Buying a phone on EMI (Equated Monthly Installment) has become increasingly popular, offering consumers the flexibility of ownership without significant upfront costs. However, the conditions and requirements vary from one seller and financier to the other, making the process a bit complicated. This article aims to provide a comprehensive guide on the conditions and steps involved in buying a phone on EMI. We will also introduce MoneyTap, a fintech company that simplifies the EMI process using a debit card.

Conditions for Buying a Phone on EMI

When considering the purchase of a phone on EMI, several factors come into play. Understanding these conditions will help you make an informed decision:

1. Active Bank Account and Debit Card

To buy a phone on EMI, you need an active bank account. Additionally, having a debit card is essential, as it allows you to divide the upfront cost into monthly installments.

2. Aadhar Card Verification

Since financial institutions often convert the phone's cost into mobile EMI using the Aadhar card (a unique identification number in India), having a scanned copy of your Aadhar card at hand is crucial.

3. Regular Income

Showing regular income is often required, which usually entails providing bank statements for the past few months. This ensures the financier that you have the ability to make consistent payments.

4. Minimal Financial Obligations

Financial institutions prefer buyers with minimal financial obligations. High credit card debts or overdue payments can make it harder to secure an EMI plan for a new phone.

5. Wiser Repayment Terms

Choosing a repayment term that aligns with your financial capacity is crucial. Overextending your budget can lead to late payments or arrears, which negatively impacts your credit score.

6. Access to the Phone

Ensure the phone is within easy access as you will be required to enter an OTP (One-Time Password) during the payment process.

Buying a Phone on EMI Using MoneyTap

For a hassle-free experience, consider using MoneyTap, a fintech company that provides an instant personal line of credit or mobile loan with minimal documentation. This option is particularly convenient for those who do not have a credit card or prefer a simplified process.

Eligibility for MoneyTap EMI

Indian citizen Monthly income of at least Rs. 20,000 Age above 23 years

Steps to Apply for MoneyTap EMI

Download the MoneyTap App or Visit the Website Fill the Form with the Required Details Get Pre-Approved for a Loan of Up to Rs. 5 Lakh

Traditional EMI Process: Amazon Example

For consumers who prefer traditional EMI services, Amazon offers a straightforward process using a debit card. Here’s a step-by-step guide:

Step 1

Select the phone you want to buy and proceed with the purchase process.

Step 2

Enter your delivery address.

Step 3

Move to the payment page and select the EMI option.

Step 4

Choose your bank for payment.

Step 5

Enter your debit card details and proceed. You will receive an OTP for verification.

Step 6

Enter the OTP and complete the transaction.

With these steps and considerations, you can navigate the EMI process for buying a phone smoothly. Whether through traditional financial institutions or the convenient option of MoneyTap, finding the right EMI plan is key.