Why Smartphones in specific?
It should not come as a surprise that smartphones are currently emerging as the most popular form of communication society has to offer currently. As smartphones have become the new trend, everyone wants and more importantly needs to be connected through the internet, which is why it is the need of the hour. This extremely dramatic change in the way we communicate comes as a result of not only because of convenience but low prices as well. Getting smartphones on EMI gives you the best of both worlds.
Smartphones on EMI
Many people choose not to buy a phone that fits their needs perfectly because it is beyond their budget, and they do not opt for buying a smartphone on EMI, because they might think it’s a very hassled process. In reality there are several advantages to this.
- You don’t require a credit or a debit card. You can get credit/debit card free credit when you take up an EMI. Once you get a credit limit, you can pay for the mobile.
- It makes spending a lot more convenient because you don’t need to pay the money upfront, and you can spread the payment over a fixed period, so that it does not burn a hole in your pocket.
- You can even avail of the EMI option even in many mobile stores and even online as well, like on Amazon or Flipkart.
No cost EMI
With certain select EMI schemes, you can avail of no-cost EMI. When you take up a normal EMI, you are signing up to pay the price of the product plus the interest charged, due to the convenience of paying overtime.
- In case of a no-cost EMI, there are no hidden charges such as interest, processing fee, an application fee or even pre-closure of EMI fee, which is when you are charged for clearing off the EMI in advance.
- The no-cost EMI is preferred to the normal EMI scheme as in the case of the latter, customers end up paying more than the actual price of the product in the long run. If the price of the phone is 20,000 and a 10% percent interest is charged, the customer would have to pay 22,000 throughout let’s say 10 months, but he would pay 2200 per month. In the case of no-cost EMI, you would just pay the principal amount and not the interest.
- Initially, no-cost EMIs were offered by banks to customers who already have a credit or debit card, but new-age financial technology platforms offer this option to any person who has their financials in order. Therefore, whether you are looking to purchase a smartphone online or offline, you can afford it now, without any unnecessary charges and costs.
- Many retailers offer convenient payment periods that can range in between 3-month equal installments to 36-month installments, thus giving you the flexibility, in case of No cost EMIs
- You can avail of no-cost EMI, on several platforms such as Amazon, Flipkart, Paytm, MI in the case of phones.