How to Purchase a Mobile Phone on EMI Using a Debit Card?

How to Purchase a Mobile Phone on EMI Using a Debit Card?

iPhone on EMI on debit card

Rather than a mere mode of communication, mobile phones have evolved into highly advanced gadgets that bring the world to the fingertips. Whether to browse the internet, shop online, take photographs and videos or compete in e-games, a high-end phone can make it all happen with ease. However, their prices have also reached all-time highs. The latest iPhone with advanced features may cost well above a lakh. Shelling out such a considerable amount from savings does not make sense. It is not in everyone’s reach either. So, buying an expensive phone on EMIs seems the best option. 

Buying a phone on EMIs helps individuals purchase their favourite phone without paying its price upfront. They can buy it with a small down payment and pay its price in EMIs. When we talk about EMIs, the first medium that comes to mind is a credit card. However, not everyone has a credit card, which calls for hefty interest charges. Many sellers allow buyers to purchase their iPhone on EMI on debit card. No idea how this payment medium works? Here is a guide on buying a mobile phone on EMIs using a debit card.

Selecting a Phone in Budget

Purchasing a phone on EMIs gives some freedom to go beyond the budget and select a higher-end model with the desired features. However, staying within the financial means will save the buyer from unnecessary financial burdens. Whichever phone the buyer chooses, the financier will divide its price into equated monthly instalments for the number of months in the repayment tenure. The costlier the phone is, the bigger will be the EMI amount. So, selecting a phone with conveniently affordable EMIs is vital.

Exploring the Payment Options

Those looking to buy an iPhone on EMI on debit card must look at the seller’s payment options. When a buyer purchases a phone on a credit card, their credit card company pays the phone’s cost upfront, and the buyer repays it to the company in installments with credit card bills. However, not many sellers have the option to buy EMIs using a debit card. Therefore, the first thing is to find an online seller with the EMI on debit card option in its payment options.

Filling in the Required Details

After choosing the EMI on the debit card option, the buyer must fill out a form to provide personal, financial, and debit card information. If required, they may need to scan and upload a few documents supporting the information entered, such as bank statements, salary slips, Aadhar card, PAN card, etc.

Selecting the Repayment Tenure

Selecting the repayment tenure wisely is crucial. While purchasing a phone on EMIs using debit card, the buyer can choose a repayment term from a few months to years. The longer the tenor they select, the smaller their EMI amount is, and the higher the interest outgo. However, choosing a shorter tenor increases the EMI burden. Therefore, it’s crucial to select a repayment term according to the monthly budget, financial obligations, and repayment capacity.

There is no need to hold an expensive iPhone purchase due to a lack of money. Now it’s possible to purchase an iPhone on EMI on debit card, place an order, and pay its price in EMIs without the high credit card interest charges. So, this payment option brings high-end phones well within the buyer’s budget without stressing the finances.


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