How to Buy the Latest Mobiles on EMI

Many of us have at some point, wanted a good smartphone or gadget with top of the line hardware and technology. Alas, the price of a high-end smartphone is what some would consider preposterous.

Normally, you wait for around 6 months to a year for prices to fall into your ‘affordable’ financial net. Often times, pinching from or holding back on other necessities to save up for the smartphone that you know will change your life.

New payment methods are now available that put high spec flagship smartphones in the hands of anyone who desires them. Amazon and Flipkart have their own promotions and sales with large discounts and cashback offers for customers who purchase mobiles on EMIs.

Banking institutions like SBI, HDFC, ICICI, Axis Bank, etc. have initiated ways of flexible payment to their customers. Through their various tie-ins with other finance and e-commerce organizations, the EMI option has advanced vigorously, allowing more choices on interest rates and adjustable payment cycles that are within your means.

The best Android smartphones on offer range from the top-spec variants to the budget-friendly leading mobiles in class. Cost-conscious buyers can choose from a variety of inexpensive mobiles that don’t compromise on performance and is more in tune with your needs.

Mobile Shopping with EMI on Flipkart

Online shopping giant, Flipkart offers many EMI plans, the ones listed below are the 2 broader categories.

Standard EMI option

The standard EMI option is available with credit and debit cards of most banks with a rate of interest. Open the product page of the mobile phone, at the bottom near the payment section, there will be an EMI option. When selected, a list of banks will be shown. Select the bank you belong to, the monthly installment plans, interest rates, and tenure options will be listed according to the price of your smartphone.

No cost EMI option

It is a payment option introduced by Flipkart for people who find standard EMIs somewhat tedious. The no-cost EMI lets you buy a smartphone without down payment, interest or processing fees.

Only monthly installments will be required to be paid to Flipkart. The interest you pay to the bank is given as a discount during your purchase. With the no-cost EMI, Flipkart is targeting people who want to purchase the latest mobile phones that ooze of ‘state of the art’ feel without spending their entire life savings.

This EMI service is available on HDFC, ICICI, SBI and Axis Bank credit cards, including the Bajaj Finserv EMI card. However, this offer is available on select mobile phones only. Check the product page of the device to see if your mobile has this option.

Mobile shopping with EMI on Amazon

Mobile phones, laptops, power banks, etc. are all products that sell in high volumes on a monthly bases.

Amazon frequently hosts shopping discount sales for its customers. To give you an idea of what kind of deals you can find, read on. The last one held was the Amazon Fab Phone fest. Spanning through the last 4 days of November. They were offering up to 40% discount on smartphones and accessories, exchange offers and mobile aftercare plans.

Before the year ends, they’re bound to have another massive sale with similar discounts and offers. Apart from their sales, they do have regular price cuts on brands like, OnePlus, Apple, Samsung, Xiaomi, Nokia, and others.

No cost EMI option

Amazon customers can avail the no-cost EMI option which allows you to pay for your new mobile in EMIs without interest, down payment charges and processing fees.

The no-cost EMI offers on Amazon pertain to credit cards from ICICI, HDFC, SBI, Kotak Mahindra, HSBC, Standard Chartered, other major banks, and Bajaj Finserv EMI cards.

Keep in mind, the respective bank will charge GST on the component of interest of the EMI. When using the EMI option, Amazon Pay balance cannot be used to make EMI payments.

Amazon does offer its customers a no-cost EMI option along with an exchange offer (the EMI amount will be recalculated after deducting the exchange value of the handset).

Instant Loan Apps to Avail Mobiles on EMI

There are applications you can download that help you buy a new smartphone on EMI using a debit card. Apps like ZestMoney that are available on Google Play store, have partnered with Amazon, Flipkart, MakeMyTrip, Myntra,, Mi Homes and 800+ merchants to provide customers with Instant Personal Loans.

The application process takes less than 5 minutes and approval can be done almost instantaneously. If you do not have a CIBIL score, you can still apply as first-timers are welcome. If you do happen to have one, the requirement is a score of 681 and above.

The conditions required for this are as follows:

  • The customer should be an Indian citizen.

  • Must be between the age groups of 21 to 55 years.

  • Must have been employed for the last 6 months.

  • Must earn a salary of Rs.12000 or higher.

The most recent payslip and bank statements pertaining to the last 3 months to be uploaded to the app. Loans can be availed as you like as long as you do not exceed the limit. The minimum loan amount is Rs. 5,000.

In case you face any difficulty, you can contact their support team through their website or through a call with a customer service representative.

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