From the time EMI was introduced to us, we can afford stuff even if it is out of our league. The option to make payments every month bit by bit is much easier than paying a lump sum amount altogether, especially for something which costs higher. However, retail store owners usually offer EMI on credit card options when buying an electronic gadget. With advancements in technology, customers have better options even without cards.
Cardless EMI is a thing of the present and a better choice if one wants to make their expensive shopping economical. Now, a smartphone is one thing we deny to live without, primarily when half of our activities in everyday life are rooted through a smartphone. Starting from working professionals to college-going youngsters, everyone desires a good phone to help them perform most of their tasks such as shopping online, making cashless transactions, being active on social and professional platforms, etc.
Hence, getting hands-on with an EMI phone would be a blessing in disguise, especially if the merchant offers you a cardless EMI purchase possibility. So here is how you can get your next premium smartphone without using your credit card.
How to buy a phone on Cardless EMI?
There are plenty of options available now if one is scanning for a good EMI phone without an actual credit card. It is no rocket science, and the methods are designed to make it convenient for buyers as they try to pay their sum in installments. Let’s find out some of these options:
EMI Option on Debit Cards
The possibility of buying something as expensive as a flagship smartphone via Debit cards might seem relatively low. However, financial institutions now offer customers the option to opt for EMI on Debit Cards. Even though the method is relatively new, people have embraced it quickly.
Whether you choose to buy an EMI phone from offline outlets or online eCommerce websites, you would easily find the Debit card EMI option. You just need select EMI no-cost EMI as your option, similar to how you do for your credit card, and continue to pay a fixed sum every month.
Consumer Durable Loans
Next option on the list is Consumer Durable Loans, wherein NBFCs offer people the option to get small, durable loans for buying expensive gadgets such as refrigerators, premium smartphones, television, etc. These are only available with an NBFCs partnered store.
You need to check with your NBFCs about the preferred store where you shop for a smartphone and avail of durable loans which are No cost EMI. Remember that the loan amount would differ from one lender to another. Make sure you ask relevant questions before options for this cashless EMI.
You do not have to pay any interest if you opt for a Consumer durable loan and just the actual amount in the duration as mentioned earlier.
Buy Now Pay Later
Several Fintech companies and NBFCs offer the Buy Now Pay later feature via their efficient app involving a credit line for buying EMI phones. These work without any card, and you can easily take credit for purchasing a premium smartphone or any other gadget.
However, the only disadvantage of this feature is to pay the entire amount in a specified amount which could be days to months, based on the lender’s terms and conditions. But the interest rate is relatively low.
Now, if you have a good credit score, you can expect to receive a credit amount as much as you like, and once you have paid up the entire sum, you can continue to use it for as long as you want.
The Zero Down payment Option
Everyone must have heard it, and honestly, it is one method that could be integrated with any EMI option. Whether you are choosing Buy now Pay later option or the No Cost EMI option, it is a feasible option, whichever method you choose to pay your sum back.
Now the best part about the Zero Down payment option is, as its name goes— There is no need to pay a penny while buying your EMI phone. On top of that, there isn’t any interest levied on the actual cost. You have to pay the absolute sum in the specified duration.
In a Nutshell
You would be surprised how handy cardless EMIs are primarily because they do not ask you to pay hefty interest on the credit card. People often give second thoughts to buying a premium phone of their choice because they have to pay interest making the actual amount twofold. Hence, the Cardless EMI option works best to overcome such scenarios.