Have you been wishing that you could afford the latest flagship smartphone? But, putting off the purchase because your bank balance is low? Worry not, we’ve got you covered! Continue reading for the steps on how to purchase a mobile phone on EMI using your Canara Bank debit card. 

Today, owning a smartphone has become a necessity. From checking the news to connecting with your friends and family, from ordering food to paying bills – we do most of our day-to-day tasks by tapping the mobile in our hands. Smartphones are no longer a luxury – but they are a necessity for every member of the family.

A good-quality smartphone with all the latest features can cost anywhere from Rs. 25,000 to Rs. 1 lakh. Paying the entire amount out of pocket may not always be possible. This is where EMI on mobiles comes into the picture. Instead of saving for months or settling for a cheaper model with limited features, you can purchase the mobile of your choice on EMI.

In this guide, we show how you can use your Canara Bank debit card to purchase the latest smartphone model. You can own an OnePlus, Samsung, Apple, Oppo, Realme, Vivo, Motorola, or any other mode using your Canara debit card. There is no downpayment required.

EMI on Canara Bank Debit Card 

Canara Bank is one of the leading public sector banks in the country. The bank offers a variety of products and services to benefit their loyal customers. Using the EMI on debit card facility, any eligible Canara Bank debit cardholder can purchase the latest mobile phone on EMI.

Not just mobiles, you can convert any other high-value transactions into easy instalments using the EMI facility. Other purchases like home appliances, gadgets, laptops, furniture, and expensive apparel can also be bought on EMI using the Canara Bank debit card.

Exclusive Features

  • No extra documentation needed

  • Quick and hassle-free 

  • No need for downpayment 

  • Available at popular online retailers like Amazon, Flipkart, PayTM, etc. and several offline stores 

  • Easy repayment from your linked savings account/credit card 

Additional Reading: Buy Redmi mobiles on EMI without credit card

How to purchase a mobile on EMI using the Canara debit card?

Purchasing a mobile on EMI using the Canara debit card is not a big deal. It’s similar to other online/offline payment options like a credit card or internet banking. Here are the steps to follow to complete your mobile purchase on EMI:

  • To purchase a mobile on EMI with the Canara debit card, all you have to do is visit an eligible merchant store. Popular online marketplaces like Flipkart, Amazon, PayTM, and Mi offer this facility. Leading brick-and-mortar mobile showrooms like Poorvika, Croma, Reliance Digital, Sangeetha also provide this facility. Ensure that the merchant you have chosen provides the option to complete your payment on EMI using a debit card.

  • Choose your favourite smartphone from the available options and proceed to payment as usual. 

  • While checking out, choose “Debit Card EMI Option.” If you’re buying it offline, let the sales clerk know that you’ll be completing the payment using the EMI facility. 

  • Once you have chosen the “Debit Card EMI Option,” you will be prompted to select your bank. Choose Canara Bank from the list of banks. 

  • The next step is to choose the preferred tenure. The options are 3 months, 6 months, 9 months, or 12 months. Depending on your desired term, the cost of purchase will be divided into equal monthly instalments. Let's say you have purchased a mobile phone worth Rs. 30,000 and have opted for a six-month tenure. Then you will have to pay Rs. 5,000 for six months to complete the purchase.

  • The final step is to authenticate your payment option. You will have to provide the debit card number, cardholder name, expiry date, and CVV for online purchases. Complete the transaction using the 3D secure pin or OTP sent to your registered mobile number.

Advantages of Buying a Mobile on EMI using a Debit Card

Here are the top benefits of buying a mobile on EMI using a debit card.

  • Pocket-friendly – This is the most significant advantage. When you purchase a mobile on EMI, you don't have to pay the entire cost out of pocket. Instead, you can complete the purchase by paying a small amount every month. This is a considerable advantage, especially for those who have a tight monthly budget. With EMI, you can own your desired smartphone, without having to empty your pocket.  

  • No Compromise on the Model – The higher the price tag, the better the specifications. Often, our choices for mobile phones are limited by our budget. When you purchase via EMI, you don't have to pay the full price upfront. This means, instead of restricting yourself to a cheaper model, you can opt for the latest flagship phone.  

  • Zero downpayment and No Extra Interests – Contrary to popular belief, you don't have to pay anything extra when you purchase a smartphone on EMI. The total price you pay is the same as the full price you pay upfront. So, there is no downpayment or extra interest charged.

Few Points to Keep in Mind while Purchasing a Mobile on EMI

  • Remember that not all merchants offer this option. Before you go mobile shopping, check if the merchant allows you to convert your purchase into EMIs.

  • Generally, there are no additional costs involved. For example, if the smartphone's total cost is Rs. 40,000, you will have to pay only this amount. There are no additional interests and other processing fees. However, make sure to check with the retailer for any hidden costs.

  • Purchasing a mobile on EMI requires zero down-payments. You don't have to provide an upfront amount. However, the first EMI may commence immediately after the purchase.

Follow the step-by-step instructions listed here and purchase your dream smartphone on EMI using a Canara debit card.