A debit card is the best and safest instruments when it comes to withdrawing hard cash from the ATMs or making cashless transactions. Also, it frees people from the worries that come along with a credit card. From utility bill payments, mobile and DTH recharge, to transferring funds, a debit card comes handy in making multiple kinds of monetary transactions.
However, getting the EMI payment facility with the debit card is the prime challenge we all encounter especially when we plan to buy a smartphone and do not want to pay the whole amount at once. A lot of people are unaware that they can also get the EMI facility through their IDBI debit card.
You really don’t need to buy a credit card if all that you want to do is buy a phone on EMI. You can buy your favourite phone using a debit card and convert the same into easily repayable EMIs. Here is how to buy a smartphone on EMIs using your IDBI debit card.
While you may not be able to directly shop a new phone on EMI through your debit card, there are multiple online lending platforms that help customers change their phone purchase into easy EMIs to be repaid in flexible tenures.
Process: You can buy the phone through an online lending platform which will make the payment upfront on your behalf while you can pay the amount in EMIs to the online lender. Now, who are these technology platforms?
There are several tech firms which let you buy smartphones on EMI. Some of the examples are ZestMoney, Finomena, FastBanking (now Kissht), Home Credit amongst others. These platforms have a quick approval policy to disburse loans on luxury items such as mobile phones, furniture, electronic items and more.
What You Need To Do:
- Purchase the phone through the online/offline partners of your EMI facility provider.
- Upload and submit your KYC (Know your customer) documents.
- After your application is accepted and analysed, you may determine the EMI amount to be paid and sign the agreement.
Things To Keep in Mind:
- A certain amount of down-payment has to be made.
- A certain percentage of interest will be applicable on your purchase.
So there is nothing to worry if you do not have a credit card. With the online technology platforms mentioned above, you can surely get your favourite smartphone on EMI through your IDBI debit card.