There are now a lot of NBFCs that provide EMI cards to their customers. The card comes loaded with a pre-approved amount which can be used to purchase online or at partnered outlets. The repayment can be done in monthly instalments within a comfortable tenure. Some of the lenders even provide zero interest on making purchase at select e-commerce portals and partnered websites. Nil foreclosure charge is another attractive feature of EMI card. This is considered as one of the best alternatives to a personal loan if you think of using your loan to make purchases online or at premium outlets in the city. 

The EMI card is meant for non-cash transactions to purchase consumer durables. Hence, it cannot be used to withdraw money from ATMs or through any other means.