habits and abilities between 3 months and 24 months. No interest charges or additional fees are levied on these purchases and no collateral needs to be submitted.
Let’s take Bajaj Finserv as an example to understand how the purchasing process could work for you. You can start by visiting a store that identifies as a Bajaj Finserv Network partner, a list of which you can find on their website. Once you choose the mobile you would like to buy, let the billing executive know that you would like to complete the purchase through EMI.
A set of documents such as identity proofs, income proofs, address proofs, etc. could be asked of you and here is where you will be given a Bajaj Finserv EMI Card that can help you buy your mobile on EMI without a credit card.
- Amazon Pay Later
Amazon India has introduced a new payment system called Amazon Pay Later which allows you to win instant credits for making purchases through EMI on Amazon. The process is as simple as adding your brand new phone to your card and as you choose a payment method, choose to pay it via Amazon Pay Later. This allows you 3 months to 12 months to fulfil all monthly repayments.
To access this ease of purchasing, you must complete essential requirements such as submitting your PAN Card and linking your Amazon account with your bank account. The lending partner will utilise all the details and documents provided by you to determine your credit limit, further giving you room to purchase your new mobile on EMI.
Considering the fact that buying a mobile on EMI brings you benefits such as no down payments, no interest rates, no additional charges, no credit card compulsion, and so much more, this could be an amazing option to help ease your shopping woes. Buying your phone on EMI is not a financial liability anymore. It is the fastest route to empowering your purchases and making your dreams of owning your brand new mobile phone come true, without any financial hurdles breaking your stride.
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