Top 3 Ways to Purchase a Mobile on EMI without Credit Cards - MoneyTap Blog
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Top 3 Ways to Purchase a Mobile on EMI without Credit Cards

Phones are a practical necessity these days, and everyone wants the best features possible. If the cost of the latest smartphone is more than you can pay in one go, buying it on EMI or Equated Monthly Instalments is your best bet. This is basically any credit option that you can repay in fixed installments over a period of time.

When you think about buying something on EMI, the first option that comes to mind is a credit card. However, not everyone has access to credit cards. Luckily, there are numerous other financial products available these days for purchasing a mobile on EMI.

Here are the top 3 options for buying a mobile on EMI without credit card:

1. Mobile Loan – You can get a personal loan through a bank, financial institution or even an app on your phone, and use this to buy a new mobile of your choice. With app-based loans through MoneyTap, you can be approved for a personal line of credit that’s both flexible and convenient.

You can use this credit line for large purchases such as mobiles, and convert your purchase amount to EMIs of your choice right through the app. You also get a credit card with your loan approval for both online and offline purchases!

2. EMI Card – Some banks and non-banking financial companies or NBFCs offer a product known as an EMI card. Essentially, these are quite similar to traditional credit options, where interest is charged on the principal loan amount and repayments are spread out over a certain period of time.

With some EMI cards, you may not be charged interest on the principal, but there will still be a processing fee. You need to make monthly payments within a certain timeframe, until the loan amount is repaid in full.

3. Debit Card – Most people believe that only a credit card allows for EMIs, not a debit card. In fact, it is possible to convert a large spend on your debit card into easy EMIs through certain platforms. Some fintech companies offer this service, but only before you have made a purchase.

Here’s how it works. Instead of paying a merchant through your debit card, the company offering this service makes the payment for you. In return, you need to make the down payment and EMI payments to them.

Why Buy a Phone on EMI through MoneyTap?

When it comes to a major investment like a phone, here’s why EMIs through MoneyTap’s personal loan make more sense than lump-sum payments:

  • The ability to choose EMIs and down payments gives you more flexibility and control.
  • Compared to traditional loans and credit cards, approval is quick and hassle-free.
  • You can choose flexible repayment options that fit your needs and abilities perfectly.

Even if you don’t have a credit card, MoneyTap’s personal line of credit can provide you with the option to buy a mobile on EMI. Download the app and get your mobile loan today!


India’s first app-based credit line, MoneyTap is a Bangalore based business that lends money with flexible interest rates, making credit quick and easy.

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