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

Published on Aug 17, 2023Updated on May 2, 2024

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.

A personal loan can help you realize your dream of owning the phone of your dreams. Lending institutions have not laid down a cap for which one can avail a personal loan as long as the funds are used for a legitimate purpose. Opting for a loan to finance the purchase will help in breaking down the expenses of your purchase ensuring that it does not carve a dent in your pocket.

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

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.

Why Opt For Emi When Purchasing A Mobile Phone?

Smartphones are an indispensable requirement for our day-to-day tasks, whether for personal, professional, or educational use.

With ever-changing technology, it's not uncommon for users to replace their phones every few years. However, the steep prices of flagship smartphones from leading brands, ranging from tens of thousands to over a lakh, can be a financial hurdle for many.

Fortunately, purchasing a smartphone through EMIs provides a solution. With EMIs, one can make an immediate purchase without saving up, as payments are made in manageable installments over time instead of a large one-time payment.

Online mobile finance options make accessing the latest technology easier for a wider range of customers without straining their finances, ultimately making smartphone ownership more attainable.

Must Read: What is EMI ? - Meaning, Full Form & Calculation

What eligibility criteria do applicants require to fulfill to be able to apply for a personal loan?

The basic criteria to apply for a loan is as follows:

  • An applicant's age should range between 21 to 60 years.
  • The applicant should be a salaried employee of a public or private company having a basic minimum turnover as per the lender’s policies.    
  • The applicant should earn a basic salary of Rs. 25,000 in places like Delhi and Mumbai and Rs. 20,000 in other towns across India.
  • They should possess work experience of minimum one year and six months of experience in the company they are presently working.
  • A credit score of 750 and above can make it easier to obtain a loan at attractive rates of interest.

Documents Required to Get a Mobile Phone on EMI Without Credit Card

Purchasing a smartphone using a mobile loan online is a straightforward procedure that requires minimal paperwork. Here is a list of essential documents needed to complete the financing formalities:

  • Identity proofs: You can provide your Aadhaar card, PAN card, driver’s license, voter card, etc. These documents usually have your image and signature as evidence for verification.
  • Residential proofs: A passport, rental agreement, or utility bills with your current address are valid.    
  • Copies of your latest passport-size photograph.

What are the advantages of purchasing a Mobile Phone on EMI?

Purchasing a mobile phone on EMI offers a myriad of advantages, making cutting-edge technology more affordable and accessible to a broader spectrum of consumers. Let's explore the various advantages that make buying a mobile phone on EMI an enticing option for tech enthusiasts and budget-conscious consumers alike.

Easy on your Budget

Good quality smartphones usually fall in the INR 20,000 to INR 1,00,000 bracket. However, purchasing them by paying a lump sum amount can often put a dent in your monthly obligations. Additionally, a smaller budget can limit your choices. In such cases, an EMI helps ease your financial burden and lets you buy the smartphone of your choice.

Afford a Flagship Model

Choosing to finance your new smartphone using EMIs can help you get the latest and best smartphone on the market without compromising on any of its features.

No Hidden Costs

The best part of buying a phone with EMI is the absence of any hidden expenses. The total amount is broken down into small amounts over a set time period.

Must Read: Best Laptops Under INR 15,000 In India 2024

What are the Different Types of Personal Loans?

The different types of personal loans you can consider opting for are as follows:

  • Medical Expenses: You can opt for a personal loan to make good the expenses incurred on quality healthcare.
  • Debt Consolidation: Consolidate your debts into a single loan and repay them at a lower rate of interest.
  • Higher Education: Enhance your educational qualifications by opting for a personal loan. The loan can help you finance major educational expenses that include course fees, hostel fees, traveling expenses etc.
  • Wedding Expenses: Your wedding is a once in a lifetime event. Avail of a personal loan to fund your pre and post-wedding expenses.
Must Read: How to Get a Personal Loan If You Have Low Salary / Income?

How Can I Apply for a Loan with the Intent of Purchasing a Mobile Phone?

The steps in applying for a personal loan to purchase a mobile phone are as follows:

  • Determine the approximate amount you are eligible to borrow using a personal loan eligibility calculator.
  • Use our personal loan EMI calculator to get an idea of the tenure you can select to ensure that you can repay the EMIs without compromising on your living expenses.    
  • Click on “Apply now”, enter your mobile number and the other details required. Post verification of your mobile number, enter the details required.
  • The documents submitted and other factors like your good credit score play a determining factor in deciding whether your application is accepted or rejected.
  • Post-approval of the loan, the funds are credited to your account in approximately 30 minutes*. You can also apply for a loan through your loan provider's mobile application, by calling the customer helpline number or by making an offline loan application.

Opting for a mobile loan might not be the right option for everybody. However, if you do decide to opt for one, make sure to honor your loan installments to ensure that you continue to maintain a healthy credit score in the future.


Buying a new smartphone is no longer a matter of setting aside huge amounts of money. With SMFG India Credit, purchasing a phone through installments without a credit card has become more convenient. This especially caters to those without credit card access and those who prefer alternative payment methods.

In addition to these options, SMFG India Credit also specializes in offering personal loans or EMI financing specifically for buying electronic devices, including smartphones. These alternatives often require minimal documentation and have straightforward eligibility criteria.

* Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG India Credit's policy at the time of loan application. If you wish to know more about our products and services, please contact us

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