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Step by Step Guide to Buy a Phone on EMI without a Credit Card

Published on Aug 17, 2023Updated on Dec 5, 2023

Step by Step Guide to Buy a Phone on EMI without a Credit Card

In today's era, a smartphone is much more than just a tool for communication; rather, it is an instrument that is necessary for carrying out daily tasks. Nevertheless, purchasing a new smartphone, particularly one of the higher-end models, can be quite an expensive endeavor. Even if you don't have a credit card, it's now much simpler to get the newest smartphone by taking advantage of the EMI (Equated Monthly Installment) payment plan. Using this strategy, the overall cost of the phone is broken down into monthly installments that are more reasonable. 

Let's get started with the procedure, which consists of five simple stages, and find out how you can buy a mobile on EMI without a credit card.

Step 1: Choose Your Desired Smartphone

Getting a good smartphone is the first and most important step. There are a lot of choices out there, and narrowing them down can seem impossible, but following a systematic process will make the process much easier. 

Determine your requirements and personal preferences first. Which operating system, such as Android or iOS, are you looking for specifically? Which do you value more: a high-quality camera, long battery life, a large display, or speedy processing? After you've figured out what you need, it's time to do some serious digging into the various models that meet your needs, checking out reviews and comparing pricing as you go. 

It's important to remember that you shouldn't just get any old smartphone, but rather one that will meet your demands for the foreseeable future.

Step 2: Explore And Compare Financing Options

Exploring financial institutions that offer EMI arrangements without requiring a credit card is the next step after deciding on the model you desire to purchase. Loans for mobiles can be obtained through these institutions and can be used to buy things like cell phones and other long-lasting consumer electronics. 

Before committing to one institution over the others, it is important to weigh your options in terms of interest rates, processing costs, and loan terms.

Step 3: Understanding Eligibility and Documentation Requirements

Make sure you qualify for a personal loan from the financial institution by checking their requirements first. You must meet the general requirements of being a legal resident of India, being over the age of 21, and having a stable income. 

You will need to show identification, residency, and earnings documentation. It's best to double-check with the institution in advance to see if they have any specific requirements, such as bank statements or evidence of employment.

Step 4: Apply for the Loan

You can submit a loan application once you have verified that you are qualified and have gathered the required paperwork. The application process has been made more streamlined and quicker by the fact that many financial institutions now accept applications exclusively online. 

Typical fields on the form include contact information and facts about the item being purchased. You should expect the loan amount to be disbursed shortly after your loan approval.

Step 5: Purchase Your Smartphone

Now that you have the loan money, you can go ahead and buy the smartphone of your choice. You will make equal monthly payments towards the smartphone's full price over an agreed-upon time frame. 

Loan conditions and your preferences will typically determine how long you have to pay back the money through EMIs.


Buying a mobile on EMI without a credit card can be an excellent way to manage your finances while getting hold of the device you want. Timely repayment of EMIs is critical, not only to avoid late fees but also to maintain a good credit score, which can prove beneficial for future financial requirements.

While this process can be smooth and straightforward with any lending institution, it becomes even more comfortable with financial institutions like SMFG India Credit. We offer personal loans at attractive interest rates with minimal documentation requirements


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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.