Now Buy Mobile Phone or Tablets priced more than Rs.4000 on EMI without Credit Card! Yes you read it right. Mobile phone and Gadgets retail chain The MobileStore today announced the launch of a new installment scheme (with interest) for consumers to buy Mobile Phone and Tablets on EMI (equated monthly installments) without a credit card across five cities in the country, first time in India.
To avail this facility, customer just needs a functioning bank account. The monthly EMI would be debited via ECS (Electronic Clearance System) from the bank account of customer.
Presently the scheme is introduced in Mumbai and will be available in Delhi, Pune, Kolkata and Chennai in one or two days. This will allow prospective consumers to buy smartphones or tablets by submitting their Know Your Customer (KYC) documents of respective bank, along with Residence Proof,ID Proof, Canceled Cheque, Demand Promisary note, ECS Form and Income Proof, The MobileStore (TMC) said in a statement.
The interest rate will be 5% to 15% depends tenure of EMI and a processing Fee of Rs 400 will be applicable for all transactions. For example, if you select a product priced at 10,000 and select an EMI tenure of 15 months, the interest charged will be 15% on Rs. 10,000. The total amount per month will work out to Rs. 767. There will be a processing fee of Rs. 400 charged only along with your first EMI. This is over and above the EMI amount (only for the first month).
The MobileStore has partnered with Japanese company AEON Credit Service India to introduce this solution in order to target the base of consumers without a credit card.
