5 Points to Consider Before Buying a Mobile Phone on EMI

India is among the fastest-growing smartphone markets globally. Some of the main reasons for this are the rising disposable income, increasing need to stay connected, and cheap data services. 

It is predicted that by 2026, India will have approx 1billion smartphone users. 

In 2021, 53% of mobile phone consumers in India bought the device online.

Further, there has been tremendous growth in purchasing affordable and premium segment mobile phones. In 2021, 15% of people bought phones in this category compared to 7% in 2020.

Buying a mobile phone today is one of the most exciting and, at the same time, daunting tasks. There are numerous options and it can be hard to pick one. Moreover, many people prefer buying phones on EMI.

In a survey conducted in 2019 in India, around half the respondents said they were open to taking loans to meet their needs and improve their lifestyles.

So before you jump into the world of EMI, there are a few things you need to consider. 

What points should one consider before purchasing a phone on EMI?

  1. Do not overborrow 

Before buyers buy a phone on EMI, it is essential to ensure that they can meet the payments without compromising their regular expenses. 

When buying a phone on EMI, take care not to overborrow. Ensure that the budget allows for this investment and that you can manage your finances efficiently.  

At the end of the day, mobile phone buyers need to understand that they are still responsible for paying the phone’s full price. Thus, avoid hasty decisions when opting to buy phone on EMI

  1. Credit card is not only the option

Want to buy a mobile phone on EMI? A credit card is not the only option. Buyers have numerous options to buy a mobile phone.

Nowadays, debit cards are also accepted to process loan EMI payments. Additionally, mobile phone buyers can take a personal loan or opt for online shopping websites that provide no-cost EMI purchases.

Individuals can also buy from EMI applications that allow converting their transactions into EMIs. These apps provide credit whenever they need it, helping fulfill immediate demands. 

Further, always make sure to read the fine print to examine if there are any additional fees, hidden charges, or implications they might have in the future. 

  1. Choose the right EMI option

One of the essential things to do before you buy a phone on EMI is to choose the right EMI option, as the monthly installments will affect your finances. 

It is because the repayment tenure and EMI have an inverse relationship. In other words, if the term is for a longer period, then the EMI will be lower, but the total interest paid will be higher. 

Conversely, if the loan is for a shorter period, borrowers will be paying more in EMI, but the interest cost will be lower.

It is crucial to factor in the length of time borrowers intend to take the loan. 

  1. Avail EMI offers from genuine sources

Another essential point to consider is that people need to ensure that they choose a trusted and reliable company so that their transactions are safe.

Whether taking a personal loan, purchasing through online shopping websites, or EMI applications, they are recommended to examine the lender carefully and then make an informed decision.

  1. Pay dues on time 

Paying the dues on time is one way to maintain a good credit score. Paying late can hurt the credit score. It will impact an individual’s future loans and borrowing prospects. 

Paying on time is important because it reflects positively on the credit companies. It shows that one is reliable and responsible for their financial duties and payments.


Mobile phones are amongst the most used electronic gadgets in the market today. There are numerous options when it comes to buying a mobile phone.

If people are thinking of buying a mobile phone on EMI, they need to make sure they can afford it and evaluate their spending pattern; if possible, make a list of their expenses and income for a month or two. 

Before taking on any EMI, they can calculate what will happen if they miss a payment. Consequences depend on the EMI scheme, but usually, there is a penalty fee.

1 thought on “5 Points to Consider Before Buying a Mobile Phone on EMI”

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