What are the points you should look into before buying a mobile phone on EMI?

Before buying a mobile phone on EMI (Equated Monthly Installments), consider the following points:

1. Budget and Affordability**: Assess your budget and ensure that you can comfortably afford the monthly EMI payments without straining your finances.

2. Interest Rates and Charges: Check the interest rates and any additional charges associated with the EMI plan. Lower interest rates and minimal processing fees are preferable.

3. EMI Duration: Determine the duration of the EMI plan. Longer durations may result in lower monthly payments but could lead to higher overall costs due to interest.

4. Down Payment: Check if there's a down payment required for the mobile phone. A higher down payment might reduce the EMI amount.

5. Credit Score: Know your credit score, as it can impact the EMI offer you receive. A good credit score might result in better terms.

6. EMI Flexibility: Inquire if there's an option to prepay the EMI or if there are any penalties for early repayment.

7. EMI Tenure: Choose an EMI tenure that aligns with the phone's expected useful life. You wouldn't want to pay for a phone long after it becomes outdated.

8. Warranty and Return Policy: Understand the warranty terms and the seller's return policy in case of any defects or issues with the phone.

9. EMI Provider: Purchase from a reputable seller or retailer offering reliable EMI options.

10. Compare Offers: Compare EMI plans from different sellers or banks to get the best deal.

Remember, buying on EMI means committing to regular payments over a specific period, so make an informed decision based on your financial capabilities and preferences.