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Indian consumers are ratcheting up installment plans to purchase Smartphones even from the offline stores as the country’s longest festive season gets underway. Popularity is swelling for these small-sized loans that typically amount to less than Rs 5,000 for most of blue-grey collar workers who are seeing opportunity to buy phones.  The high-cost of smartphones with more features deters these customers from purchasing it, as they cannot pay the mobile price in one-go. This is where EMIs come into the picture. The biggest benefit of buying a mobile or any other personal gadget or home appliance on EMI is that you can now purchase the device and pay for it in installments.

Consider it like a small-term loan. The loan amount pays for the gadget, and you repay the amount in the form of fixed monthly EMIs over a period, say six months or so. As the festive season sale is ongoing across Chroma, Vijay Sales, Sangeetha, Pai’s,  NBFCs like Smartcoin, and players like Sankash, witnessing surge in number of loan takers for these smartphones as they also need to continue for studying from home for their kids and many other purposes. These companies offer credit access to customers who have no credit cards. For instance – Smartcoin a micro lending app has seen inbound enquiries on its platform during the festive sale across stores..

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