Buying a new EMI phone without a credit card is no longer impossible. There was a time when having a credit card was mandatorily required if you wanted to buy something on EMI; however, with the advent of new payment methods, that is no longer the case, giving a larger section of the society access to EMI based purchases without creating a dent in their pocket.
If you are thinking of getting an EMI phone and don’t have a credit card to make that purchase, then read on as we discuss ways you can get your hands on that brand new mobile without a credit card!
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Debit Card EMI Options
Debit card EMI options are pretty new in the market, and many banks are offering their customers the option of getting a mobile phone using their debit card. It works exactly like a credit card-based EMI option.
It is being offered by major online retailers and even some offline retailers. You just use your debit card and covert the amount into a no-cost EMI option, wherein you pay for the cost of the product in easy monthly instalments for a specified period.
Buy Now Pay Later
Many fintech startups and even established banks offer to buy now pay later schemes. It primarily works via apps, where you are granted a pre-approved credit line that varies as per your credit score—the higher the score, the more credit you have access to!
This credit line can be used to make a cardless EMI purchase for EMI phone and other gadgets. The only downside to this is that you need to pay back the entire amount in one go most of the time.
If you buy a phone worth ₹30,000, you need to pay back the entire amount within the stipulated time, which can vary between 15-45 days.
However, interest charges are often low, and you can keep reusing the credit line as many times as you like till you keep repaying on time and have a good standing with the credit offering company.
No Cost EMI Credit
This is one of the most common ways people shop for EMI phones on cardless EMI. It’s a simple process; you need to walk into a store, complete the required KYC documentation, and pass a credit check to become eligible for a consumer durable loan. The best part about these credit offerings is that you don’t need to pay any interest charges and only repay the actual cost of the product, saving you a ton of money in the process.
Zero Down Payment Schemes
You can get a new EMI phone without making any down payment, which primarily works with all kinds of credit lines, be it debit card, buy now, pay later, and no-cost EMI options. The best part about zero-down payment schemes is that you can often club it with no-cost EMI options to get the best offers where you don’t need to pay a dime when making a purchase and don’t need to pay any interest charges on top of that.
Cardless EMI is not only possible, but it is most often the preferred method of buying an EMI phone in today’s time and age. As a consumer, new opportunities are cropping up all the time, and you no longer stick to the traditional age-old methods of buying gadgets using a credit card.
So, if you are looking to buy an EMI phone anytime soon, then you can check out all of the cardless EMI options that we discussed in this article. Not only will you save on credit card interest charges, but you also benefit from reusable credit lines, no-cost EMI, and zero down payment schemes that can help you upgrade while helping you save a lot of money in the process.