Did you know that less than 2% of the Indian population have credit cards? Yes, this is true that credit cards are of great use when you purchase something on EMI. But again, no every Indian citizen has the luxury of owning a credit card.[no_toc]
If you are among the 98% of the Indians who are without credit cards, then there is a piece of good news for you. You can now purchase anything on EMI without credit card.
Well, Amazon, Flipkart, also there are many other top-notch online stores are providing this facility of purchasing luxurious items on EMI without the burden of credit cards.
There are a lot of benefits when you are purchasing products on EMI. However, when you do not show the credit card, then you need to figure out another way. For an Indian citizen, it would be a smart move to provide your aadhar card.
Yes, you get EMI on aadhar card, which is much simpler and more manageable.
The cost of living has shot up. Even the prices of products are also relatively high. At such a junction it would be foolishness to spend more than half of the monthly income on something expensive. That’s the reason why EMIs have come up and it’s so popular.
Again, the credit cards charge a lot of interest, which is a cause of concern for the common man. Therefore, a welcome change of paying EMI without credit card is something that will stay for long.
Let’s have a look at how you can purchase anything on EMI. The best part is that you don’t need that credit card at all.
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Contents
EMI Cards
This is a new term, but it’s simple. EMI card is a new-fangled mechanism and it is actually a pre-approved loan. When the buyer buys a particular product, it gets converted into easy EMIs.
Not all, but there are plenty of NBFCs who deal with durable consumer goods as well as electrical appliances. These NBFCs provide this kind of facility to the consumers.
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EMI On Debit Card
Yes, you must be waiting for this. And to be honest, yes, EMI on debit cards are now a thing. Debit cards are used by one and all and it’s quite common. So, paying the EMI with the debit card would certainly not be a significant cause of worry to the common man.
There are banks like HDFC, ICICI, Axis Bank and all who have started providing their customers with the facility of purchasing products on EMI with the debit card. How to go about it? Well, visit the bank’s partner outlet and talk about this offer.
Here is a catch! If the offer is running, then you get to make the purchase at just a single swipe and you are done. But the outlet should be partnered with your bank to provide you with the benefits.
If the purchase is made, then you can now pay the balance with EMIs quickly and also pick the installment duration that suits you just fine. The installment duration would be at your discretion.
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Consumer Durable Loans
Take, for example, you walk into a store and desire to purchase a phone. But you do not have cash for it. In fact, you realize that you are not carrying your debit card along with you. So, what do you do then? Do you still have other documentation details? Well, there is a quick fix here!
You tell the salesperson that you want a loan for the phone. This is the consumer durable loan. The salesperson will arrange everything for you and the documentation required will be minimal. It will just take you around 30 minutes and then you can walk out with your favorite phone in your hand.
Even the MobileStore has launched one of a kind installment scheme for their customers that would enable the consumer to purchase phones with EMI, but without using the credit card.
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Start-up Lenders
The internet has created a lot of channels for people to look for EMI options. Millions of internet users have now come up and are willing to provide money to people. How? Well, here it is.
They are basically start-ups who have taken advantage of technology and is now providing loans to consumer durables like laptops and mobile phones. With the Government’s aadhar card policy, these lenders offer loans to consumers through eKYC.
So, again, the consumers can get their preferred products with EMI, and no credit card is needed at all. Such a strategy looks convenient enough and will surely make the purchases boost up and also reduce the stress on consumers likewise. EMI is undoubtedly a better option than a one-time payment.
Conclusion
With technological penetration and different financial products from reputed banks, it has become much easier to buy any product from anywhere without a credit card. A few years back, this was unheard of, but now more and more people are making purchases on EMI without the credit card.
