Gone are the days when people used to postpone or cancel their plans to purchase any electronics due to the high prices. Pick any electronic. It does cost expensive. Whether television or a smartphone, everything comes at a good price. One of the latest trends and easiest options is to buy electronics on EMI (Equated Monthly Instalment). Not only this opens all the doors, but it also helps to plan your financial goals accordingly. 

However, buying on EMI is not just going to the shop and giving out any card to avail of this scheme. One needs to be careful while using a card too. In my personal experience, I’ve been using the trending EMI card. Trust me, if you are thinking about how to buy electronics on emi without credit card, this is a perfect way. 

What is an EMI?

It is a fixed monthly payment the borrower makes to a lender on a particular date. These are allocated towards interest as well as the principal so that the loan is paid off in full over a specific period. 

What is an EMI card?

An EMI card is one of the best ways to buy electronics on EMI. I’ve also experienced purchasing via a credit card, but trust me, due to the high-interest rate, I opted for an EMI card. If you know about it, 

you might know that such cards offer interest-free EMIs, which means that despite breaking down the whole payment in parts, there is no need to pay extra interest. 

Notably, only a few companies offer this type of card. Personally, I have been using the one offered by Bajaj Finserv, from which I purchased my new smartphone.

What is the difference between an EMI card and a Credit Card?

Purchasing electronics in monthly instalments is accessible from both an EMI card and a Credit Card. 

An EMI card is a pre-approved loan in your wallet, and you can use the loan facility to purchase any electronic of your choice. On the other hand, a credit card lets you purchase products on credit where the interest rate charges are usually very high.

While the credit card offers a maximum of six months of no-cost EMI, EMI cards provide more than that. Further, for an EMI card, there are easy eligibility requirements, while for a Credit card, it is mandatory to have a good credit score. So, in my personal experience, it is highly recommended that if you are thinking about how to buy electronics on EMI without credit card, go for the EMI card.

How to get an EMI card in India?

  1. Download the Bajaj Finserv application
  2. Sign up with your personal information
  3. Once you log in, you’ll see EMI Network Card under the ‘Products for you’ section on the homepage. 
  4. Tap on it and click on Get it now. 
  5. Enter all the details and proceed further
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