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Everything You Need To Know About Cardless EMIs And How They Work

Technology today has evolved innovatively, making life much easier and more convenient for customers and merchants across the globe. Digital methods and payment modes have replaced the traditional methods of transactions. The complications of getting a loan approved to buy your favorite gadgets and home appliances are now history. Today, you don’t need a wallet to make the required payments. You can go cashless and cardless with technology-driven machines that receive payments at the click of your fingers with a PIN. Furthermore, OTP-based approvals have made immediate payments a hassle-free affair. And the purchases can be conveniently converted by customers into monthly installments as per the tenure chosen for repayment.

Cardless EMI

Various non-banking finance companies and other financial companies have provided their customers with a more innovative method to make payments and convert their purchases into EMIs. You don’t need to have a debit or credit card to make these payments, making it an ideal and smarter choice. Unlike the traditional methods and documentation required by various merchants to complete the payments, cardless EMI is the new smart option most people choose when making an expensive purchase. 

Cardless EMI is a digital mode of payment. It allows the chosen, pre-approved customers to buy their favorite products using their mobile phones or PANs instead of wallets or cards. Customers can convert their high-value purchases into no-cost EMIs through their registered mobile numbers, PAN, or OTP at any retail outlet.

How Does It Work?

Purchases being converted into easy and affordable EMIs have ideally given ample options to people to choose across thousands of brands and make convenient payments. Customers can choose the schemes and offer as per their convenience while buying a product. Whether you have a card or not, making a payment through a POS machine is customer-friendly. These facilities have worked in favor of various merchants since walk-in customers can now avail of the cardless EMI option at an offline retail store.

Individuals who possess various debit or credit cards can also use the facility as an alternate payment mode. The loan amount while using this facility can range from Rs. 7,000/- to Rs. 5 lakhs and for a suitable tenure of 3, 6, 9, or 12 months as per the customer’s convenience. Ensure that you check your eligibility to go cardless. One of the best ways to go cardless is to scan QR code to pay for some of your purchases. It has become a rising trend where you don’t need cash or a card and don’t need to worry about transaction security.

To Opt For A Cardless Payment Facility, All You Need To Do Is:

  • Log on to the e-commerce website of your favorite brand.
  • Choose the product for which you will be using the cardless EMI facility.
  • Before you check out, you will need to enter the registered mobile number, PAN, and OTP on the POS terminal.
  • The transactions are instantly approved, and your online purchase is completed without any complicated procedure.

The Benefits Of Cardless EMI

  • The transaction is entirely digital and secure.
  • You can avail of the no-cost EMI option at the time of purchase.
  • There is flexibility provided in the purchase limit by the NBFCs and other lending companies.
  • The customers are allowed to choose a suitable tenure at their convenience. 
  • Cardless transactions can be done as an alternative, even if you are a specific card-holder, and can easily convert your purchase into an easy EMI using the POS machine. 
  • The facility can be used for various products like electronics, home appliances, gadgets like mobile phones or laptops, and any other related purchase.  

Is It An Ideal Choice?

Yes, it can be a perfect option for those who can wisely choose to repay the borrowed amount. The facility to go cardless while shopping is just another option to make heavy purchases and convert them into easy EMIs. Technology has enabled merchants to accept payments in various ways, making it easier for customers to make purchases. Ensure you check for all the factors involved with cardless payments through POS machines at various retail stores. 

If you decide to buy your favorite product, offline or online, and depending on the available schemes, ensure you check the required payment details, even if the loan is within your approved amount. 

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