How to Make EMI Purchases of Electronics with No Credit Card

EMI Purchases 

Like Tweet share Email EMI is a common method of paying for high-priced equipment, although it usually necessitates the use of a credit card. Yet, not everyone has access to credit cards and may be unaware of how to make large electronic purchases without one.

Although it is possible to spread the cost of a large electronic purchase over several months by purchasing it from an online retailer and paying for it in installments, this strategy may not be viable if the item's online price is higher than its offline price or if the item is simply unavailable online.

While it may be more difficult, it is still feasible to purchase gadgets on EMI even if you don't have a credit card. In this post, we'll show you how to buy gadgets on EMI even if you don't have a credit card.

The Availability of EMI Payment Plans That Do Not Need the Use of a Credit Card

Pay in installments with a debit card EMI

Nowadays, a large number of the best banks provide a service called equated monthly installment (EMI) on debit cards. As a result, you may use your debit card to make instalment payments on online purchases. Another option is to make in-store purchases and have the whole amount converted into EMI without having any funds held or banned from your account.

Get a Private Loan

If you apply for a personal loan from one of the many available lenders, you won't need a credit card to pay for your electronic gadgets. Flexi credit allows you to tailor your loan to your unique demands and budget by giving you more leeway in terms of repayment and loan size.

Generally speaking, personal loans are a practical substitute for credit card EMIs, making it simpler for anybody to buy gadgets without worrying about the up-front charges. If you need a new computer, mobile phone, or other piece of technology but don't want to drain your savings account doing so, a personal loan with flexi credit might be the answer.

The Convenience of Paying Later with Amazon

The king of online shopping has introduced a brilliant new function that will wow and please its customers: Amazon Prime. Amazon's Pay Later feature, previously only accessible to Prime members, now allows anybody to shop without a credit card. It's true; we've eliminated all processing, cancellation, and pre-closure costs so you may take advantage of our flexible financing alternatives with complete peace of mind. For those who qualify, using this service will be quick and easy, thus enhancing the convenience and pleasure of purchasing online.

Cards Issued by the Electronics Manufacturers' Association

An EMI card is a good alternative to using a credit card while making electronic purchases. This card acts as a line of credit, enabling you to make purchases and divide the total cost into affordable instalment payments over time.

Using Cheques with Future Dates

Those who shop at brick-and-mortar establishments may be able to spread out the cost of their goods across many post-dated check payments. Pre-signed post-dated checks and other documentation may be requested from customers who want to use the EMI (Equated Monthly Payment) payment option to buy anything from the shop.

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Advantages of Paying for Electronics with EMI Instead of a Credit Card

Your Funds Are Safe and You Won't Need to Use Them: If you don't have a credit card, you may still purchase devices on EMI without having to pay the whole price at once. Hence, you may preserve your funds and pay it off in manageable chunks.

Certain EMI plans don't need a down payment, making it simpler to purchase pricey equipment without having to come up with a large chunk of money all at once.

Budgeting and saving money is simplified with EMI choices since you can easily estimate your monthly payment and set your spending limits appropriately. Avoiding stress and unplanned costs may be accomplished using this method.

You may avoid the crowds and the trouble of going shopping by purchasing items on EMI online.

Certain EMI suppliers do not impose early termination costs if you decide to cancel your EMI contract before the end of the term. Those who have an unexpected windfall and want to repay their debt ahead of schedule may find this option useful.

When she's not writing, Tanvi Kaushik works as a Content Marketer for KreditBee, India's quickest personal loan platform, where freelancers and salaried professionals can get the cash they need in a matter of minutes. Tanvi's readers like her succinct writings about personal finance and budgeting. She has a strong desire to simplify financial concerns for the average person. Even though she is very dedicated to her job, she still finds time to enjoy outdoor activities like hiking, trekking, and other exciting adventures.