If there is one smartphone that has a cult following and never goes out of trend, then it's undoubtedly, the ever-popular iPhone. Every time a new iPhone hits the market, both fans and speculators go crazy over the features, style, and charisma of the brand and its models.

If there is one criticism about the iPhone, then it's this – it's outrageously expensive. Even the older models are three to four times higher than Android phones with similar features. If you have always put off purchasing an iPhone because it's way out of your budget, then this guide is for you. Also, if you're an iPhone user holding back from upgrading to the latest model, stay on. We show you how you can upgrade without burning a hole in your pocket.

Use EMI to Purchase a Flagship iPhone 

If you're looking to purchase a new iPhone, get ready to shell out a whopping Rs. 75,000 or more. Even the latest budget range of iPhones, the iPhone SE costs nearly Rs. 45,000.

The high-cost of iPhones deters regular customers from purchasing it, as they cannot pay the mobile price in one-go. This is where EMIs come into the picture. The biggest benefit of buying a mobile or any other personal gadget or home appliance on EMI is that you can now purchase the device and pay for it later.

Consider it like a small-term loan. The loan amount pays for the gadget, and you repay the amount in the form of fixed monthly EMIs over a period, say six months or so.

When you shop on EMI, you can split the iPhone's price into easy monthly EMIs and repay it within a comfortable tenure, ranging from 3 to 24 months.

Most credit cards offer cardholders to charge the purchase on the card now and pay for it later. However, if you don't own a credit card, worry not. Here, in this guide, we show you how you can purchase an iPhone on EMI without a credit card.

How to buy an iPhone on EMI without a credit card? 

There are multiple ways you can complete your smartphone purchase on EMI without using a credit card. Let’s take a closer look at the various options available to consumers.

  1. Consumer Durable Loans 

A consumer durable loan is the easiest and most popular way to purchase expensive gadgets on EMI. It’s available for all big-ticket purchases like televisions, ACs, laptops, PCs, washing machines, refrigerators, water purifiers, music systems, furniture, smartphones, etc. 

  • The available loan amount ranges from Rs. 5000 to Rs. 5 lakhs, depending on the lender

  • Tenure ranges from 3 months to 24 months and varies from lender to lender

  • No cost EMI 

  • Minimal documentation 

  • No need for the security deposit or collateral

Where and how to avail this option? 

NBFCs like Bajaj Finserv, Tata Capital, IDFC First Bank, etc. offer consumer durable loans to help you purchase your desired iPhone. All you need to do is walk into your nearest Apple retailer, choose your preferred iPhone model, and let the sales executive know that you would like to complete the purchase via a consumer durable loan.  

The sales representative requires you to fill in an application, submit photocopies of your ID proof, address proof, and income proof. The loan repayment is made as EMIs deducted from your bank account, for the duration of the tenure.

  1. Consumer Lending Fintech Companies 

ZestMoney, SnapMint are some of the top consumer lending Fintech Companies. These companies offer credit access to customers who have no credit cards. They allow you to purchase your preferred iPhone on EMI, with minimal down payments. 

Let’s see how you can use ZestMoney to pay for your iPhone:

How to use this option? 

You can purchase an iPhone using ZestMoney in three easy steps:

  1. Sign up for ZestMoney by providing a few key details

  2. Complete your KYC online by uploading the required documents. Once your registration is complete, ZestMoney assigns a credit limit for you. 

  3. You are eligible for EMI shopping within the assigned credit limit. Complete your purchase by shopping at a ZestMoney partner like Amazon or Flipkart. 

The procedure is the same for all similar fintech portals that offer gadget purchases on EMI. The loan repayment is done in the form of EMIs deducted from your bank account for the duration of the tenure.

  1. EMIs on Debit Cards

Leading commercial banks like HDFC, Axis, ICICI now allow their debit cardholders to pay for their purchases using EMIs on debit cards. These banks allow you to complete the purchase via EMIs for your preferred duration.  

How to use this option? 

  1. First, check with your bank if you're eligible for this option.

  2. If yes, then complete your iPhone shopping at your chosen online retailer. 

  3. While choosing the payment method, opt for EMIs on debit cards and select your bank and enter the card details.

The EMIs are debited from your linked savings bank account, every month until the end of the tenure. 

  1. Amazon Pay Later

This is a new service from Amazon India offered to a select set of customers. The Amazon Pay Later feature allows customers access to instant credit for purchases using EMI on Amazon India. 

To avail this service, customers have to complete a one-time setup process. Once you have successfully registered, you can complete your iPhone purchase on Amazon and pay for it later, with EMIs ranging from 3 to 12 months. 

To be eligible for this service, you should have an active Amazon India account and be over 23 years old. Additionally, you have to provide your PAN number and link your Amazon account with a bank account. Based on the details you provide, Amazon's lending partner will decide your credit limit.

Note that this feature is currently available only to select customers, and Amazon is working on making it widely available to all. If using Amazon Pay Later, then it goes without saying that you can purchase the iPhone only at Amazon.

FAQs on EMI Shopping 

  1. Is no-cost EMI really zero cost? Will I be charged interest? 

No-cost EMIs is a special offer in which you pay only for the product price. You don't have to pay any additional interest for availing this feature.

Let's say that you purchase an iPhone for Rs. 75,000. You can repay the cost of the iPhone to the EMI provider like Bajaj Finserv by paying Rs. 5000 for 15 months, amounting to a total of Rs. 75,000. There are no extra charges. 

  1. What is down payment? 

Sometimes the EMI provider may ask you to pay a nominal down payment for the purchase. When you pay down payment, you have to pay EMIs only on the remaining amount. 

  1. How do I know if my chosen iPhone is available for purchase on EMI? 

If shopping at an online marketplace like Amazon or Flipkart, look for the availability of this feature displayed near the product listing. Purchase your Dream iPhone Today on EMI without a Credit Card 


It’s easier than ever before to own your dream mobile. Use any of the three options mentioned here and pay for your iPhone in easy EMIs. Make sure to check the terms and conditions of the payment method, to find the right one that works best for you. 

Happy iPhone shopping!