Want to hear some good news? You don’t need a credit card, or months of scrounging and saving to get yourself a snazzy phone. Maybe you are a student – or perhaps you have just started working - and don’t have either the cash or the credit to make a big purchase. Getting a credit card is not easy as it sounds, especially if you are a student or a young professional.  You might find that your credit card application is rejected because you are a student with no income or, if you are employed, because you do not have a large enough salary to qualify for a credit card. With the credit route not possible - and no savings in the bank to buy with cash - lending agencies like NBFCs are a great option and will allow you to buy your desired phone in easy EMIs. Read on to know how simple and hassle-free it is to buy your phone on EMIs without a credit card.  

Consumer durable loans: your route to credit without a credit card

If you do not have a credit card, a consumer durable loan from an NBFC will succeed in putting that phone in your pocket. For instance, Bajaj Finserve is one such NBFC that offers customer-friendly consumer durable loans that you can use for buying gadgets like mobile phones, televisions, washing machines, refrigerators, music systems, even water purifiers etc. The tenure for this kind of loan generally ranges from 8 months to 24 months depending on the amount of the loan.

It’s as easy as 1-2-3

All you need to do is buy your mobile phone from a Bajaj Finserve partner store. The in-store customer care executive will take care of the rest and help you with the entire loan process while you are at the store. You can find the nearest partner store by looking up the section on ‘Find the nearest store’ on the Bajaj Finserve website. The documents that you generally need to submit would be a filled-in application form, a photograph, and valid KYC documents. This could include photo ID proof, residence proof, income proof, and post-dated cheques among other documents.

Other NBFCs like Home Credit also works in a similar manner. You can simply visit a Home Credit partner store and choose your mobile phone. There is a comprehensive list of Home Credit partner stores listed on their website. You can approach the in-store Home Credit representative for help with filling your loan application form and the documentation required.  Once your loan application is accepted, you can decide on your monthly EMI amount, sign the agreement and make the requisite down payment. Once the formalities are complete (which shouldn’t take much time—provided your documents are in place), you can walk out of the store with your brand new mobile phone in hand the very same day.

No credit history? There are other options!

Often, people opt for a credit card for the easy EMI options it offers. If you want a credit card solely for buying gadget and other consumer durables, stop and think.  If you are new to credit and don’t have any credit cards, then you might find your loan / credit card applications rejected because of your lack of credit history. In such situations, NBFCs offering a consumer durable loan can be a quick, reliable and easy alternative to buying on a credit card. Getting that phone is much simpler than you think!