How to avail EMIs without Credit Cards
1 November 2019- So you just saw something that you really want to buy, and you know it’ll be out of stock tomorrow, but you don’t have the money for it right now and neither do you have a Credit Card, that’s fine, there are a number of ways you can apply for EMIs these days. Vendors like Amazon and Flipkart and many other shops offer EMIs to their customers without them having to provide a Credit Card. Let’s take a look at some of the ways in which you can avail EMIs without a Credit Card.
EMI Cards
There are a number of non-banking financial companies (NBFCs) that provide their customers with EMI Cards which cards carry a pre-approved loan amount on them and when a customer uses these cards to make payments for products, the payment automatically gets converted to EMIs.
Debit Card EMIs
Banks like HDFC Bank, ICICI Bank, Axis Bank, and SBI have tied up with vendors like Flipkart and Amazon to allow their customers to use their Debit Cards to pay via EMIs. This is not available on all Debit Cards from these banks, the bank decides which are the cards that are eligible to avail EMIs for purchases. Your eligibility for Debit Card EMI is up to the discretion of the bank and they factor in things like your relationship with the bank, your transaction history, the duration for which you have possessed the card, etc. There are a number of exciting offers banks offer their customers on Debit Card EMIs and it might be a good idea to have a look at them before making a purchase.
Consumer Durable Loans
There are a number of retailers that offer Consumer Durable loans to customers. All you have to do is approach the salesperson in the store and request them to provide you with a loan for the consumer durable product you would like to procure. The documentation for this type of a loan in minimal usually requiring you to just provide ID proof, Address Proof, and Proof of Income. Once your loan is approved the amount will be disbursed to you.
Online Loans
There are a number of non-banking financial companies (NBFC) that provide their customers with lines of credit. These are usually small-medium size companies that are utilizing technology to provide hassle-free loans to their customers. Using the Aadhaar database, these companies provide loans through an eKYC process, this means that you will not be required to submit any physical documents while availing a loan. One can also get loans using instant personal loans apps which are available in the online market.
With India growing rapidly and embracing technology, there are a number of ways you can avail lines of credit, both online as well as offline. So the next time you see something you like and don’t save up for it, considering one of these options could save you a lot of time and money.
