With less than 5 percent of the country’s inhabitants, India uses one of the lowest credit card penetration rates in the world. One of the reasons for this is the complicated nature of how credit cards work. Anyway, their need is deeply felt by those who go online to buy their favorite smartphones, only to realize that the EMI options they need cannot be used without a credit card. Luckily for them, ZestMoney, an online finance company, can bridge this gap and let you buy the things of your choice at EMIs at that time! Let us explain this further.
As you would expect, you must first create an account on the ZestMoney app or website. It is a fairly simple process and all you have to do is link your bank account to the application so that your EMIs are debited on time. For verification purposes, the app will request copies of your PAN and Aadhaar cards. You must also submit your bank statement for the past 3 months. Once this entire process is complete, ZestMoney gives you a credit limit – this is the maximum amount you can borrow from the company to purchase your favorite gadgets and products on EMIs.
How to use ZestMoney
There are two ways to use ZestMoney. The first method involves going to the official list of the phone that you are trying to buy. Regardless of whether it is Amazon, Flipkart or Mi.com, as soon as you click on the purchase option, you will be directed to the payment choices, where the option for EMIs is present. This is the menu that you must open to select the ZestMoney option. Here you can log in to your ZestMoney account and select the duration of your EMI and ultimately make the purchase.
But if you don’t find the option in the EMI section, there is another simple method to use this scheme. This means that you first log in to ZestMoney and then request an Amazon or Flipkart gift voucher (of course within your credit limit). You must then select the EMI duration. This generates a normal Amazon or Flipkart gift voucher, which you can now redeem on the websites mentioned, and pay your EMIs to ZestMoney later.
Buy the latest smartphones online at EMI
Now imagine that you want a chic new OnePlus 7T for yourself, but don’t want to spend the full amount of Rs 34,999 at once. All you have to do is create a ZestMoney account, and you can now purchase the device in 3-monthly installments of Rs 12,195, also without any interest. If you opt for the 6-month plan, the telephone can be yours for Rs 6,379 per month, while the 9-month plan costs you Rs 4,540 per month. There is even a 12-month EMI plan that only costs 3,459 Rs per month. All plans except the 3-month plan are interest and a nominal service charge of Rs 353.
If you are looking for a cheaper alternative, the newly launched POCO X2 is a pretty solid device. Rs 15,999 is what it costs on Flipkart, so the 3-month plan without interest costs 5,575 Rs per month. The 6-month and 9-month plans require Rs 2,909 and 2,076 per month, respectively, while the 12-month plan costs Rs 1,581 each month.
The iPhone 11 is one of the most popular smartphones you can buy now. This Apple device sells through Amazon at 64,900, but ZestMoney has a maximum credit limit of Rs 50,000 per customer. In such a situation, you can easily pay a deposit of Rs 14,900 from your own debit card, while the remaining Rs 50,000 can be converted into ZestMoney EMIs. You pay Rs 17,422 per month in the 3-month plan, while the amount falls to Rs 9,090 per month in the 6-month plan. The plans for 9 and 12 months require Rs 6,486 and Rs 4,942 respectively.
Regardless of the price of the smartphone you are looking for, with ZestMoney it is incredibly easy to purchase it on EMIs, and also without a credit card. You can register for the service by going to the official website.