Smartphones are essential gadgets for almost everyone these days. We use them to stay in touch with people, handle work on the go and even play games or watch movies and videos for fun. Unfortunately, even cheap smartphones cost a lot of money, which is why many of us consider using a loan for mobile phone purchases.

Of course, credit cards are the most common option for buying smartphones on EMI. But can you get a mobile loan without credit card? Are there any other ways to save money when you need a new Smartphone?

Yes, there are. Here are some of the best ways to avoid breaking the bank when you buy a smartphones

  1. Play the Waiting Game – Don’t be in a rush to buy your new smartphone. Instead, watch the prices of your shortlisted phones over a few months and wait for them to drop. Use this time to compare features and read user reviews about different models. Hint: The best time to buy a phone is around the holidays, when most stores offer great deals and discounts!
  2. Search for EMI Options – Many retailers, card providers and banks offer EMI programs for gadget purchases, usually with very low interest rates or none at all. Check for these with your credit card or debit card provider, as well as the store where you’re planning to shop. You can also look for smartphone loans or personal loans to convert large spends into installments.
  3. Prioritize the Features – If you’re looking for the best cheap smartphone, place more importance on the features you need than the brand name. You may find the perfect fit at a fraction of the price if you broaden your search to include less well-known brands as well as popular ones. Remember, performance is key if you want to make the most of your money!
  4. Shop from e-Retailers – With fierce competition in the retail sector, e-commerce sites such as Amazon are coming out ahead. They can offer better prices on goods than brick-and-mortar stores, simply because they have lower overhead costs. Use this price difference to your advantage by shopping online, and you’ll save a lot of money in the process.
  5. Don’t Buy a New Phone – Brand new phones cost far more than refurbished or pre-owned ones, often without much difference in performance. Many people upgrade their smartphones every few months, so you could save a lot by buying a pre-owned phone that’s still in warranty. You could also look for refurbished or unlocked phones that come with retailer warranties.

Remember, time is your best friend when you want to buy a smartphone on a budget. If you’re willing to wait till you find something that fits your needs without hitting your pocket too hard, you will definitely find it. It has been said that patience is a virtue, but if you don’t want to wait to buy a smartphone, get MoneyTap’s quick personal loan.

Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their in-vestment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at