With e-commerce websites and banks making the best of a cashless situation, you can also buy a mobile on EMI without going through the hassle of maintaining a wallet. You can now buy almost anything you need online and make payments in instalments.

It is certainly no longer difficult to buy a Smartphone through EMI Scheme that various banks, financial institutions and e-commerce websites have been offering. You can find numerous devices online now, including mobiles on emi, if you know how to go about using EMI Network – The Way to Pay.

Here are a few things you need to keep in mind before you settle for attractive Smart phone offers:

An EMI (Equated Monthly Instalment) usually sounds like a great idea, if you are out there to purchase something bigger than your current budget permits. Especially when popular brands like Apple, Samsung and even Blackberry come up with discounted Smart phone offers, you cannot let go of becoming part of the EMI Network - The Way to Pay.   

However, opting for an EMI does not take away your payments. It only distributes the payments over a period of time. Therefore, when you decide to buy Mobile on EMI, don’t forget to go through the terms and conditions of your financial institution as well as the seller.

Most of the EMI options are offered to you as the best emi offers on smartphones in the marker. Some would offer that you can pay the entire amount of your phone in the form of EMI or you will not be charged any processing fees on your credit card. However, be wary of the temptation to Buy Smartphone on no cost EMI because there are always certain costs applicable.

Banks do charge processing fees on select models of smart phones and may also curtail your credit card limit if you opt for staggering payment scheme. This is mostly to ensure that you do not default in terms of payment of the EMI applicable.

Go through the documents pertaining to your purchase thoroughly before you opt for paying emi on smartphones since the average processing fee could range from anywhere between 1%-8.75% of the principal amount of your device.

Earlier it was thought that high value purchases including those of smartphones on emi without credit card could not be done. But companies now are switching to debit cards as well. In the instance of credit card, your credit limit is reduced and entire cost of the product is deducted from the card. Then, you essentially pay back the credit to the bank in instalments.

Similarly, in case of debit cards, you are charged a specific interest rate based on the tenure of the EMI that you have opted for and the cost is levied on your running savings account. Therefore, it is important to note that both the payment options can be used for payment of EMI and have equal conditions attached to them.

Therefore, you can definitely for buying your favourite Smartphone with easy EMI Scheme, but you have to keep certain important points in mind so that you can enjoy your Mobile on EMI, without worrying about financial constraints.