EMIs Now Available for Mobile Phones

EMIs Now Available for Mobile Phones

When you think of Equated Monthly Instalments (EMIs) you would usually think of a loan for something big like a car or a house. But EMIs can now be availed for a plethora of consumer durable products, including mobile phones. So the next time you’re upgrading your mobile it might be a good idea to look at this option for payment.

EMIs now available for Mobile Phones

Mobile phones are some of the most purchased items online and it is important for vendors to make every avenue of payment open to customers so as to not restrict the sale of these products. EMIs on phones is a great option as some of the flagship models from the leading mobile manufacturers are quite expensive and can put undue strain on your savings.

When you buy a mobile on EMI the lender will pay the entire amount for the mobile to the vendor as soon as your EMI plan is approved. The lender will then provide you with various EMI tenures ranging from 3 months to 24 months depending on your requirements. You will need to make the payment for the first EMI at the time of purchase and payments for the remaining EMIs will be made as per the schedule.

There are a number of reasons you should consider purchasing your next mobile on EMI without credit card, here are just a few.

Maintain Good Liquidity

Buying an expensive mobile on EMI without credit card is a great option if you have a small amount of savings. If your savings match the cost of the mobile phone you are planning to pick up it might be a better idea to take an EMI plan to pay for the phone, as it is always good to have some money on-hand to take care of unforeseen expenses. Buying the mobile on EMI will allow you to maintain a healthy level of liquidity while allowing you to buy the phone you desire.

Avail Offers

Many lenders like Zestmoney offer some great deals when you buy a mobile on EMI. Some lenders offer the borrower No-Cost EMIs. As their name suggests, No-Cost EMIs, carry no extra charges, fees or interest. So at the end of your EMI tenure, you will just pay the price of the mobile. No interest over the principle, no processing fees, no additional charges.

Availability of Mobile

Some flagship models from large mobile manufacturers are in high demand and go out of stock fairly quickly, so getting your hands on one, especially if you don’t have the entire amount saved up, can become quite difficult. Buying a mobile on EMI if you don’t have the entire amount saved up is a great option in such cases. Just ensure that you will be able to repay the EMIs.

Even though there are many advantages to buying a mobile on EMI, you should exercise caution. EMIs are a great tool if you make sure to pay the EMIs on time, falling back on EMIs can prove to be quite costly, with additional charges and late payment penalties. So if you are considering buying a mobile on EMI make sure you have the income to pay off the EMIs on time.