A smartphone is undoubtedly one of the most sought-after products in the market. And with smartphone technologies getting a generational jump each year, the temptation to buy a new one with all the additional features is irresistible for some. However, the rising costs of the latest devices often prevent people from buying the mobile phones of their choice.
It is where the concept of no cost EMI mobiles allows customers to get their hands on their preferred phone without breaking the bank. In this article, we will take a brief look at what is a no-cost EMI scheme, and how you, as a consumer, can benefit from it!
What Are No-Cost EMI Mobiles?
No-cost EMI mobiles are those you can pick off the shelves and pay through a loan without having to pay interest charges. Mostly, you can pick up your favorite mobile without making a down payment, and no interest charges throughout the tenure of the loan. It makes it possible for anyone to buy a new smartphone without disturbing their budget or having to dig into their savings.
Benefits of Buying No-Cost EMI Mobiles
The customer can get many benefits by opting for these schemes, some of which we will be discussing in this article!
No Upfront Payment
It depends on the retailer; however, it has become quite common to find multiple retailers clubbing a zero down payment scheme with 0% interest charges. It allows customers to take home a new mobile without spending any money from their pockets while buying the phone. The price is converted into no-cost EMIs which need to be paid within the agreed period.
Cardless EMI Option
Did you know that you don’t need a credit card to opt for such schemes? You can use a ‘Buy Now Pay Later app, take out a readily available consumer loan, and even use your SBI debit card EMI to purchase a smartphone on 0% interest. This way a larger section of the consumer base gets access to the latest device despite not having a credit card swipe charges, which was a pre-requisite earlier.
Tenures can range anywhere from a few days to months/years. It allows the buyer to decide from where to take the loan. However, it is best to pick a tenure option where you can pay off the debt in less time without putting additional stress on your wallet as it will make you eligible for bigger loans in the future.
Improves your Credit Score and History
Buying a phone at 0% interest and paying off the dues in time will help improve your credit score and improve your credit history. It will allow you to borrow money for high-value purchases such as a home or car, and with a good score, you can also negotiate the best interest rates with the lending institutions.
Makes you Financially Disciplined
Since a loan needs to be repaid, it makes you more financially disciplined as there is a set amount of money that is going to be debited from your account every month till the dues are paid in full.
No-cost EMI schemes are one of the best things to happen to the consumer market in years, as they have opened the floodgates to expensive products and made them available to one and all.
So, if you are thinking of upgrading to that latest smartphone, do check out these schemes before you buy! Read More Article.