6 Benefits of Buying a Mobile on EMI


Smartphones are the need of the hour, and there is no denying that. People use Mobile for almost everything. They make communication easy, keep one updated with the latest news, provide entertainment, and people can even shop online.

Buying a new mobile phone has always been tricky as its price is higher. However, if buyers do not have enough money to buy an expensive mobile phone, they can use the EMI facility. With the growth of online marketplaces, buying EMI phones online has become easy. 

Most online marketplaces offer EMI options to their customers, and one can choose the desired amount of EMI from their available options to get the phone. Significant growth of 220% in the transactional volume of EMI was recorded in July 2021 than February 2020, owing to a boost in no-cost EMI offerings and debit card EMI transactions.

In this blog, let us delve deeper into what EMI is, how it works, and its advantages.

What exactly is an EMI, and how does it function?

EMI, or Equated Monthly Installment, is a popular option for customers who prefer to pay for their purchases using financing. It is a type of payment agreement between the lender and the borrower. 

Thanks to this method, customers can purchase a product using a credit card or debit card and pay for it in easy instalments over a while. 

Borrowers make a single set of payments each month under the EMI agreement. It is predetermined, so borrowers are aware of their obligations. 

It simplifies their financial planning. On the other hand, the lender receives a regular payment plus interest.

The EMI option can be used for many kinds of items, including vehicles, appliances, and mobile phones, among others.

Benefits of buying a phone on EMI

Buying EMI phones online has a lot of benefits, so let us go through a couple of them.

  1. Affordability

EMI makes even the most costly watch, vehicle, mobile phone, household appliance, or even a property affordable. There is no need to pay for the product outright; instead, individuals can pay in small, reasonable payments. 

As a result, it lowers the cost of those items. The lender divides the total into equal monthly payments and allows them to pay in smaller manageable amounts

  1. Freedom

Individuals can buy pricey products off the shelf with an EMI option, even if they do not have the cash to pay for them right now. 

For example, if a person wants to buy a car, an EMI option can give the person the freedom to buy the vehicle in instalments without hampering the budget

  1. Easier financial planning

The EMI arrangement allows the borrower to pay the loan in monthly instalments. The amount is calculated using the principal loan amount, the loan duration, the interest rate, and the borrower’s ability to repay.  This makes it easier to pay off the debt in small monthly installments. As a result, they do not have to cut back on their monthly spending to cover the cost of numerous high-priced utilities.

Further, they know how much they have to pay each month. 

  1. EMI calculator

Using online EMI calculators, borrowers may determine their monthly outflow according to the principal amount, interest rate, and time horizon.

It is simple to budget for other expenses and investments from one’s earnings.

  1. Flexibility

Several banks and financial organizations now provide flexible EMI plans. Depending on an individual’s financial situation and income, the lender allows them to choose the amount to be paid in EMIs per month. Also, check out our other blogs

  1. Less processing time 

The EMI is handled directly by the lender. There is no need for additional paperwork or approval from different parties. Thus, the processing time is less.


If a person chooses EMIs, they will pay more than the loan amount after the repayment period. The excess amount shows the institution’s interest charged for the usage of its money. Furthermore, missing an EMI or defaulting on payments might have serious consequences for a customer. It may also harm their credit score.

As a result, a no-cost EMI arrangement with no monthly interest cost and flexible repayment terms is preferable. People can choose a reputable EMI lender, such as EMILlife, which provides the option of buying no-cost EMI phones online

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