Now Buy Mobile Phone and Tablets on EMI without Credit Card from The MobileStore

By January 20th, 2014 AT 4:41 PM

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.

The MobileStore EMI scheme

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.

369 Comments
newest
oldest most voted
Inline Feedbacks
View all comments

Recent Posts

IPL 2020 Starts Today: Get These Prepaid Plans to Watch it for Free

The festival of sports is back to the country today with the arrival of the Indian Premier League (IPL). The...

Trai Issues New Rules for Publishing Tariff Plans by Telcos to Boost Transparency

The Telecom Regulatory Authority of India (Trai) today issued new directions on tariff advertisements and tariff publications for telcos. The...

Amazon Alexa App Will Now Support Hindi on Both iOS and Android

Amazon Alexa is a smart assistant which can make your life a bit easier. You can ask Alexa to do...