Can You Buy a Smartphone on EMI without Credit Card?
In 2017, the number of smartphone users in India was estimated to be around 300 million. Today, the count must be definitely higher. With a shift of vendors from showrooms to online platforms for selling the highest quality, branded smart phones, the users now have easy access to shopping the best products from their comfortable homes. When buying expensive smart phones, payment through EMI in small parts would be most beneficial for the working class. However many of these platforms allow EMI payments only through credit cards. A recent survey noted that only around 2% Indians have credit cards. Then how should the rest of 98% of Indians buy smart phones on EMI without credit cards? Read on to find out.
Mobile Loans with EMI
Getting a personal loan from any bank or other financial institution on EMI is the easiest and the most efficient method to buy smart phones. If you need a loan nowadays, then all you need is your mobile phone with access to internet. Gone are the days of waiting in long queues for making sure that a loan is granted. Today, many companies have come up with mobile friendly websites and apps wherein loans are sanctioned in very short duration. Money tap is one such app that can provide you a mobile loan through a personalized line of credit.
The concept of EMI cards has been embraced by many financial lending companies today. A pre-approved loan is sanctioned based on which an EMI card is issued. This card can be used on many shopping websites as per the needs of the card holders. The advantage of the EMI cards is that no extra money can be charged by the seller on these cards, which results in saving the extra costs.
Consumer Loans via Startups
In the world of advancing technology today, the internet connects everybody to remote corners of the world. To keep up the demands of many consumers, lots of startups have come up with the idea of lending out loans for buying many commodities, including smart phones. With the new government regulations of joining more people into the Aadhaar identification pool, these startups make use of this them and issue loans through eKYC.
EMI on Debit cards
Recently a friend of mine brought a new smart phone online with EMI on debit cards. This was definitely not possible 10 years ago. With the advancement in technology, the online shopping giants like Flipkart, Amazon and many other are coming up with newer and easier payment ideas to improve their customer reach. EMI on debit card is one such recent development which has benefitted many of the consumers.
In today’s world of financial advancement and ease of technology, the idea of getting loans and payment through EMIs without credit cards have been made a reality, which could not be envisaged a few years back. We, the consumers, are its biggest beneficiaries!