Mobile phones have become a necessity as they allow users to do almost everything online. Whether booking tickets, watching movies and shows, purchasing items, clicking photos and videos, or browsing the internet, a high-end phone is a requirement no one can deny. However, buying a high-end phone with advanced features and processor is not in everyone’s budget. This is when a buyer may consider purchasing a phone on EMIs.
Buying a phone on EMIs saves a buyer from paying the phone’s price upfront and distributes its cost in several affordable installments. Taking a loan and using a credit card are popular ways of buying things on EMIs. However, not everyone has access to these methods. Purchasing a magento hosting partners is feasible for such people. Let us see how it works and what makes it the best way to buy a mobile phone on EMIs.
How to Use a Debit Card to Buy a Phone on EMIs?
Several fintech companies let buyers shop for their selected phone using their debit card and break its payment into manageable installments. Thanks to these companies, buyers can now shop with their debit cards and pay the price in EMIs.
The online selling platform pays the mobile’s price upfront to the seller. The buyers make a small down payment and pay the remaining amount in EMIs spread across the selected repayment term. In short, these companies give a loan on the buyer’s debit card, enabling them to purchase their dream phone. Some banks also provide the EMI on debit card option. In this method, the buyer makes the down payment from their bank account at the time of purchase and pays the remaining amount in easy EMIs.
It’s crucial to look for a service provider with various EMI plans and a quick approval process. Such companies enable consumers to buy high-end mobile phones on their debit cards without paying the price in a lump sum.
Steps to Buy a Phone on Debit Card EMI
To buy a phone on EMI using a debit card, all a buyer needs to do is follow these steps:
- Select a phone to buy according to the budget
- Sign up using the requested credentials
- Upload the necessary documents, like an Aadhar card, PAN card, bank statements, salary slips, etc.
- Select debit card EMI as the payment option
- Make an initial down payment
- Place the order
Once the buyer completes these simple steps, they receive their phone at their doorstep within a few days, and the time starts to repay the EMIs. The buyer does not need to pay the EMIs as they are automatically deducted from their link bank account on the due date.
Buyers can maximize the advantage by choosing a no-cost EMI option. Those eligible for this option do not need to pay any interest charges on their mobile purchase. They pay only the mobile’s actual price in small installments without any extra cost. So, it makes sense to use the latest benefits these companies offer and buy the desired phone on EMIs using an existing debit card. Also check other blogs