According to scientists at NASA, an average mobile phone has more computing power than the computers they used for Apollo 11 moon landing.
Statistics say, 46% of smartphone users said that they could not live without their smartphones.
Mobile phones have become an essential gadget and are no more just a device used to make calls.
People are running their full-fledged businesses like online coaching classes and online shopping portals through their mobile phones.
You can use your mobile phone to shop for groceries, book movie tickets, or even control your home appliances like your air conditioner or televisions.
What’s more, buyers are spoiled with choices when it comes to picking a mobile phone.
If you have been planning to buy a mobile phone and are looking for ways to get it on an EMI, read on to know all about getting a Samsung EMI phone and other phones on EMI.
Top Ways to Buy Mobile Phones on EMI
Most credit card companies let cardholders buy a mobile phone that falls within their credit limit. They charge a fee for such purchases, which the cardholder can get converted into EMIs. If you do not want to pay these charges or do not have a credit card, there are various other options open for you.
- Consumer Lending Fintech Companies: These days, various fintech companies offer lending facilities and credit access to customers. These online lending platforms let customers make purchases like mobile phones on EMI, with minimal or zero down payments. Here’s how you can use these online platforms to pay for your smartphone:
- Sign up with the platform by providing some essential details.
- Upload the documents valid for KYC, and the company assigns the credit limit.
- Use the credit available to buy the mobile phone of your choice from a partnering company.
The customer can repay the loan in easy EMIs from their bank account during the loan tenure.
- Consumer Durable Loans: Consumer durable loans are another way of buying a Samsung EMI phone or other consumer durables like air conditioners, televisions, refrigerators, laptops, etc. These loans offer no-cost EMIs to borrowers and do not require a collateral or security deposit.
To apply for a consumer durable loan, contact a lender and fill out the loan application form. Submit the required details and documents for the KYC verification. Once the loan is disbursed, use the money to buy the mobile phone of your choice.
Borrowers can repay the loan in easy EMIs from their bank account for the pre-decided loan tenure.
- Debit Cards: Several lending institutions let customers make purchases using EMIs on debit cards. Customers can buy their favourite mobile phone today and pay for it in easy instalments on their debit card. The procedure to buy a mobile phone on EMI on a debit card is as follows:
- Contact the bank and confirm if they offer an EMI on a debit card facility.
- If they do, purchase the mobile phone of your choice from a reputed online seller.
- While selecting the payment option to pay for the mobile phone, select EMIs on a debit card. Choose the bank and give the card details.
The bank will deduct the EMI amount every month from the customer’s savings accounts for the duration of the loan.
- Online Shopping Sites: Online shopping platforms also offer an EMI facility to customers for the purchase of mobile phones. However, they extend this offer only to selected models and selected brands. Therefore, customers are advised to check out various shopping websites to select the one that offers the mobile phone of their choice on EMI.
Benefits of Buying a Mobile Phone on EMI
- Your savings stay untouched: Mobile phones can be expensive these days. To buy a mobile phone with advanced features, one may have to spend a huge amount of money. If a customer pays the phone’s price out of pocket, it can dip deep into his savings. As evident during the lockdowns due to Covid-19, savings are mitigating during tough times. Thus, it makes sense to keep the savings intact and purchase the mobile phone using the EMI facility.
- Build a strong credit history: People with a low credit score or with no credit history can build a strong credit score by making purchases like mobile phones on easy EMIs and making regular payments towards their repayment.
Buying a mobile phone on easy EMIs is just a few clicks away. People who want to buy a new phone for additional features or for various purposes like attending online classes can pick the phone of their choice on EMI, without having to pay for it immediately.
