How to Buy Mobiles on EMI with Debit Card
Wait, what? Say that again? Really? You can make mobile phone purchase in easy EMIs with your debit card? Yes, you read that right! Read on to know more!
Perhaps, you have been eyeing your favorite mobile for some time now, but backing off due to the lack of a credit card. It is impossible to buy the phone outright due to the steep price, but you also do not have a credit card to break it up into EMIs - makes you kind of wish your debit card would magically turn into a credit card, right?
Not everyone has the luxury of owning a credit card—banks have stringent policies when it comes to issuing of one. You might be a student, saving up, or a professional who is fresh out of college. Or you might not fulfil the salary criteria in order to be eligible for a credit card. Whatever the reasons might be, there is no reason to fret any more, as you can make that much-desired mobile phone purchase in EMIs even without a credit card!
Getting a phone on debit card EMIs
There are various online lending 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 now!
How it Works: The technology provider pays the price to the seller upfront, and you make the down payment and the EMIs to the technology provider. In short, such companies provide a loan on your debit card, enabling you to purchase your dream phone. ZestMoney, Finomena, and FastBanking (now Kissht) are a few online platforms that have a quick approval process and EMI options that enables you to buy mobile phones, electronics and even furniture on your debit card.
You will be required to make a down payment, only after you are approved and your documents comply with the KYC norms. Approval is generally quick and happens within a working day.
The process is as easy as 1-2-3
All you need to do is to
1. buy your mobile phone at their partner outlets,
2. sign up and upload your KYC documents. You will be required to
3. make an initial down payment if you are considered credit-worthy
Once you complete these 3 easy steps, your purchase will be converted into EMIs.
It will be better to sign up before hand and check your eligibility to make sure there is no eligibility problem after making the purchase.
Disadvantages: There are two factors to keep in mind - You will need to make an initial down payment, and interest charges apply.
So make use of the latest benefits that technology offers, and buy that much longed-for phone on EMIs on your existing debit card.