Sometimes it becomes difficult to buy products with a down payment of the full amount at one go, in such cases you can pay the same in small installment at monthly intervals. This is called an EMI option of buying things. EMI schemes are where you can purchase the product and begin using it immediately, but pay the price over an extended period of time in installments.
When you think of buying a TV, Laptop on EMI, the first option that comes to your mind is a credit card. However, using a credit card is not always the best option, and moreover, not everybody has access to credit cards. You can also buy the latest mobiles on EMI without credit card.
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How to buy TV, Laptop and other Gadgets on EMI without a credit card
Fortunately, there are quite a few options available in the market today that allow you to buy a TV, laptop on EMI without a credit card. These options include both online and offline modes that you can use and pay for your purchases in conveniently manageable monthly installments. Let’s have a look at how we can buy TV, Laptop and other Gadgets on EMI without a Credit Card
Lending technology platforms
Peer to peer lending, also known as P2P lending, is an alternate financing model that enables borrowers to get unsecured personal loans from individual lenders. P2P lending platforms can be a boon for borrowers who have a poor credit history and a low credit score. These borrowers are not eligible for loans from the formalised sector- banks/NBFCs. Peer-to-peer lending platforms can be really helpful for such borrowers. A peer-to-peer lending platform is an unsecured loan provider, and does not require the borrower to pledge any security or collateral.
Chit funds are a pooled type of borrowing. People pool their resources and promise to make monthly payments. For example 25 people could create a chit fund with a duration of 25 months by contributing Rs. 1000 every month. So, in every month there is Rs 25,000 accessible to the members. The money will then be offered to one of the 25 bidders, who will then bid. Let’s say someone bids Rs. 23,000 (meaning they will receive Rs. 23,000 out of the money) and then pay their monthly portion for the remainder of the period, returning Rs. 25,000. The profit is effectively an interest rate that is shared across everyone in the chit fund.
The greatest choice for those without access to a credit card or any other financial options is The Money Club, which is an online digital chit fund platform. The entire application process is done online. The online chit fund platform enables members to pool their finances to raise money to make any purchases they see fit. Moreover, you get hassle free loans at very low interest when you really need it.
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Nearly all major banks today provide the option of EMI through their debit cards. You have the option of making offline retail purchases or making EMI purchases online using your debit card. If you already have a debit card issued by a bank that provides debit card EMI choices, you are not required to apply for the debit card EMI. Check to see if your bank offers that service.
How to apply
- For offline purchases, you need to pay the full amount with your debit card. Then you must contact the customer care centre of your bank and ask them to convert the transaction into EMI.
- You can use your bank’s debit card EMI when making online purchases from shopping websites like Amazon and Flipkart by selecting “Easy Installments” from the payment option drop-down menu.
- You may also contact your bank’s customer care centre for the debit card EMI facility.
Amazon Pay EMI
- When signing into your Amazon account via the Amazon.in mobile app, you can see if you are one of the chosen consumers for the Amazon Pay EMI. If you are, then click the registration link for Amazon Pay EMI and fill out the form by providing the necessary details.
- After you enter the information, your profile will be reviewed, and the EMI limit will be established and shown on the following screen.
- After that, whenever you use the feature to make a purchase, you must accept the terms and conditions and link your bank account or debit card for the EMI installments.
- Choose the Amazon Pay EMI option and finish the payment when making the order.
Post Dated Cheques
How to apply
- Few offline retailers offer the facility of EMI without a credit card through post-dated cheques on specific products. You need to submit the required number of post-dated cheques along with the list of basic documents to avail the EMI offers.
- On their due date, the retailer will deposit the cheques and thus your bank account will be debited every month until the entire purchase amount is repaid. You will be charged a small amount of interest by the retailer to avail this facility.
Buy latest smartphone today on EMI without credit card
- Signup for ZestMoney credit limit for which you need to just verify your mobile number.
- Fill in your profile, submit the required KYC documents and set up your repayment to activate your credit limit.
- Select ZestMoney EMI as your payment method at preferred partner, you can choose the EMI plan as per your convenience.
- Your EMI plan will be approved and your order will be placed successfully. Your product will be delivered to you as per the partner’s delivery policy.
Best ways to borrow money for all your needs.
Consumer Durable Loan
Finance companies like Bajaj Finserv, Tata Capital, CapFirst, and Home Credit offer consumer durable loans, which could help you buy your TV, laptop on EMI without a credit card. You can shop for your favorite TV or laptop at one of the partner outlets and apply for the loan at the bill counter or apply for it online on their website. Documentation is minimal. If your documents are approved, you can walk out with your dream TV, laptop or whatever the very same day!
With Tata Capital’s consumer durable loans, you can purchase the newest LED TVs, smart TVs, and home theaters on easy EMIs. To be eligible for a consumer durable loan from Tata Capital, you need to fulfill the following age requirements. The eligibility criteria for consumer durable loan are mentioned below.
Salaried employees: Age between 21 and 60 years
Self-employed: Age between 21 and 65 years
Salaried and self-employed applicants can avail a loan ranging from Rs. 10,000 to Rs. 5 lakhs. The repayment tenure can range from 6 months to 24 months.
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List of documents required:
- Proof of identity and residence
- One cancelled cheque
- One recent passport-size photo
- An ECS mandate that has been signed by the applicant
- A security cheque that’s non-dated, with the loan amount filled in, given in favor of TCFS
We have discussed the various ways in which you can buy the things you dream for in easy EMIs. Use these 6 Smart ways to buy TV, Laptop on EMI Without a Credit Card in 2022.