Top 6 Ways to Buy Mobile on EMI Without Credit Card

mobile on EMI without credit card

Mobile phones are not just “nice-to-have” devices anymore. We live in a world where it’s virtually impossible to get anything done without a smartphone. If you want to buy a smartphone without putting stress on your monthly budget, EMI is the easiest way to get it.

Use India’s first 100% digital chit fund to fund all your needs

Why Should You Buy a Mobile on EMI?

There are many advantages to buying a phone on EMI without a credit card.

Easy on pocket: Buying a phone by paying the full price together can move your monthly budget off-track, leaving you with less money for emergencies. However, getting a phone on a debit card EMI or credit card EMI helps ensure you have enough savings at all times. Whether you are looking to buy the best mobile under Rs. 10,000 or high-end mobiles, you can make your purchase with ease!
High-end phones get affordable: The better the specifications of a smartphone, the higher the price attached to it. When you buy a phone on EMI, you don’t need to pay the full cost. Therefore, you can afford to buy your favorite high-end phone without paying the full cost upfront.
Save more with no cost EMI mobiles: Buying a mobile phone in installments becomes much more attractive with the option of no-cost EMI. In this way, you are not charged any extra cost (0% interest).

How To Buy Mobile On Emi Without Credit Card?

But when you think of buying a smartphone 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.

Fortunately, other financial products are available in the market today that allow you to buy a mobile on EMI without a credit card.

6 easy ways to buy mobile on EMI without credit card are:

  1. Chit Fund
  2. Consumer Durable Loans
  3. Debit Card EMI
  4. EMI Cards
  5. Amazon Pay Later
  6. Buy Now Pay Later (BNPL)

You have a dream. We have a way to get there!

Chit Fund

Chit Fund- The best way to buy a mobile on EMI without a credit card

In this digital age, new-age online P2P lending platforms offer you the option to make purchases on EMI without using a credit card. The Money Club, an online chit fund platform, is the best option for people who have no access to the credit card or any other financial options. The process of becoming a member of The Money Club is entirely digital. The online chit fund platform allows groups (verified members) to raise money to buy things by pooling their funds. Each member of the group contributes the same amount of cash each month for a certain period. At the end of the month, each member gets to use the pooled amount for any purchases they deem fit.

Chit fund is a saving cum borrowing instrument. It is unique when compared to other financial tools. When you invest in chits you get more return as compared to other financial instituitions and when you borrow you pay less interest.

The easiest way to get associated with The Money Club is to download the app and get started. Over 3 lakh people have downloaded The Money Club app! Our app is available on Google play store. This app helps you get bulk money, sitting at home, without any paperwork. Just follow these simple steps:

  1. Search ‘The Money Club’ in Google play store and download the app.
  2. Sign up and complete your verification to join a club.
  3. Join a club with verified like-minded peers.
  4. Pool up money and bid the highest for it.
  5. Get money transferred to your bank account.
  6. Buy your favourite mobile, TV, laptop etc. easily.
  7. Keep paying back in EMIs.

You can join a Money Club with other like-minded people from all over India who are verified by the Money Club team. Start saving or borrowing money in the chit fund digitally. Money Club is not only a good saving and borrowing platform but it also provides you a great investment opportunity to earn returns more than bank fixed deposits or recurring deposits.

Join Money Club Now to Finance Your Mobile​

Consumer Durable Loans

Consumer Durable Loans- The easiest way to buy a mobile on EMI without a credit card

You might be wondering what a consumer durable loan is and how I can buy a phone on emi without a credit card. So, let me tell you, a consumer durable loan is the most popular option to buy mobile on EMI without using a credit card. These loans are essentially personal loans borrowed to purchase household appliances like AC, washing machines, refrigerators, etc. The consumer durable loan is easily available at banks and NBFCs. They are offered with minimal documentation and without the need for collateral.

Eligibility Criteria

Banks and NBFCs offer consumer durable loans to both salaried and self-employed individuals. The eligibility criteria for a consumer durable loan may be different depending upon the applicant’s profile, income, loan amount, repayment history, etc. The eligibility criteria required by lenders for consumer durable loan are mentioned below:

Salaried Individuals:

  • Age: 21 years – 65 years
  • Monthly Income: Minimum Rs 15,000
  • Tenure in the current organization: Minimum 1 year

Self-employed Professionals:

  • Age: 21 years – 68 years
  • Income: Minimum Rs 1.5 lakh
  • Employment Stability: At least 2 years in the current business

Companies providing Consumer Durable Loans
The rate of interest for a consumer durable loan varies from lender to lender and ranges from 12% to 22%. Based on their promotional offers, some lenders also offer 0% interest. Most lenders charge a nominal processing fee ranging from 1%-3% of the loan amount.

Let us look into some of the best consumer durable loan schemes in India by which we can buy phone on EMI without credit card:

Tata Capital Consumer Durable Loans

Tata Capital offers finance for purchase of home durables for a low rate of interest. The loan covers flat screen television sets, dryers, refrigerators, washing machines, air conditioners, microwave oven, dishwashers, music system, laptops/desktops and smartphones. Some of the benefits of the scheme are low processing fee, easy documentation, on the spot approval, and quick processing. The maximum amount of loan that can be availed with the scheme is Rs.1.5 lakh for a maximum period of 24 months.

