Are you thinking of getting a new phone on EMI? We are sure you must have heard the term ‘No cost EMI mobiles’ that are all the rage these days. With so many brands available in the market, and each trying to outflank the other, these are the best times for the consumer.
Whether it’s mobiles you want or any other piece of hardware, the options to get on EMI are limitless, with credit card-based EMI’s slowly being overshadowed by newer and better alternatives.
What is No Cost EMI Mobiles?
No cost EMI mobiles are offered by brands, retail outlets, and online stores by partnering with banks and other lenders to offer customers the option to buy a new phone without paying any interest charges.
Meaning when you get a new phone under the scheme, you only pay for the product’s original price minus the interest charges. This way, you get your hands on that new phone you always wanted but don’t need to spend anything extra other than the original price, which is broken down into easy monthly payments over a while.
If you want to buy a new phone on EMI but don’t have a credit card or don’t want to use it, there are many other ways you can opt-in for an EMI scheme.
Debit Card-Based EMI
Debit card EMI offers are relatively new in the market and are being slowly rolled out to a broader consumer base. Since this is still new, you need to fall under a certain income bracket, along with a long-standing relationship with your bank, to be considered for this scheme.
However, if you already have been given that option by your bank, you can use your debit card to purchase no cost EMI mobiles and save on interest charges.
Buy Now Pay Later
Fintech startups mainly offer these and significant online eCommerce sites like Amazon via their product offerings. Customers can buy a mobile phone or any other product of their choice using a pre-authorized credit limit based on an individual customer’s risk profile. The risk assessment is based on the individual’s income, repayment history, credit score, and buying patterns.
If you fall within the eligible bracket, then you can use the credit line on offer to purchase no cost EMI mobiles. This credit line can be reused if you pay off the entire outstanding amount within the stipulated period.
Zero Down Payment Schemes
Clubbing a zero-down payment offer with no cost EMI mobiles is one of the best ways to save money. Not only do you not need to pay any interest charges on your purchases, but you also don’t need to make any minimum down payment to get your hands on that shiny new piece of hardware. So, if you want to save money, club both of these offers together whenever you have the option to save considerable time.
Shop During the Festival Season
It has been observed that the best EMI schemes are offered during major festivals or just about when they are scheduled to happen. So, if you can wait till then, there’s nothing like it as you are sure to get offers that you won’t find through the rest of the year.
Moreover, lenders and brands often come together to create unique schemes designed to offer the best of both worlds to customers, increasing their interest in their products.
Benefit from the Competition
The market is full of brands, retailers, and lenders trying to offer you the best possible deals. So, the best way is to check out the rates offered by various retailers, lenders, and brands to select one that suits your pocket, along with the repayment period that doesn’t force you to cough up more money every month than you are comfortable with paying in EMI’s.
Now that you know how you can get the best deals out there when shopping for no cost laptop on EMI, we are sure that you are going to be wise about it and make an informed decision when buying your next phone!