In today’s fast-paced world, having a reliable smartphone is essential for staying connected and getting things done on the go. Whether you’re a professional looking to complete work assignments or someone who needs to stay in touch with friends and family, a top of the line smartphone can make all the difference.
However, keeping up with the latest smartphone releases can be expensive, and not everyone has the funds to purchase a new device outright. This is where financing options come in handy. In this blog, we’ll explore some of the easiest and most accessible ways to finance your next mobile purchase. So, whether you’re looking to upgrade your current device or purchase your first smartphone, we’ve got you covered.
Why Should You Buy A Mobile On EMI?
Buying a phone on EMI without a credit card can offer several benefits that make your purchase more manageable and affordable. With options like debit card EMI or Pay Later services, you can divide the cost of the phone over several months and keep your budget on track. This makes high-end phones more accessible since you don’t have to pay the full cost upfront.
What’s more, with the availability of no-cost EMI options, you can save even more money by not being charged any extra interest. So whether you’re looking for a budget-friendly option or the latest high-end smartphone, buying on EMI can be a smart financial decision.
How To Buy Mobile On EMI Without Credit Card?
1. Personal Loans
If you’re looking to purchase a high-end smartphone but don’t have the funds to pay for it upfront, getting a personal loan may be a viable option. With a 1 lakh personal loan, you can easily purchase the best smartphone on the market without having to worry about the immediate financial burden. These loans not only offer affordable interest rates, but they also come with flexible repayment options that make your EMI payments more manageable.
With several lenders in the market today, you have the freedom to choose the loan that best suits your needs and budget. So, don’t let financial constraints hold you back from owning the smartphone of your dreams. Consider taking out a personal loan today and enjoy the benefits of modern technology.
2. Chit Fund
Chit funds can also be a convenient financing option for those looking to purchase a new smartphone. A chit fund is a type of savings scheme that allows individuals to pool their money together to purchase an item, such as a smartphone, through a bidding process. Each member of the chit fund contributes a fixed amount of money every month, and the total amount collected is then given to one member each month through a bidding process.
This way, members of the chit fund can take turns purchasing a high-end smartphone without having to pay for it upfront. Chit funds also offer more flexibility than traditional financing options as there are no strict eligibility requirements, and the interest rates are typically lower than those offered by banks and other lending institutions. If you’re looking for a unique and flexible way to finance your next smartphone purchase, it’s worth considering to check out a chit fund.
3. EMI On Debit Cards
Gone are the days when you needed a credit card to enjoy the benefits of EMIs. With major banks like HDFC, ICICI, and Axis Bank now offering EMI options on their debit cards, it’s never been easier to finance your purchases. All you need to do is visit a partner outlet of your bank and inquire about their EMI offers. Once you’ve made your purchase, you can then opt for easy EMI payments with a duration of your choice.
This is a great option for those who prefer not to use credit cards or who don’t have a credit history. So, next time you’re shopping for a big-ticket item, consider taking advantage of your bank’s debit card EMI options to make your purchase more affordable and convenient.
4. Consumer Durable Loans
If you’re looking for a more traditional financing option, consumer durable loans could be a good choice. These loans are specifically designed for purchasing durable goods like electronics, appliances, smartphones and furniture. Many banks and financial institutions offer consumer durable loans with flexible repayment terms and competitive interest rates.
With a consumer durable loan, you can purchase your desired item without having to pay the full amount upfront. Instead, you can repay the loan in fixed monthly installments over a period of time that suits your budget. This is a great option for those who need to make a big purchase but don’t want to drain their savings or incur high credit card interest rates.
5. EMI Cards
EMI cards can be an incredibly useful financing option for those looking to purchase big-ticket items like consumer durable goods or electrical appliances. Essentially, an EMI card is a pre-approved loan that you can use to make purchases. When you buy a product using the EMI card, the total cost of the product is converted into easy EMIs that you can pay off over time. This can be a great way to manage your finances and avoid paying a large sum upfront. Many leading non-banking financial companies (NBFCs) offer EMI cards, making it easy for consumers to take advantage of this financing option.
To summarise, while owning a smartphone is now an essential aspect of modern life, keeping up with the latest releases can be costly. Fortunately, the financing alternatives described above make purchasing the latest technology easier and more affordable.
These alternatives not only provide low interest rates and flexible payback options, but they also make phones with premium features affordable to everyone. You can avoid the strain of buying the full cost of your smartphone upfront by using them, which allow you to make manageable monthly payments instead. So, don’t allow a lack of funds prevent you from buying the smartphone of your dreams; instead, look into your best fit option immediately!
Shikha Ahuja is part of the content marketing team at KreditBee – India’s fastest personal loan platform where professionals can easily avail of personal loans in just a few minutes when in need of quick funds. Shikha writes to create awareness amongst her readers on topics related to loans, personal finance, and budgeting. Being a part of the FinTech industry keeps her on her toes, but she keeps herself grounded through yoga and meditation, and loves to host game nights during the weekends.
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