A mobile purchased using EMI without a credit card is a thrilling idea that many people would love to have in this time and time. When buying a brand new phone without a credit card was something of a dream; however, that’s not the case anymore. Today, you can buy an upgrade without having credit cards in various ways.
1. Zero Down Payment Schedules
This is the most well-known method of purchasing an additional phone from offline stores. Many local retailers and megastores for consumer durables provide no-cost payment gateway plans that allow customers to get a new phone without the need to pay upfront. They work with many credit service providers, who provide consumers with durable consumer loans with no credit cards. All you have to do is fill in your KYC information to pass the credit test to be eligible for a no-down-payment plan.
2. Purchase Now, Pay After
Buy-now-pay-later schemes are extremely popular with young customers. It is an exciting trend that is gaining momentum, where clients are pre-qualified to receive an account with a credit line that they can use to purchase consumer goods and more. The credit line can be used and repaid repeatedly if you pay promptly. However, you have to pay the entire amount in one payment at the end of your billing cycle. This can vary from 15 to 45 days based on the service provider.
3. Credit Gift Cards
Certain fintech startups provide this in their loan programs. They are more affordable than cash loans and come with longer repayment times. The method used to give the client cash by way of gift cards that can be used on the top eCommerce sites to purchase the latest smartphones or another gadget you’d like to purchase.
If you’re thinking of buying a brand new phone, do not use your credit card to purchase it. Instead, it’s time to start using the latest schemes specifically designed for today’s consumers.
4. Debit Card EMI
The debit card you have is a credit card that can be used similarly to credit cards. Yes, you read that right! Many banks allow customers to buy mobile phones from the top eCommerce websites using EMI by debit cards. Based on your relationship with the institution, you could receive this benefit. The most appealing aspect of this program is that it usually will require a minimal down payment, and the remaining of the money can be converted into simple EMIs. Additionally, you can receive a longer repayment time frame, up to one year, for this type of arrangement.
5. No Interest Schemes
An interest-free plan is yet another thrilling method to secure the latest smartphone. Additionally, these plans are compatible with the buy now pay later line of credit, debit cards, EMI mobile, etc. The most appealing aspect of these plans is that you will only have to pay for the cost of the item, and you don’t have to pay any additional interest costs.