Buying a smartphone on EMI is one of the easiest ways to upgrade to the latest mobile. These days, many people purchase mobile on EMI as that keeps them from digging into their savings, and neither do they have to make a huge upfront payment to get that smartphone. It’s simple and convenient, as you can repay the amount over a period that makes it easy on the consumer’s pocket.
If you are also thinking of buying a mobile on EMI, you have landed at the right place, as we will list down a few tips that would help you get the maximum out of such schemes!
Table of Contents
Take Advantage of Zero Down payment Schemes
Most smartphones are available at zero down payment schemes these days. If you don’t want to make a minimum down payment when purchasing the latest gadget, you can hugely benefit from this scheme. All you need to do is walk into your favourite store, visit any major online retailer, and choose your smartphone on EMI mobile.
Zero Interest Schemes
Zero-interest schemes allow customers to purchase consumer durable products without paying any interest charges. If you club this benefit with a zero down payment scheme, we have a winner. Not only you won’t need to make a down payment when buying a smartphone, but you also won’t be any interest charges on the loan amount either. So, play it smart and club both the schemes if you get that option.
Debit Card EMI Mobile
Debit card-based EMI schemes are slowly gaining traction, with the majority of the population having access to debit cards more than the number of people with credit cards. Major banks are now allowing customers to use their debit cards to purchase high-value items by converting the cost of the product into monthly EMIs, which can be paid off within the agreed repayment period.
However, since this is still in its nascent stage, you need to have a long-standing and good relationship with your bank to qualify for this benefit. Here too, you can sometimes club both of the schemes above to avoid paying interest charges or making down payments on the products you purchase.
Buy Now Pay Later Credit Lines
Buy now pay later credit lines offered by banks, fintech startups, and major online retailers. You are offered a pre-approved credit line as a customer once you pass the credit check. This credit can be used to purchase products from offline and online stores and paid off within the stipulated period.
The best part of these credit lines is that you can keep using the credit line as long as you can pay off the entire amount taken in the loan within agreed timelines to reuse the credit to buy other products once again.
Wait for the Festive Season
If you are willing to wait till a major festival hits the calendar, you can get the best deals on mobiles, tablets, laptops, and any other gadget that you can think of. The festive season brings specially designed schemes that are well thought out, keeping the end-consumer in mind. Smartphone brands partner with various banks and online and offline retailers to bring schemes that can help you get the best deals that aren’t available throughout the year.
Getting a new smartphone, television set, or any other expensive gadget is often a decision that we thoroughly think through before dialling down the device we would like to get for ourselves.
The same should be the case when deciding to go the cardless EMI way. Doing this will help you save money and benefit from the overall competition in the market, which is vying to attract consumers. The more informed you are, the better decision you will be able to make when it comes to choosing a lending partner.
So, be an informed customer, and we hope that the tips we shared will help you get the maximum out of the schemes we discussed so far!
