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Debit Card EMIs for Mobile Phones

So you have been holding off on buying that phone you want for the longest time because it’s too expensive right now. Well, you don’t have to hold off anymore. 

Buying a flagship phone from a large phone manufacturer like Sony, Apple or Samsung can be quite expensive, in these cases, it would be prudent to opt for an EMI. Equated Monthly Instalments (EMIs) allow you to spread the expense of an expensive phone over a longer period of time, reducing the strain on your savings. Now, Zestmoney offers easy EMI options for mobile phones on Amazon, Flipkart etc. 

Traditionally you would require a Credit Card to avail the EMI facility, but nowadays many retailers have tied up with banks to bring their customers Debit Card EMIs. If you are not inclined to getting yourself a Credit Card this is a great option. Debit Card EMIs for mobile phones, television sets and other electronics works great and requires no extra documentation and nor a processing fee. Most banks charge lower interest rates on Debit Card EMIs are well.

Who is eligible?

A few banks have tied up with select vendors to provide their customers with the Debit Card EMI facility. You will need to check with the vendor if your bank offers the Debit Card EMI facility. Even if the bank does offer a Debit Card EMI facility with the vendor, it is to the bank’s discretion whether your card is eligible for this. The bank determines individual Debit Card eligibility based on their relationship with you, your transaction history, the duration for which you have held the account, etc.,

Debit Card EMI Tenure?

There are quite a number of tenure options offered to Debit Card EMI customers. Customers can choose between 3, 6, 9, 12, 18, and 24 months are their Debit Card EMI tenure. Please beware that shorter EMI tenures attract higher interest rates. 

Documentation Required

There is no additional documentation required, as the bank is technically providing you with the overdraft facility against your existing account. As this is a Debit Card, all your details are already present with the bank.

Why should you opt for Debit Card EMIs?

There are a number of reasons to opt for Debit Card EMIs. Here are some.

Maintain Liquidity

Sinking all your savings into a large purchase is quite a risky proposition. Unforeseen expenses can arise in your life and you will need to have some money on-hand to meet them. Using the Debit Card EMI facility allows you to pay off your expenses over a period of time, thereby, not putting undue stress on your savings.

Lower Interest Rates

Most banks offer lower interest rates on Debit Card EMIs when compared to Credit Card EMIs. So the next time you want to buy something on EMI reaching for your Debit Card instead of your Credit Card might be a good idea.

Boost Credit Score

As this is an overdraft facility being provided by your bank, if you make timely payments on this facility it can positively affect your credit score allowing you to avail larger loans when you require them.

Auto Debit Facility

Most Debit Card EMI facilities come with an Auto-debit function. This allows you to pick a date on which you want to make your Debit Card EMI payments and the amount will be automatically deducted from your account. This allows you to stay on top of your EMI payments and prevents you from incurring any penalties or additional fees. 

So the next time you are in the market for an expensive phone, but you think it’s too much to pay in one shot for a phone, taking a look at the option: Debit Card EMI for mobile phones, might be a good idea.

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