EMI on Mobile – Some Tips and Tricks You Can Use!

In today’s day and age, everyone needs a smartphone. Life is simply too hard or boring without one! Even though smartphones have become cheaper over the years, the good ones still cost a few thousand bucks. Not everyone can come up with the money at once to pay for these phones. If you are in a similar situation and have a shortage of cash, you can buy a mobile on EMI. This feature allows you to buy your dream smartphone with little to no down payment. After that, you can pay a fixed monthly amount until the remaining sum is fully paid off.

Buy mobile on EMI using a credit card

Different retail websites provide varying features on purchasing mobile on EMI. Such features include cashback on using your credit card, no-cost EMI, and instant discounts. Once you decide to pay for your smartphone in EMI, the full amount gets divided into installments. Depending on the tenure, you may get up to 24 months to pay off the amount. Buying a smartphone on EMI becomes an easy task for those who have a credit card. To buy mobile on EMI using your credit card, you must have the following:

  • The required credit limit
  • The necessary documents and credentials
  • Access to your phone to receive the OTP

You can obtain the EMI feature with both online and offline purchases. For online purchases, you need to go visit the retail website or the app, select the phone of your choice, click on the “buy now” option, put your address and click “continue” to move on to the payment section. You have to then select the EMI payment mode and click “continue.” You need to select the credit card provider or bank, the tenure for the EMI, provide the credit card details and proceed. You will then receive an OTP on the mobile number that is registered with your bank. You have to input the OTP to complete the process.

EMI on mobile using debit card

Those who do not have a credit card may often feel at a disadvantage. Buy mobile on EMI with debit card was unheard of even a few years ago. However, now it is possible to take mobile on EMI without credit card! If you do not have enough savings or even a credit card to purchase your favorite smartphone, you can do it now using your debit card. You do not have to pay the full price as you can repay the sum in fixed EMIs. Various online lending platforms provide this feature. Here’s how this works — you need to put a down payment when making the purchase and the online lender pays the full amount to the seller. You then have to pay monthly installments to the lender until the amount is fully paid.

Buying a phone on EMI using a debit card is a lot like taking out an instant cash loan in 1 hour. The only difference is, you do not receive the money. You get to buy the product and pay for it in fixed monthly installments.