There are so many smartphones in the market today and it can become quite hard to pick which one to buy. Sometimes you know which one you want to buy it’s beyond your budget, so you opt for a cheaper phone. Well, you might never need to do that again, many vendors are now offering no-cost EMIs on mobile phones making it much easier for you to buy the phone you want. These no-cost EMIs are offered on Credit Cards as well as select Debit Cards.
A No-Cost EMI is basically an EMI plan that carries no additional charges. There is no additional interest, processing fee, transaction fee, etc, attached to these forms of EMI. So you pay the purchase price of the phone through EMIs at 0% interest rate.
Here are some tips when buying a mobile on EMI without a credit card:
Choose the Right Phone
It can be quite difficult to choose the phone you want to buy, with manufacturers developing new features and technology virtually every day, the phone you want to buy today may not be the one you want tomorrow. So it is important for you to buy the right phone. If you are using a No-Cost EMI to buy a phone, you will not be paying interest on it, but the phone will keep depreciating over time. So, ensure the phone you decide to buy has some level of longevity when it comes to its technology. You don’t want to end up paying EMIs for phones that is obsolete.
Look Around
Once you have decided which phone you want to buy, check the price of the phone with multiple vendors. Some vendors have exclusive offers on certain phones, this can really be greatly beneficial especially when you’re taking a no-cost EMI because if the retail price of the phone is lower from a particular vendor, this can reduce your EMI tenure.
Cost-Benefit Analysis
Once you have decided on the phone you want and the retailer you will buy it from, run a cost-benefit analysis. Analyze if you will use this phone for the full duration of the EMI tenure, and how much it will depreciate in price by the end of the EMI tenure. This can help determine if it is worth buying that particular phone or not.
Haggle
Don’t be shy when it comes to getting a good deal. If you are approaching a retailer to buy your phone on a no-cost EMI, ask them for discounts and try to get the price down as much as you can. Sometimes retailers do not display offers and wait for customers to ask them. If you can lower the retail price you are paying for the phone you can also reduce the tenure of the EMIs or the EMI amount.
Maintain a Good Credit Score
To ensure you get the best deal possible, make sure you maintain a good Credit Score. A Credit Score of around 750 is considered good, and banks will provide you added benefits for a good Credit Score. Some benefits include cashback offers that can seriously reduce the EMI burden.
When looking to buy your next mobile phone it might be a good idea to check if your bank provides No-Cost EMIs.
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