Best 5 Ways to Buy Mobile on EMI without Credit Card
Rather than being a luxury, mobile phones have become a necessity these days. They have brought ticket booking, shopping, collecting information, communication, and other tasks to the users’ fingertips. However, high-end phones with the latest features are expensive. Since spending a considerable amount from a bank account may stress the buyer’s finances, many people use a credit card to buy a phone on EMIs. However, not all phone buyers have access to a credit card, or they don’t want to use it to save on interest charges. This is when they look for ways to buy mobile on EMI without a credit card.
Here are the best five ways to buy mobile phones on EMI without a credit card.
- Using a Debit Card
It is possible to buy a mobile phone on EMI using a debit card. Don’t worry; the amount does not get deducted from the buyer’s bank account at the time of purchase. These days, many leading banks offer an EMI facility to their debit cardholders. The buyer may check this option with their bank and fulfil their eligibility conditions. If approved, the buyer can instantly purchase their selected mobile phone and pay its price in EMIs spread across several months. The bank deducts the EMI amount automatically from the linked account on the due date. The buyer can select tenure according to their monthly repayment capacity.
- Getting an EMI Card
Many fintech companies offer EMI cards to customers with a pre-approved credit limit. Users can use this card to purchase their mobile phone and repay its price in EMIs. Many leading banks offering consumer durable loans also provide the facility of EMI cards. There is no need for a credit card while getting a mobile on an EMI card.
- Taking a Consumer Durable Loan
Consumer durable loans are popular funding options people use to buy mobile phones on EMI. Basically, these are unsecured personal loans one may use to purchase consumer durable goods like mobile phones, laptops, washing machines, air conditioners, refrigerators, etc. Many NBFCs and banks offer these loans with easy eligibility conditions and minimal documentation requirements. Borrow a loan and pay the mobile phone’s cost upfront. Later, keep paying the loan EMIs over the repayment term. There is no need to use a credit card.
- Availing of the Buy Now Pay Later Option
Some online stores offer their select customers the ‘buy now pay later’ option. It allows the users to avail of instant credit to make a purchase and repay it in EMIs. An individual may apply for this credit facility by fulfilling the eligibility conditions and providing the necessary documents. The store decides the user’s credit limit based on their details and documents.
- Raising Money Through a Chit Fund
In a chit fund, a group of members pool money by paying a certain monthly amount for a fixed period. At each month’s end, one random member receives the pooled money to make a purchase they require. Later, they can keep paying the same amount each month for the rest of the term. It allows the user to pay the mobile’s price in EMIs without a credit card.
These are the five best ways to buy mobile phones on EMI without a credit card. The buyer can use the finance option best suitable to their requirements and get easy access to their desired mobile without paying its price upfront.