Get A Mobile Phone On EMI Without Credit Card

Get a Mobile Phone on EMI Without Credit Card

Today, owning a mobile phone is an absolute necessity. Thanks to the availability of low-cost and good quality mobile phones, almost everyone is able to own a mobile phone, regardless of their economic status.

While many phones are budget-friendly and can cost as low as Rs. 5,000, there are still many who desire to buy a nicer phone that is durable, comes with great features, and will last for a long time. These phones can come in the Rs. 5,000-10,000+ range, for which not many people have cash readily available.

This is why one of the most common ways that people buy mobile on easy EMI is via credit card. However, not everyone has their own credit card or can use a family member’s for making purchases. In fact, it’s been reported that less than 2% of all Indians own a credit card.

In such a scenario, there are still ways that you can buy mobile on EMI without credit card, which we’ll discuss below.

How to Buy Phones on EMI without Credit Card

1. Consumer Durable Loans: A consumer durable loan is essentially a personal loan that is used for purchasing household necessities such as fridge, AC, washing machine, electronics, and so on. These loans are readily available at banks and NBFCs which can provide fast approval and disbursal, at low interest rates and easy repayment options.
2. Debit Card EMI: The second best option to buy mobile online on EMI is by getting debit cards that provide EMI facility. Nowadays, large banks such as ICICI, HDFC, Axis Bank and others are offering their customers EMIs on debit cards. You can avail this by searching for banks that provide this facility and visiting any of their nearby outlets. You can also enquire about how to get a debit card with EMI by calling the banks’ helpline numbers. Debit card EMI facility works just like a credit card, and you can repay the EMI mobile loan from your bank balance. Additionally, you can select the repayment tenure that suits you. This is a good choice for anyone who wants to buy phone on EMI without credit card.
3. EMI Cards: A third option for purchasing a smartphone on EMI without credit card is taking an EMI card. This is a type of product in which the borrower is given a pre-approved loan, and any purchase made becomes converted into easy EMIs. Many banks and lenders that provide consumer durable loans can provide the EMI card facility.
4. Startup Lenders: New age digital startup lenders are catering to millions of borrowers who are looking to avail laptop on EMI. At Upwards, you can get your laptop on EMI with quick approval and fast disbursal. Additionally, you can get your mobile loan with just a few readily available KYC documents. The process is completely digital, so one can apply for a loan anywhere at anytime.

Benefits of Buying Phone on EMI Without Credit Card

• Instant Approval: No more waiting for weeks to get your loan application approved! Lenders like Upwards provide quick approval on your EMI mobile loan application, within just 24 hours.
• Fast Disbursal: As soon as your loan application has been approved, you can get the funds straight to your bank account in as little as 2 days or less.
• Minimal Documentation: Unlike bank loans, NBFCs only need a few easily available KYC documents to process your loan application. All you need to apply is a digital photograph, PAN card, address proof, and income proof (salary slips and bank statements)
• Flexible Repayment Tenure: Another benefit of getting an EMI mobile phone without credit card is that you can select a convenient repayment tenure between 6 months to 3 years.
• Affordable EMIs: Getting even an iPhone on EMI without credit card can be quite economical. When taking a mobile on EMI on a longer repayment tenure, the monthly EMI amount can become reduced and therefore not heavily impact your budget.

What are the basic eligibility criteria for applying zero down payment option?

In order to avail a zero down payment option for buying your mobile phone, you must meet the following basic eligibility criteria:

1. Income: Minimum net income of Rs. 15,000 per month
2. Age: Between 21 to 55 years of age
3. Residential status: Must be an Indian resident
4. CIBIL score: Minimum 630+