HDFC Consumer Durable Loan

HDFC scheme offers up to 100% financing with long repayment tenures of up to 36 months. The maximum loan amount granted is Rs.15 lakh. You can buy your favourite television, laptop, mobile phones on EMI without the use of a credit card. The EMIs for the consumer durable loan are pretty low.

Capital First Consumer Durable Loan

Capital First Consumer Durable Loan helps you adorn your dream home by offering finance to purchase the latest LCD TV, music system, and more. You do not have to pay any interest for the loan and the down payment is also quite low. Some of the other benefits of the scheme are minimal documentation, easy repayment options, no foreclosure charges, and no security deposit.

These are some of the ways you can buy a mobile phone on EMI without a credit card in India.

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Debit Card EMI

Debit Card EMI- The simplest way to buy a mobile on EMI without a credit card

You can also use your debit card to buy a mobile online on EMI without a credit card. Leading banks across India offer this facility to their customers. First, check with your bank if you are eligible for this option. If you are eligible, you can make purchases and repay the borrowed amount in easy EMIs through your linked account while selecting the tenure that’s best suited for you.

Features & Benefits of Debit Card EMI

  1. NO money is blocked in the account.
  2. There is no extra cost on the EMI made with your debit card
  3. A processing fee of Rs.99 plus GST is charged
  4. You can choose the tenure according to your needs, from 3 months to 36 months, with pocket-friendly repayment options.
  5. There is no processing or waiting time for approvals and disbursements. You get your funds instantly!
  6. There is no documentation required
  7. There is no tension of down payment
  8. Enjoy 100% finance to buy the services and products you require
EMI Cards

EMI Cards to buy a mobile on EMI without a credit card

You can purchase a smartphone on EMI without a credit card by using an EMI card. This type of product is generally a pre-approved loan with which you can make purchases and convert them into easy EMIs. Most leading banks that provide consumer durable loans provide EMI card facilities.

  • EMI cards have the facility of No Cost EMIs, which mean that they don’t charge interest. You just have to pay the cost of the product you purchase in installments.
  • Any individual who has a regular income and is between the age of 21 years to 60 years can apply for an EMI card.
  • To get an EMI card you just need your Pan card, Aadhar card, a cancelled cheque and a passport size photograph and your ECS mandate duly signed.

Can you get a personal on a low CIBIL score

Amazon Pay Later

Amazon Pay Later helps you to buy a mobile on EMI without a credit card

Amazon India offers this service to a few select customers. The Amazon Pay Later feature allows you to use instant credit for purchases on Amazon using the EMI option.

  • You need to complete a one-time application process to access this credit facility. Once the registration is done, you can make the purchase and pay the credit amount in comfortable EMIs ranging from 3 to 12 months.
  • You must be minimum 23 years and above with an active Amazon India account to be eligible. You also need to provide your PAN number and link your bank account with your Amazon account. Your Amazon Pay Later credit limit will be decided based on the details you provide.

The Amazon Pay Later Card offers a flat 5% cashback on all Amazon purchases. Amazon is usually one of the first places people go when they’re looking to purchase something online, which encourages more spending on Amazon. This is a postpaid credit service that allows consumers to use the Amazon Pay Platform.

  • The Amazon Credit allows you to get instant credit on all products up to Rs 60,000 on Amazon. You can use the credit amount to pay for water, electricity, mobile bills, or groceries.
  • You can pay back the amount of credit in the next month without any additional charges. You can easily divide your loan into EMI payments for up to 12 months.
  • There are no additional fees, but there may be an interest charge of 1.5 to 2 percent per month. In some cases, certain products may be available with no cost of EMI.
  • You can borrow up to Rs 10,000 for one month and pay it back the following month. 3 months tenure options are available between the amounts of Rs. 3,000 and Rs 30,000 and you will have an option to buy now or Pay later in EMIs.  
  • There are several other options ranging up to 12 months with a minimum purchase amount of Rs 9,000 up to the upper limit offered to you based on your credit history.  You can improve your credit score by following certain simple steps.
buy now pay later

Buy Now Pay Later (BNPL) - The latest way to buy a mobile on EMI without a credit card

BNPL facility is offered by banks and NBFCs which allows you to make purchases without making any payment immediately. The BNPL issuers offer a 15–45 day interest-free payment period. On the date of payment, the due sum is automatically debited from your bank account. However, the issuer will charge interest at the current rates if you don't pay the due amount back within the allotted time. If you're a BNPL user and you don't want to repay the full amount on the payment date, you can convert your dues into EMIs. But in that case, you have to opt for it at the time of making the payment to the associated merchant.

Buying a smartphone on EMI allows you to enjoy the features of the best brands without stretching your monthly budget. Make use of these super easy finance options to buy mobile on EMI without a credit card.

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