Many people have their hearts set on a high-end smartphone with a fast processor, multiple cameras, crystal-clear screen quality, and ample storage. However, such phones do not easily fit into most middle-class budgets. For such people, purchasing an expensive phone on EMIs seems the best option.
While most buyers think they need a credit card to purchase something on EMIs and pay hefty interest charges, there is an option to buy a phone on EMIs using a debit card as well. For instance, an individual looking for the latest Samsung phone can purchase it by making a small down payment and paying the remaining amount in EMIs. Wondering how it works? Here is the complete process to buy a smartphone on EMI in India.
Calculate the Budget to Select a Phone
While it is possible to buy any phone on EMIs, it’s crucial to purchase according to the budget. Purchasing a costly phone beyond the budget will require a more considerable down payment from savings, and its EMIs will also be higher. Since repayment tenures are fixed for a few months only, the buyer must select a phone with EMIs suitable to their budget.
Check the Payment Options
After selecting the phone according to the budget, it is time to check the payment options. Many sellers allow payments through credit cards and debit cards, which support phone purchases on EMIs. The buyer needs to select their preferred option and proceed to checkout. In both cases, the buyer makes a down payment to initiate the purchase, and the credit card issuer or the financier of the debit card holder pays the phone’s price upfront. Now it is the buyer’s responsibility to repay the phone’s cost to the financier in monthly installments.
Avail Lucrative Deals
Many people refrain from using their credit cards to convert the phone’s cost into EMIs. It is because credit card companies are infamous for charging hefty interest charges from cardholders. To avoid these charges, many companies support purchases on EMIs using debit cards. These have nominal interest charges, and some even offer the no-cost EMI option. Under this scheme, the buyer pays only the phone’s total cost in installments without any interest charges.
Besides this, look for other lucrative deals while purchasing a Samsung EMI phone, like instant discounts, cash backs, extended warranty, free shipping, etc.
Submit Details and Documents
While purchasing a phone on EMIs, the buyer has to enter relevant details regarding their identity, finances, bank account, etc. Sometimes, they also need to submit their KYC documents, like Aadhar cards, PAN cards, bank statements, etc. Check out the formalities and fulfill them to buy a phone on EMIs.
Place the Order
After completing all formalities, it is time to place the order and receive the phone at the doorstep. The buyer must double-check the address entered and confirm payment to place the order. Once they receive their phone, the repayment tenure begins, during which the buyer needs to repay the phone’s cost in EMIs.
Now it is possible to buy a high-end Samsung EMI phone using a debit card. Avail deals like the no-cost EMI option to convert the phone’s cost into installments without paying any interest charges. Select suitable repayment tenure according to the budget and get the desired phone without touching savings or disrupting the finances. Also, check our other blogs