Now you can purchase mobile phones on EMI without a credit card!

MUMBAI, INDIA: The MobileStore Ltd. - India's largest telephony retailer introduces EMI (equated monthly installments) without a Credit Card across five cities in India.

The new personal finance option has been introduced by the mobile telephony retail giant in Mumbai, Delhi, Pune, Kolkata and Chennai. Consumers without a credit card can now avail of their favorite smartphone by simply submitting their Know Your Customer (KYC) documents. This is a one-of-a-kind solution for Indian consumers without a credit card, wanting to purchase a smartphone on EMI.

Commenting on this development, Himanshu Chakrawarti - CEO, The MobileStore Ltd. said: "EMI schemes have always played a crucial role in making high-end smartphones affordable for the Indian consumers. However, such schemes have only been restricted to Credit Card holders. There are 18-19 million credit card holders in the country and the numbers are growing at a slow pace. An EMI solution without a credit card opens-up the smartphone market to a significantly larger group of consumers, who do not own a credit card."

The MobileStore pioneered the EMI option on credit card two years back, when the company introduced iPhone with this personal finance solution. This easy payment option sky rocked the iPhone sales to three times in India. The company partnered with the Japanese company AEON Credit Service India Private Limited, to introduce this innovative solution in order to target the enormous base of consumers without a credit card.