How to Buy a Mobile Phone on EMI

How to Buy a Mobile Phone on EMI

In today's fast-paced world, owning a smartphone is no longer a luxury; it's becoming a necessity (for most of us). A smartphone simplifies everything from completing professional assignments to online shopping, consuming content for entertainment, and connecting with friends and family.

But with new product launches and brand-new features, keeping up with the latest technology can be costly.

Leading mobile manufacturers' latest flagship phones come with a hefty price tag, starting from tens of thousands of rupees to even more than a lakh. But don't let that price tag keep you from upgrading your life when you really need to.

Introducing EMI – THE Solution to Your Smartphone Purchasing Needs.

Why Opt for EMI When Purchasing a Mobile Phone?

With EMI, you don't have to wait to save up for your dream phone. You can buy now and pay later in manageable instalments.

There are two ways to purchase a mobile phone on EMIs:

  1. Using a credit card
  2. Without using a credit card

Both options offer flexible payment plans to make the purchase affordable and convenient. Let’s learn about both options so that when you decide, you can pick the right option that will work for your specific situation.

Buying a Mobile Phone with a Credit Card

Shopping for mobile phones on e-commerce websites can be exciting. One, because there are various brands and deals to choose from. And two, because you can pay for it with your credit card and then pay your credit card bill later (either in whole or in EMIs).

You must plan wisely and use this option after knowing its pros and cons, so let’s dig deeper to understand those.

Advantages or Pros of Buying a Mobile Phone Using Your Credit Card

  1. No Wait Time: You can make the purchase immediately without waiting until you have saved enough money to pay for the phone in full. This also allows you to take advantage of sales and offers when they are happening.
  2. Special Deals: You can avail exclusive discounts, cashback offers and other special deals that are not available with other modes of payment. This can often help save money on the purchase and make it more affordable.
  3. No-Cost-EMIs: Credit card companies often offer no-cost EMI options that allow consumers to purchase items such as mobile phones without paying extra interest or charges. This makes the purchase much more manageable and easier to budget for. But check with your credit card provider to ensure this option is available to you before you add this to your list of pros.

Disadvantages or Cons of Buying a Mobile Using Your Credit Card

  1. High-Interest Rate: Using a credit card to finance your mobile phone purchase through EMIs can come with hidden costs. If you choose a regular EMI option without a No Cost EMI offer, you'll face an interest rate, which can range anywhere from 13% to 28% per annum, based on the terms of your credit card provider.
  2. Processing Fees: At times, your credit card provider will charge additional processing fees (even in the case of No or Low-Cost EMIs), which takes away the benefits, such as discounts, gifts, and other promotions. To ensure you're getting the best deal, it's essential to review the terms and conditions of your credit card carefully before making a purchase.
  3. Higher Credit Utilisation Ratio: A credit utilisation ratio is determined by how much you currently owe (need to pay back) divided by your total limit. Credit card debt can increase this ratio. A high credit utilisation ratio can negatively impact your credit score, making it harder for you to get credit in the future.

No Credit Card? No Problem.

You Can Buy a Mobile Phone on EMI Without a Credit CardIf you want a mobile phone but don't have a credit card, don't worry! There are also EMI plans that don't require using a credit card.

Here are 4 ways you can go about it:

  1. Consumer Durable Loan

    These personal loans are perfect for purchasing appliances like mobile phones, air conditioners, microwaves, refrigerators, and more. Plus, you can easily obtain these loans from reputable financial services companies like KreditBee that offer instalment options.

    Forget about the hassle of paperwork and collateral, as consumer durable loans come with minimal requirements, making the process a breeze. Enjoy an easy and efficient process that will have you holding your new smartphone in no time.

  2. Purchase on EMI by KreditBee

    KreditBee's "Purchase on EMI" is the perfect solution for those who want to purchase items without paying the total amount upfront. With our easy and secure process, you can now buy the things you need and pay for them in easy monthly instalments.
    With Purchase on EMI, you can enjoy various benefits tailored to your financial situation. You can choose from multiple EMI options that suit your budget without worrying about making a down payment. Additionally, our instant approval feature ensures you can make your purchase as soon as possible.
    The features of Purchase on EMI are designed to offer you the best customer experience possible. You can apply for the product through the KreditBee app or website, and the process is hassle-free. Once you have completed the application process, you can access various flexible EMI options to choose the best option.

