In today’s digital age, smartphones are more than just communication devices—they are essential tools for work, education, entertainment, and staying connected. With the rapid technological advancements and increasing prices of high-end smartphones, many consumers in India prefer to buy phones on Equated Monthly Installments (EMIs) instead of paying the full price upfront.
Traditionally, credit cards were the go-to option for EMI purchases. However, not everyone in India has a credit card. Fortunately, there are now several ways to get EMI on smartphones without a credit card. Whether you’re a student, a salaried employee, or self-employed, this guide will walk you through your options for buying a smartphone on EMI without a credit card.
Why Opt for EMI?
Before diving into how to get EMI without a credit card, let’s understand the benefits of EMI purchases:
- Affordability: Break down a large payment into smaller, manageable monthly installments.
- Instant Ownership: Get your desired smartphone now and pay later.
- Flexibility: Choose a repayment tenure that suits your budget—ranging from 3 to 24 months.
- No Credit Card Required: Multiple platforms now offer EMI without the need for a credit card or high credit score.
Top Ways to Buy Smartphones on EMI Without a Credit Card in India
Here are the most popular and convenient methods available:
1. Consumer Durable Loans
Many NBFCs (Non-Banking Financial Companies) such as Bajaj Finserv, Tata Capital, and HDB Financial Services offer consumer durable loans for smartphones and electronics. These loans are often zero-interest EMIs (No Cost EMI) with minimal documentation.
How It Works:
- Visit a partner store or apply online.
- Choose your smartphone and preferred tenure.
- Provide basic KYC documents (Aadhaar, PAN, income proof).
- Get instant approval and walk out with the phone.
Pros:
- No credit card required.
- Instant approval at partner outlets.
- No-cost EMI options available.
Cons:
- Limited to certain partner retailers and brands.
- May require a minimum income threshold.
2. EMI via Debit Card
Several banks now offer EMI on debit cards, making it possible to buy smartphones even if you don’t own a credit card. Leading banks like HDFC Bank, ICICI Bank, SBI, Axis Bank, and Kotak Mahindra Bank offer this facility.
How It Works:
- Check eligibility by sending an SMS or visiting your bank’s website.
- If eligible, you can select the “Debit Card EMI” option at checkout (online or in-store).
- Choose your tenure and complete the transaction.
Pros:
- No credit card needed.
- Easy and quick process.
- Available at top online stores like Amazon, Flipkart, Croma, etc.
Cons:
- Not available for all users; eligibility is bank-defined.
- Processing fees and interest may apply depending on the bank.
3. Buy Now, Pay Later (BNPL) Services
BNPL platforms are becoming increasingly popular in India. These services allow you to purchase now and repay in easy installments, without requiring a credit card.
Top BNPL Providers:
- ZestMoney
- LazyPay
- Simpl
- Amazon Pay Later
- Flipkart Pay Later
How It Works:
- Sign up on the BNPL platform.
- Complete KYC and get a credit limit.
- Use the service at checkout to buy the smartphone.
- Repay in EMIs as per the plan selected.
Pros:
- Instant credit line.
- Flexible repayment tenure.
- Works on major e-commerce sites.
Cons:
- Some platforms charge interest.
- Delayed payments can impact your credit score.
4. Mobile Wallet and UPI-Based EMI Options
Apps like Paytm, PhonePe, and MobiKwik now offer personal loans or EMI services to users with consistent transaction histories.
How It Works:
- Check eligibility within the app.
- Apply for a loan or EMI plan.
- Buy the smartphone on the platform or at a partnered merchant.
Pros:
- Fast and convenient.
- Integration with your digital wallet.
- Often personalized offers based on usage.
Cons:
- Limited to frequent app users.
- May have interest charges or service fees.
5. E-Commerce Platforms’ In-House Financing
Major e-commerce websites like Amazon and Flipkart offer their own financing solutions:
- Amazon Pay Later
- Flipkart Pay Later/Flipkart Axis Bank EMI
These options provide instant credit without needing a credit card, and repayments can be split over 3, 6, or 12 months.
Pros:
- No bank visit or paperwork required.
- Quick approval and disbursal.
- Works directly at checkout.
Cons:
- Limited credit limits.
- Late payments can incur penalties.
6. Digital Lending Apps
There are many digital loan apps in India that specialize in small personal loans or product-specific EMIs:
- KreditBee
- MoneyTap
- CASHe
- FlexSalary
These apps provide quick, collateral-free personal loans that you can use to buy a smartphone.
How It Works:
- Download the app and complete the KYC.
- Apply for the loan and get money in your account.
- Use the funds to purchase a smartphone.
Pros:
- Instant approval and disbursal.
- Can be used for offline or online purchases.
- Flexible repayment plans.
Cons:
- High interest rates in some cases.
- Check credibility before using lesser-known apps.
Documents Required
Although you don’t need a credit card, most EMI providers will ask for some basic documents:
- Aadhaar Card
- PAN Card
- Bank Statement (last 3–6 months)
- Salary Slip (if employed) or ITR (if self-employed)
- Selfie or photo (for online KYC)
Tips to Choose the Right EMI Option
- Compare interest rates: Always check if the EMI is interest-free or comes with charges.
- Evaluate repayment capacity: Choose a tenure and EMI amount that fits comfortably within your budget.
- Read the terms: Understand penalties for late payments and any hidden fees.
- Maintain creditworthiness: Even if you don’t have a credit card, some of these options can affect your credit score.
Frequently Asked Questions (FAQs)
1. Can I get EMI without a credit score?
Yes, many BNPL services and NBFCs do not require a credit history for first-time borrowers, though it helps to have one.
2. Is No Cost EMI really free?
Yes, in some cases the interest is borne by the brand or seller. But always check the final price and any processing fees.
3. What happens if I miss an EMI payment?
Late payments can result in penalties and negatively impact your credit score. Always ensure timely repayment.
Conclusion
You no longer need to rely on a credit card to buy a smartphone on EMI in India. From debit card EMIs to Buy Now Pay Later services and digital lending platforms, there are plenty of options available for all types of consumers. Make sure to assess your needs, compare offers, and read the terms before making a decision. With the right EMI plan, your dream smartphone is just a click away—no credit card needed!
