by Ismael Frederick | June 23, 2017 3:43 pm
EMI is Equated Monthly Installment which the buyer or basically the borrower of money pays to the bank or the lender of the money to pay off the interest as well as the principal amount over a definitive and pre decided period of time to completely pay off the loan.
If you want to buy a phone on EMI then there are many option for you to go for it that too when you don’t have a credit card. You can use a loan instalment calculator for this. All you have to do is, enter the loan amount, interest rate & the tenure (period of time within which loan will be repaid) and the calculator will calculate the EMI for that tenure.The loan instalment calculator will help you at the very first step of planning and help you convert payments into EMI, such that you are not under pressure and every month and can afford a decent phone on your salary.
Among the best and fastersolutions,the one online are the ones which allow the buyer to decide an EMI for you and it links that with the users PAN number or Aadhaar number. They also require the buyers ID and bank details. The companies generally ask the buyer to make a meagre down payment and then the buyer has to make small monthly repayments generally through their bank accounts
Out of the many companies that offer the services of theEMI without a credit card is ZestMoney. This is a very flexible system and this also lets the buyer to choose a term which is generally between two to twelve months and they also allow the buyer to pre – pay which is payment at early time in which no interest is charged.
But many people on social platform are claiming or rather warning people to not use the ZestMoney option as according to them they give lucrative options and then they charge high interests from people and their partners like valuecart often deliver defective products and then return policies are sort of a headache. As per a review on the website Quora there are cases going on in consumer court against the company ZestMoney thus using that option is not recommended.
There are other companies like HDFC and Bajaj Finance Limited which also offer consumer loans and these are the companies to rely on. A few other companies which offer the solution of cardless EMI usually focus on Students; these companies are Slice, Quicklo so if the buyer is a student then he may use these and benefit from them.
Taking a phone on EMI will help the buyer if he has some expensive phone in his mind and his salary is not that much and spending that big amount may put him/ her in acute financial crisis for that particular month or the months to come. Thus by this option the buyer may go for his pre decided phone and yet not have the financial pressure on him as the EMIs are small and don’t really matter that much when every month it is payed.
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