    To apply for Purchase on EMI, you need to follow these simple steps:

    1. Download the KreditBee app or visit the website
    2. Register or log in to your account
    3. Select the item you wish to purchase and choose the EMI option
    4. Fill in the required details and upload the necessary documents
    5. Wait for approval and make your purchase

    The eligibility criteria for the Purchase on EMI are straightforward to meet. You must be an Indian citizen, 18 years of age or older, and have a regular source of income. The documents required to apply for the Purchase on EMI are:

    1. PAN card
    2. Address proof
    3. Income proof
    4. Don't let the high cost of the things you need hold you back any longer. With KreditBee's Purchase on EMI, you can have the things you need now and pay for them later. Apply now and experience the convenience of easy payments!

  3. EMIs on Debit Cards

    If you want to purchase a phone without additional costs, consider using your debit card to buy a mobile phone. Many major banks offer this option and will check your eligibility before allowing you to make a purchase. You can repay the borrowed amount through easy monthly instalments (EMI).

  4. Amazon Pay Later

    Amazon India has introduced a new feature called Amazon Pay Later, which allows customers to make purchases using EMI on Amazon India and pay later. To use this service, customers will need to go through a one-time setup process. Once completed, customers can buy smartphones on Amazon and pay for them later, with EMI options ranging from 3 to 12 months.

    To qualify for this service, customers must have an active Amazon India account and be over 23 years old. They will also need to provide their PAN number and link their Amazon account to a bank account. Amazon's lending partner will then determine the customer's credit limit based on the provided information.

    It's important to note that this service is currently only available to a limited group of customers, but Amazon is working to make it more widely available. Additionally, when using Amazon Pay Later, customers can only purchase mobile phones on Amazon, not other online marketplaces.

Advantages of Purchasing a Smartphone on EMI

  1. Flexibility: One of the most significant advantages of purchasing a smartphone on EMI is its flexibility. Instead of paying the full amount upfront, you can spread the cost over a period of time, making it more manageable and affordable.
  2. Fast Approvals: Many EMI options for purchasing smartphones offer fast approval processes, which means you can make your purchase quickly and easily.
  3. Fast Disbursal: After approval, the amount is disbursed quickly, so you can make your purchase and start using your new device as soon as possible.
  4. Hassle-free Documentation: The documentation process for purchasing a smartphone on EMI is usually simple, making it easy to apply and get approved.
  5. Flexible Repayment Tenure: With most EMI options, you can choose from various repayment plans to suit your budget and financial needs. This means you can select a tenure that works best for you, whether 3, 6, 9, or 12 months.

    Overall, purchasing a smartphone on EMI is a convenient and cost-effective way to get your hands on the latest technology without breaking the bank.

Tips to Buy the Best Mobile Phone

Here are some tips to help you buy the best mobile phone:

  1. Research Different Mobile Phones: Before making a purchase, it's essential to research different mobile phones and compare their features, specifications, and prices. This will help you find the right phone that meets your needs and budget.
  2. Compare Prices Across Different Platforms: Shopping for the best price is always a good idea. Compare prices across online platforms and brick-and-mortar stores to ensure you get the best deal.
  3. Check for Offers and Discounts: Many retailers offer special deals and discounts on mobile phones, so be sure to check for any promotions or sales that could save you money.
  4. Read Reviews and Ratings: Before making a final decision, it's essential to read reviews and ratings from other customers who have purchased the same phone. This will give you an idea of the overall quality and performance of the phone and help you make an informed decision.

    With all this information in mind, you are all set to buy the phone you need. Remember to weigh in all your options and choose the payment method that works best for you.

Frequently Asked Questions

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Yes, buying a phone on EMI without a credit card is possible. Many online retailers and mobile phone stores offer EMI options for customers who do not have credit cards. You may need to provide alternative forms of proof of income or identity to qualify for EMI without a credit card.

You can buy a mobile in instalments by opting for an EMI (Equated Monthly Instalments) option.

Yes, you can buy a phone on EMI without a credit card on Amazon and Flipkart. Both these platforms offer EMI options for customers who do not have credit cards.

You can buy zero down payment mobile phones online without a credit card by opting for the Purchase on EMI option that does not require a down payment.

Whether or not buying a phone on EMI is a wise idea depends on your personal financial situation. EMI can be an excellent way to purchase a phone if you do not have enough money to pay for it upfront or if you want to spread the cost of the phone over several months.

However, it is vital to consider the phone's total cost, including interest charges, and ensure you can afford the EMI payments before committing to the purchase.

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