We live in an advanced world today where new technologies emerge every day. That’s why having the latest technology available with you has become a necessity. One of these things is a mobile phone or smartphone. But, the cost of a new smartphone can be quite high, which makes it challenging for many to afford it. This is where the concept of EMI (Equated Monthly Instalments) comes into the picture. With the help of EMIs, you can buy a phone and pay the cost in manageable monthly payments.
So, if you wish to buy a mobile phone on EMI, then here is a brief guide for you. In the article, we will explore the advantages of purchasing a smartphone on EMI, important considerations, and the process of buying a mobile on EMI.
What are the Advantages of Purchasing a Smartphone on EMI?
Buying a smartphone on EMI offers you numerous benefits. The significant ones are as follows:
- You have affordable payments. Instead of paying a large sum at once you can divide the cost into smaller more manageable payments.
- If you buy a mobile phone on EMI, you can afford the latest and more expensive models without affecting your finances.
- Fixed monthly payments make it easier to plan your budget and avoid financial stress.
Things to Consider When Buying a Mobile Phone on EMI
When you are going for an EMI plan to purchase a mobile phone, here are certain things you must consider:
- Check if the EMI option comes with interest. Several retailers or financial institutions offer interest-free EMIs.
- Make sure you know how much you need to pay upfront.
- You should be aware of additional charges such as processing fees.
- Choose the loan tenure that aligns with your financial capability.
- Make sure you have a good credit score as your eligibility for an EMI plan can depend on your credit score.
- Check if there are any penalties for paying off the EMI before the end of the loan tenure.
- Look out for EMI deals and offers to save money.
Also Read : Do EMIs Make Personal Loan More Appealing
How to Buy a Mobile Phone on EMI
Here’s the step-by-step guide on how you can buy a mobile on EMI:
Step 1: Choose the mobile phone you want to buy
Step 2: Select the EMI option
Step 3: Decide the duration of your EMI plan
Step 4: Provide personal details like your PAN card, Aadhaar card, and bank account information
Step 5: If a down payment is required, pay the amount upfront
Step 6: Review the terms and conditions, then sign the EMI agreement.
Step 7: Once approved, the retailer would process your order and you can take home your new smartphone.
You can also opt for a mobile loan to buy the smartphone of your choice and then repay the loan with easy EMIs. Apply for a mobile loan at competitive interest rates with CASHe and choose a flexible tenure.
Conclusion
So, purchasing a mobile on EMI could quite be a convenient and flexible way to own the latest smartphone you wish to have. With this, you would not even feel the burden of a large upfront cost. Just follow the simple process and you are all set to have your favourite smartphone in your hand.
If you would love to make your next smartphone purchase easier? Download the CASHe app today and explore your EMI options!
FAQs
1. What is EMI and how does it work for mobile phone purchases?
EMI stands for Equated Monthly Instalment and it allows you to pay for your mobile phone in smaller fixed monthly payments instead of a lump sum.
2. What are the benefits of buying a mobile phone on EMI?
The major benefits include manageable monthly payments, access to high-end models, and easier budgeting.
3. Are there any interest-free EMI options available for mobile phone purchases?
Yes, you may get interest-free EMI plans, especially during sales or festive seasons.
4. How do I qualify for EMI on a mobile phone purchase?
The eligibility to get a smartphone EMI often depends on your credit score, income, and financial history.
5. What is the typical duration of EMI plans for mobile phones?
EMI plans can range from 3 months to 18 months. Choose a tenure that suits your financial situation.
