How to Buy Mobile on EMI with IDBI Debit Card
All of us know the advantage of a debit card—it is like a prepaid card which you can use to go cashless. It lets you track your expenses, allows instant withdrawal of cash, facilitates easy transfer of funds and is very easy to manage. It also saves the headache of crossing your credit limit and accruing heavy interest charges—which is usually the case with credit cards.
However, with all these advantages, there is one downside to a debit card - the EMI option is sorely missed. Most people apply for a credit card thinking that only a credit card offers the option of EMIs. Wrong!
Did you know that you can buy your favorite mobile phone using your IDBI Debit Card? It is very simple and hassle free! Read on how to buy your coveted mobile phone in easy EMIs using your IDBI debit card.
You needn’t apply for a credit card - if you only want to buy mobile in easy EMIs. Banks have stringent policies when it comes to the issuing of credit cards, and it might be difficult for you to obtain one. Here is how to buy a mobile phone using debit card—in easy EMIs.
How to buy a phone on debit card EMIs
There are various online lending technology platforms that let you shop using your debit card and convert it into easy EMIs. Thanks to these technology platforms, you can shop with your debit card with ease and choose from flexible tenure options.
Basically, the technology provider pays the price to the seller upfront, and you make the down payment and the EMI payment to the technology provider. In short, such companies provide a loan on your debit card, enabling you to buy your phone.
Finomena, ZestMoney, Home Credit, FastBanking (now Kissht) are a few online platforms that have a quick approval process and EMI options that enable you to buy mobile phones, electronics and even furniture in easy EMIs on your IDBI debit card.
All you need to do is to
• Buy your mobile phone at their online / offline partner outlets
• Sign up and upload / submit your KYC documents along with the application form
• Once your application is evaluated and accepted, you can decide on your monthly repayment amount, agree to / sign the agreement and make the required down payment
There are two factors to keep in mind:
1. You will need to make an initial down payment and
2. Interest charges apply.
So, make use of the latest benefits that technology offers you in the lending market, and buy that much longed-for phone on EMIs on your existing debit card.