Are you aiming to get a new Vivo or Realme phone, but your budget is a bit short? Don’t worry, you can still get yourself a new phone and pay the remaining amount later! And the best part… you don’t even need a credit card or have to pay the interest! Yep! Here, I will explain the process of getting a Realme or Vivo phone on 0% EMI.
Realme/Vivo Phone on 0% EMI Overview
Previously only Samsung provided a service like this in Nepal through Insta Finance. And given its success, Vivo and Realme are also bringing a similar service in partnership with Goodwill Finance. Both brands are highly in-demand in Nepal and introducing 0% EMI will further boost their numbers in the market. This is a net win for the general consumers as well, as they can now get better phones without having to win a lottery or go through the tedious process of issuing a credit card.
What you will need?
Though you do not need a credit card to get a Vivo or Realme phone at 0% EMI, it is not without the need for paperwork. This procedure requires the following documents:
- Original citizenship of the applicant
- Salary sheet of the applicant
- Bank statement for the past three months
- Two passport-size photos
- Original citizenship of the guarantor
Yes, you will need a guarantor — someone the finance can contact if you are unavailable. They will also be responsible for paying back the debt if you fail to do so or go contactless.
Additional things to remember
There are a few more things that you need to remember before you get the Vivo/Realme smartphone of your dreams at 0% EMI:
- The credit tenure will only be for 12 months
- You will have to pay a downpayment of 40%
- Financing is only available for phones above NPR 20,000
- The phone will be locked such that you cannot use it if you fail to pay the installment
vs. what we already have
Banks
EMI or 0% EMI isn’t anything new to the Nepali market. It has been available for years now. However, to get an EMI, you would need a credit card from whatever bank the vendor was partnering with. And given the nature and scale of banks, it could be a hassle with heavier paperwork and longer waiting times.
After the EMI is done, deciding whether to continue or discontinue your credit card is a decision that consumes the life force out of you. If you decided to shut down the service, it was another headache. If not, wallah, annual and maintenance charges. There was so much going on.
Insta Finance
Well, I have already told you Samsung is the pioneer in providing 0% financing on its devices. So, why not compare 0% EMI Vivo and Realme have introduced on their phones to Samsung Insta Finance for a bit? That being said, Samsung offers longer credit tenures and accepts wider documents as a basis for financing too. For instance, you do not need to submit a salary sheet, if you opt for an EMI from your permanent residence.
Likewise, Samsung has Knox security built into the phone, which makes it much tougher to crack into the phone. Meanwhile, the same cannot be said for Vivo and Realme as they rely on some third-party apps.
Realme/Vivo Phone on 0% EMI: Conclusion
Introducing 0% EMI on Realme and Vivo phones makes them approachable and affordable to customers. Now customers can only have 40% of the amount in hard cash and pay the rest in small sums which is more manageable than piling up the remaining 60% at once. You can get the financing done from all the authorised retail stores offering Vivo and Realme phones, including the Hukut Store.
- Meanwhile, check out our Realme 13+ review video:
