Here is the step-by-step guide on How to Buy Laptop on EMI with Debit Card successfully.
Do you want to buy a new laptop on EMI but don’t have any credit card? Now it’s possible to buy a laptop on EMI using a debit card.
Not every debit card is eligible for EMI. There are some factors that decide either your card is eligible or not.
These factors are:
- Which bank does your debit card belongs to? (Currently, Amazon is accepting debits cards of HDFC, SBI, Axis, ICICI, Federal and Kotak Mahindra bank)
- If you haven’t made any transactions in recent times then you may face some issues.
- Your saving account should have a higher MAB rule (Say 10k per month). This ensures that the installments of EMI won’t go unfulfilled i.e you will always have enough funds to get it paid.
If you take care of these steps, you are most likely to get a laptop on EMI.
Types of EMI
We aren’t talking about the EMI duration, but we’re talking about the types that most people don’t pay attention to. They get fooled by the types of EMI.
There are two types of EMI. One is Regular EMI and the other is No cost EMI.
What’s the difference? Take a look.
|Regular EMI||No cost EMI|
|• When you choose to pay through regular EMI, your EMI amount will consist of the interest component and the processing fees.||• When you choose no-cost EMI, there will be no cost added to the EMI amount, and your EMIs will be interest-free.|
|• For example: If you buy a laptop of Rs 50000 in 12 months EMI, you will end up paying more than 50000 (2-3000 extra) at the end of the 12 months.||• For example: If you buy a laptop of Rs 50000 in 3 or 6 months EMI, you will end up paying only 50000 (nothing extra) at the end of the 3 or 6 months.|
|• This EMI applies if you go for more than 6 months EMI duration.||• No cost EMI only applies for 3 or 6 months EMI time duration.|
How to avail EMI
You can’t buy anything you want on EMI. Not all products can be bought on this offer.
To avail EMI option, make sure the products you are purchasing cost more than Rs 8000.
If you have HDFC, ICICI, Federal, Axis, and Kotak Mahindra debit cards, then you can avail EMI on products that cost Rs 5000 or more.
Anything below Rs 5000 or 8000 (depending on cards) can’t be bought on EMI.
Biggest mistake people make
Do you know what’s the biggest mistake people make while purchasing a laptop on EMI?
They choose the No cost EMI option, but unintentionally, end up paying for the regular EMI.
It’s because they choose the 9 or 12 months time period.
Note that the No cost EMI is only available if you choose 3 or 6 months EMI options. Anything more than that will be automatically applied as regular EMI.
How to Buy Laptop on EMI with Debit Card
Follow the steps to buy Laptop on EMI with debit card.
- Open the app/website of Amazon or Flipkart.
- Open the product that you want to buy.
- Make sure that there is EMI/No-cost EMI available in the product description.
- Now click on Buy Now button.
- The next window will appear with the Payment Methods. It will ask you to choose the cards or other payment methods.
- Scroll down, and select the second last option which is EMI. Click on this option.
- Now click on the Select EMI option.
- Click on Add a new card.
- Now enter your name, card number, and the expiry date of your card. Now click on Add your card.
- It will take a few seconds to process. If everything goes right, then congratulations, you are eligible to buy your new laptop on EMI.
- Your card is now added successfully. Now you will be redirected to the payment method page again.
- Now make sure you have chosen the EMI option, and now click on the continue button.
- On the next window, you will be asked to choose the EMI option. Either pay in full or choose different EMI options.
- Now carefully choose the option you want. If you want No-cost EMI then only choose 3 or 6 months EMI options. Otherwise, choose any option you want.
- Now choose the option and click Choose EMI Plan.
- Now check all the options carefully and proceed further.
- Enter address and place the order.
- Congratulations! you have successfully purchased your new laptop on EMI using a debit card.
Which EMI option is the best?
Without any doubt, the no-cost EMI is the best among all. You don’t need to pay anything extra at the end of the 3 or 6 months.
Because the time period of EMI is less, the installment’s amount will be more.
On the other hand, if you choose the regular EMI, you will end up paying less monthly installments. But at the end of the EMIs period, you will pay Rs 2-3000 extra as the bank’s interest.
So choose the option you are comfortable with.
If you are planning to buy a new laptop, please have a look at the Best Laptop under 50000 with i5 Processor, 8GB RAM and SSD.
So these were the steps to buy a laptop on EMI using a debit card.
If you still have any doubt, feel free to ask in the comments.
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