Being able to buy big money items on EMI is probably one of the biggest factors that draws people towards credit cards. By availing the credit card EMI facility, you can buy those out-of-reach products that would not be possible for you otherwise.
But there is some more good news for you. There are quite a few options available in the market that allows you to buy high-priced products on EMI without a credit card. These options include both online and offline modes that you can use and pay for your purchases in conveniently manageable monthly instalments.
The most popular Non-credit card EMI options available in the market today have been listed below
Debit card
Today, almost every major bank offers the facility of EMI through their debit cards. You can use your debit card to make online purchases on EMI or you can also go for offline store purchases. The conversion would be done without any amount being blocked in your account.
Amazon Pay EMI
Online retailer Amazon has also introduced the EMI facility that can be availed without a credit card. A select set of customers can avail the credit in a seamless way and it doesn't involve any processing, cancellation, or pre-closure fee.
Through Post Dated Cheques
Select offline stores provide the option of EMI through post-dated cheques to their customers. To avail this, customers have to submit their post-dated signed cheques along with some additional documents to purchase their desired products on EMI.
You do not have to apply for the debit card EMI if you already have a debit card issued by a bank that offers debit card EMI options. Just check out if that facility is provided by your bank.
At present, this facility is offered only to select Amazon customers and therefore, all you need to do is check if you are eligible for the EMI offer and complete a one-time setup for the Amazon Pay EMI facility (if you are eligible). Also, note that this facility can be availed only through a mobile device and the minimum purchase value should be Rs.3,000.
For using post-dated cheques, you need to have a bank account and a sufficient number of cheques to submit it to the retailer.
Although the list of items that qualify for the non-credit card EMI facility purchase is a long one, the most popular among them have been listed below.
Debit Card
Amazon Pay EMI
Through Post Dated Cheques
Currently, only certain banks provide you the option to use a debit card to avail the Amazon Pay EMI facility.
Yes, certain banks will levy interest in case any purchases are made via debit card EMI. However, certain banks may provide the no-cost EMI facility.
Yes, a laptop can be purchased via debit card EMI.
The various non-credit card EMI options that are available are mentioned below: Post-dated cheques, Amazon Pay EMI and Debit card EMI
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