How to buy mobile on EMI with Debit Card?

Snneha Lukka August 23, 2019

Having a mobile phone is essential in today’s time as it helps you cater to both your personal and professional communication requirements. While there are many companies offering affordable smartphones in India, not many individuals can afford to make the full payment upfront and instead prefer buying the phone on EMI. Owing to EMI options offered on credit cards, most people prefer buying the phone on the card. However, not all the individuals are eligible to get a credit card which makes it difficult for them to buy a phone. Due to this, banks have now started offering EMI facility on debit cards. With EMI on debit card facility one does not necessarily need to worry about having a credit card.

Using a debit card is a great way to go cashless as it allows you to pay shopping bills, mobile bills, insurance premiums, EMIs and carry out other transactions digitally. Additionally, the card also allows you to withdraw cash as per your requirement. The card is linked to your bank account from which the money is withdrawn in case of an online or offline transaction. The EMI on debit card facility thus ensures that you can get your hands on the smartphone of your choice without having to worry about the finances and even the credit eligibility.

How to buy mobile phone on EMI with a debit card?

To buy a mobile phone on EMI using a debit card, all you need to do is:  Purchase mobile phone from the store or online platform your bank has partnered with  Complete KYC online or at the partner store. You will also have to submit documents along with the application form  Pay the down payment amount

Benefits of buying mobile on EMI with a debit card

 No additional documents required  No collateral  No minimum balance required in your bank account  Zero cost EMI options on leading brands (this facility may vary from banks to banks)  No processing fees  Money is not blocked from your savings account  Minimum purchase value of Rs. 5,000. (This feature may vary from bank to bank)

How to check eligibility for buying mobile on EMI with debit card?

To know if you are eligible to buy mobile on EMI with a debit card, do the following: SMS DCEMI <SPACE> <LAST 4 DIGITS OF YOUR DEBIT CARD> to the number provided by the bank Or you can also check eligibility online by logging in to your banks net banking website. Check in the offers section and check for EMI on debit card. If your application is approved, you will receive a SMS or email from the bank, informing you about your eligibility amount. However, if you are not eligible, you will be notified through email or SMS. If you wish to buy phone online in India, then you can also use the EMI on debit card option online on platforms such as Amazon or Flipkart.

Benefits of Secured Unemployed Loans

1. Attractive interest rate 2. Flexible repayment tenures 3. Quick approval and disbursal 4. No collateral required 5. Tax-deductible interest 6. Minimal documentation 7. No co-signer required

Tips to Increase Approval for Unemployed Loans

Before you apply for a personal loan as an unemployed person, you should bear in mind that you’re likely to face a higher chance of rejection due to your unemployment. Having your loan rejected can reduce your credit score. However, there are a few ways to improve your chances of getting approved. 1. A credit score is like a report card of your credit history. When a lender sees a borrower has a high credit score, they feel more confident in your capability to repay the loan. Build your credit score by ensuring you borrow amounts you can comfortably repay and make your payments on time. 2. Opt for a secured loan, for which your collateral serves as a security for the lender. This loan has a better chance of approval when you don’t have any income source.

3. If possible, apply for your loan with a co-applicant. This helps to increase your approval chance, as the income of the co-applicant will be taken into consideration for the loan application. It will also give you a lower interest rate, better repayment tenure and higher loan amount. 4. A guarantor can also help boost your chances of getting a loan. Third-party guarantors reassure the lender that the money can be repaid in case you default on the loan. 5. Ensure that you improve your credit score by making the repayments well on time and to get better loan terms in the future.

If you’re unemployed and urgently need a loan, try to speak to your existing bank, especially a bank with which have a salary account. If you previously earned a high and stable salary, you may have a good chance of getting approved from that bank. In case this doesn’t work, you can try the other options mentioned earlier. Keep the tips above in mind, and you will have a much better chance at getting an unemployed loan.

Snneha Lukka

August 23, 2019

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