Want to buy products online on EMI [ Equated Monthly Installment]. But don’t have a Credit Card with you. It’s the same story for everyone who cannot get a credit card issue from their banks because the banks require you to have to certain amount of money always in your bank balance. Which is difficult for students who want to buy Laptops, Smartphones and Tablets. It is equally difficult for middle class person and other small vendors to buy things on Credits.
I have always wonder is there any way possible that I can buy stuffs online on EMI and can pay those EMI using my ATM Card or Debit Card. In India many people only have Debit card issued by their bank which they can use to payment online to buy products, Recharge your phone or Pay bills. But the one thing we cannot do with our debit card is buy products on EMI using our debit card. Suppose I want to buy One Plus 3 from Amazon using my debit card I have to pay Rs.27,999 on one go to buy this product. But if I have a credit card then I have to pay monthly installment of Rs. 2,513.95 for 12 months which at the end of the EMI amounts to Rs. 30,167.40 . Here, one thing to be noted down is though the product on EMI would be costly but it does not burn a hole on your pocket at a time and it is convenient to pay small amount per month when you have already bought the device on EMI than to buy the product when you have saved enough money to buy that product.
Here’s the solution to ” Buy Products online on EMI without Credit Card “.
Finomena is one company which lets you buy product on EMI without Credit Card. They offer you to buy product once your account at Finomena gets approved.
Things you need to get your Finomena account approved are :
- Govt. ID : It could be Adhaar Card, Driving License, Voter ID and Passport
- 12 Months bank statement : You can either put scanned copy of your passbook of last year or If you have Netbanking activate in your bank account. You can download 1 year account detailed statement in PDF.
- Selfie : You need to click a selfie from the Finomena app. It shows that you are the one that is applying for. Also one thing that bugs me is that the selfie function in the app show the image inverted which I have shared with team of Finomena which they would probably fix in the next update.
- College Id – If your a Student you need to upload your College ID front and Back images.
- PAN Card
Other than these things If you have provided your Aadhaar Card as Govt. ID it will send an otp in your Registered Aadhar Card Number which you need to enter the same in Finomena App. It shows all your Aadhar Details if it is correct tap next. This e-KYC verification is also be to verify Sim Cards of Jio using Aadhaar Card Biometric Data.
If you are a student. You are required to enter your College Name, University Roll No. Rank and Exam, CGPA/Grade/Percentage. Also you are required to enter you father details like Name, Salary and Mobile No.
How to get Started with Finomena?
- Download Finomena App from Playstore
- Enter your Mobile number and Verify it.
- Enter Refer code – sxice8
- You will get 150 points after your documents have been verified.
- Now enter the Product link which you want to buy in the box.
- It will start to calculate all the details related to product EMI and down payment.
- An example of Xiaomi Redmi 3S Prime [Gold, 32GB] is shown below
- Enter your Address details, Aadhaar Card Number, Take Selfie, Upload last 1 year bank statement on the next page.
- Also put necessary and correct details if you want your application to get approve.
At the end wait for your finomena application to get approve. It takes 4 days to get your account verified. On the Finomena you can also see how much time is left for your loan to get approve.
How to make payment of EMI on Finomena?
Once your loan/account/application gets approved you are required to make Down payment and after that every month you have to pay EMI using your Debit Card or Netbanking.
What if you missed one of your EMI on Finomena?
Don’t worry about that Finomena has got you covered on that with their Flexible Monthly Instalments (FMIs). In which if you become short on money in a month don’t have the money to pay EMI then you can pay your EMI next month with a small convenience charge.
Still got any question on your mind? We will would love to solve your queries.