Today, phones are not only limited to calls and texting; they have evolved into versatile devices with internet access, social media, multimedia, apps, photography capabilities, and much more. To meet such hefty digital functionalities, consumers are gradually shifting from prioritizing volume to valuing quality, as a result, the market share of premium smartphones has increased rapidly in the context of Nepal. To be able to afford such premium range phones in Nepal, one can consider the effective solution of Equity Monthly Installment (EMI).
But why should one consider opting for an EMI for a phone, and what makes it worth considering? In this article, we will explore the benefits of EMI schemes and discuss specific brands that provide such services in Nepal.
Why consider EMI schemes?
EMI schemes are worth considering when purchasing phones for several reasons. Firstly, they allow consumers to spread out the cost over monthly installments, fitting better into the budget. Secondly, EMI schemes provide financial flexibility as consumers don’t have to pay the full amount upfront, enabling them to manage their finances more efficiently. Additionally, EMI options may allow them to upgrade to a better model that would otherwise be out of their budget range. Some schemes also offer no-cost EMI, eliminating additional charges.
In Nepal, consumers have the opportunity to purchase Samsung, Xiaomi, and iPhone models through convenient EMI options with low or no interest. Here is a breakdown of the detailed information regarding these EMI schemes:
EMI Service for Apple iPhones
EvoStore and Oliz Store in Nepal offer EMI services specifically for iPhones. Evostore offers a convenient EMI scheme for an interest rate of 10% to 12% for 12 months, allowing customers to purchase iPhones without the need for a mandatory down payment.
For instance, you can acquire the iPhone 14 Pro Max with 128GB storage for a monthly installment of Rs. 17,700.
Oliz Store also offers a favorable EMI scheme with interest rates ranging from 7% to 12% for a duration of 12 months, depending on the selected bank and EMI period. Both Evostore and Oliz Store require customers to have credit cards from their partner banks; otherwise, eligibility for the EMI schemes may not be granted.
Get more info on EMI service on iPhones in Nepal from the official sites of EvoStore and Oliz Store:
- EvoStore: EvoStore EMI Details
- Oliz Store: Oliz Store EMI Details
EMI for Xiaomi smartphones
Xiaomi Nepal has collaborated with Nabil Bank to introduce an 0% EMI scheme for customers. This partnership allows Nabil Bank customers to purchase any Xiaomi, Redmi, or Poco smartphones through installments without any additional interest or service charges.
To enjoy this offer, customers need to possess a Nabil Bank Credit Card. The scheme allows users for an initial 0%, 30%, or 50% of the down payment, however, all the installments should be completed within the 6-month time frame. By launching this 0% EMI offer, Xiaomi intends to make its products more accessible and affordable for customers, creating a deeper connection with its loyal fans in Nepal.
- Learn more: Xiaomi Nepal Brings 0% EMI Scheme for phones
EMI for Samsung smartphones
Him Electronics, Samsung Plaza, and Samsung Nepal provide an 0% EMI scheme for Galaxy phones. This scheme is available for both flagship phones and budget to midrange phones. For flagship phones, customers can opt for a 6 to 12-month EMI plan, while budget to midrange phones, such as the F, M, and A series, have a 6-month EMI option.
To utilize this scheme, customers have to make a compulsory down payment of 40%. The EMI installment option is available even without a credit card, making it more accessible to a wider range of customers in Nepal.
- Samsung Nepal: EMI without credit card details
What are the requirements when applying for EMI?
To buy a phone with EMI in Nepal, applicants typically need to be of legal age, provide valid identification such as a Citizenship certificate or Voter’s ID, demonstrate a steady source of income through a pay slip and valid salary sheet, have an active bank account, and may undergo a credit check. Some EMI schemes may also require a down payment. Specific requirements may vary among different EMI providers. Passport-size photos are mandatory and certain EMI schemes may require applicants to have a credit card from the partner banks.
Stay connected!
We will continuously update the article with the latest EMI schemes as they become available. Additionally, we will provide details if any other companies introduce EMI schemes in the market. So, stay tuned to our article so that you can make informed decisions when purchasing smartphones or other products, taking advantage of the most up-to-date EMI offerings.
- Meanwhile, check our video on how to get mobiles on 0% EMI.
