How to finance a phone without a credit card
How to finance a phone without a credit card? If you do not have a credit card, it may seem that it is impossible to get an EMI. But this is not true.
Earlier there was no option to buy expensive products on EMI without a credit card, especially online. Many people used to give up on the idea of ?? buying a product through EMI or online mode. But, now you will get the option of a credit card, which is an EMI card.
Bajaj Finserv offers an EMI card where you will get a pre-approved balance on your card and use it as per your convenience. You can buy anything like AC, Refrigerator, Washing Machine, Laptop and Smartphone on No Cost EMI.
Many new smartphones are coming in the market with great specifications, you can grab anyone at zero cost EMI. The best part of an EMI card is that you don’t have to pay a single penny extra on EMI to the seller.
Also nowadays Flipkart offers EMI on debit cards and some other EMI cards also provide EMI without credit card processing etc.
Today, most of the commercial banks in India provide credit cards for their customers. Nevertheless, the Indian market has been predominantly debit-card-based. Even today, a significant percentage of the population does not own or use a credit card. A large number of others fail to qualify for a credit card due to low income or unemployment.
If you belong to a group that doesn’t have a credit card, then this guide is for you. Here, we show you how you can buy a mobile phone on EMI without a credit card.
Why opt for EMI while buying a mobile phone?
Irrespective of your age and profession, owning a smartphone has become imperative today. A top-of-the-line smartphone makes all our daily tasks easy, from completing professional assignments to shopping online, from consuming entertainment to connecting with friends and family.
With new product launches and brand new features, customers will have to update their mobile phones once in every two years. However, the latest flagship mobiles from leading mobile manufacturers come with the hefty price tags, starting from tens of thousands of rupees to over a lakh.
The hefty price tag makes it Pest Control Meerut for regular customers to pay for it in one go out of their pocket. Luckily, today it is possible to buy a smartphone on EMI. With EMI, you don’t need to postpone your purchase until you have saved up for it. You can complete your purchase now and pay for it later in manageable installments.
What are the benefits of buying a smartphone on EMI?
There are many advantages to buying a smartphone on EMI instead of paying upfront. Some of these benefits are mentioned below.
easy on your budget
Today a good smartphone can cost anywhere from Rs. 25,000 to Rs. 1,00,000. When you pay the full amount in advance, it can make a huge hole in your monthly budget, disrupting your other payments and emergency needs. When you pay on EMI, you can pay lesser amounts in a short span of time .
Carry a flagship model
Very often, people do not buy the flagship model as they cannot pay the full amount in advance. As a result, they go for the lower model with limited features. By opting to pay in EMI, you do not need to pay the entire cost in one go. As a result, you can buy a better model than this if you pay for it in advance.
no extra cost
Buying a smartphone on EMI is a smart option as there is no additional cost (0% interest). You pay exactly the amount you would pay if you complete the purchase as a lump sum.
How to buy a mobile phone on EMI without a credit card?
There are several ways in which you can complete your smartphone purchase on EMI without using a credit card. Let’s take a closer look at the various options available to consumers.
consumer durable loan
Consumer durable loans are the most popular option to pay for gadget purchases. These loans are available for big ticket purchases like TV, AC, Laptop, PC, Washing Machine, Refrigerator, Water Purifier, Music System, Furniture, Smartphone, etc.
The loan amount ranges from Rs. 5000 to Rs. 5,00,000, depending on the lender
Tenure ranges from 3 months to 24 months and varies from lender to lender
- no-cost EMI
- Minimum Documents
- No security deposit or collateral required
Where and how to avail this option?
NBFCs like Bajaj Finserv, Tata Capital, IDFC First Bank etc offer consumer durable loans for purchasing expensive gadgets and home appliances. All you have to do is visit a partner store, choose your preferred smartphone model, and tell the sales executive that you want to complete the purchase through Consumer Durable Loan.
Some of the well-known retail partners for consumer durable loans include Croma, Poorvika, Reliance Digital, Amazon, Flipkart etc. You can find a full list of partner stores by visiting the “Find Nearest Stores” section on the website. NBFC.
For a sales representative, you have to fill out an application, submit a photocopy of your ID proof, address proof, and income proof. You can then pay for the purchase as EMI using your debit card, internet banking account or by issuing a post-dated cheque.
Consumer lending fintech companies such as ZestMoney
ZestMoney is a leading consumer lending fintech company. The main objective of these companies is to provide credit to customers who do not have credit cards and other financing options. It allows you to buy your favorite smartphone on EMI without any down payment.
All you have to do is register with ZestMoney and select ZestMoney as your preferred payment option while checking out. ZestMoney is available on leading online marketplaces like Flipkart, Amazon, Paytm, MI, etc.
How to use this option?
You can buy your favorite smartphone using ZestMoney in three easy steps:
Sign up for ZestMoney by providing some key details
Complete your KYC online by uploading the required documents. Once your registration is complete, ZestMoney sets a credit limit for you.
Choose a mobile phone within this credit limit. Complete your purchase by shopping with a ZestMoney partner.
Pay for your purchases using your Debit Card, Internet Banking account in easy EMIs.
EMI on Debit Card
Major commercial banks like HDFC, Axis, ICICI now allow their debit cardholders to pay for their purchases using EMI on debit cards. These banks will enable you to complete the purchase through EMI for the tenure of your choice.
How to use this option?
First, check with your bank to see if you are eligible for this option.
If yes, complete your mobile purchase at your selected online retailer.
While choosing the payment method, opt for EMI on Debit Card select your bank and enter the card details.
Pay for purchases from your linked bank account in easy EMIs.
amazon pay letter
This is a new service of Amazon India which is given to select customers. The Amazon Pay Later feature allows customers to access instant credit for purchases made using EMI on Amazon India.
To avail of this service, customers need to complete a one-time setup process. Once you are successfully registered, you can complete your smartphone purchase on Amazon and pay for it later with EMIs of 3 to 12 months.
To be eligible for this service, you must have an active Amazon India account and must be over 23 years of age. Additionally, you need to provide your PAN number and link your Amazon account with the bank account. Based on the details provided by you, Amazon’s lending partner will decide your credit limit.
Note that this feature is currently only available to select customers, and Amazon is working on making it widely available to everyone. If using Amazon Pay later, it goes without saying that you can buy mobiles only on Amazon and not on other online marketplaces.