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**Note: For exceeding 120 no. of payments, a group of 12 payments will be combined into a single payment number for better chart visibility.
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When you’re planning to buy something expensive—like the latest iPhone or any big gadget—it’s not just about the price tag. You also have to think about down payment, EMIs, interest, and GST. Most of us either guess or depend on what the salesperson tells us, but that doesn’t always give the full picture.
That’s why checking the numbers yourself really helps.
For this, you can use a simple tool like a mobile EMI calculator with downpayment facility, which helps you to figure out exactly how much you’ll pay every month, before you swipe your card or sign up for a loan.
It’s a simple habit that can save you from overspending or messing up your monthly budget.
How does EMI work on Smartphone purchases?
An EMI (Equated Monthly Instalment) is a fixed monthly payment made towards repaying a loan taken to purchase something—in this case, a smartphone. It allows users to enjoy the benefits of high-end devices like iPhones, Samsungs, OnePlus, etc., without paying the full amount upfront.
Most banks and Companies like Bajaj Finance, Snapmint, HDFC Bank, Zestmoney, and TVS Credit allow users to buy phones on an EMI Facility and pay in small monthly amounts for easy shopping.
Eligibility, Charges, and How It Works in India
In India, both online platforms (Amazon, Flipkart, Apple Store, Croma, Reliance, TATA Neu) and offline stores offer EMI schemes and even a no-cost EMI facility. You usually need a credit card, debit card, EMI option, or a tie-up with financing partners like Bajaj Finserv and Zest Money.
According to The News Express report, the no-cost EMI schemes from Amazon, Flipkart, Samsung, and Apple help to grow 4 per cent of the Indian smartphone market in 2024.
Sometimes, for offline stores purchasing phones, you need to pay at least a 10% down payment first.
- Eligibility: Usually 21+ years of age, stable income, decent credit score.
- Documents: PAN Card, photo, and Aadhar card for address proof
- Processing Fee: Can be 0% to 3%, depending on the provider and banking terms.
- Interest Rate: 0% (no-cost EMI) to 32% or more
- GST: Yes! 18% of GST is applied on the processing fee and interest, if applicable.
- Down Payment: Optional, but it helps reduce the monthly EMI
What is the Mobile EMI Calculator?
The Easemoney Smartphone EMI Calculator is a free, no-login-required Smart Web tool crafted to simplify your EMI planning for your next purchase. Designed keeping Indian banking systems and user behaviour in mind, it helps you get a real-time estimate of your smartphone EMI, including hidden costs.
It comes with features like –
- Calculate EMI with or without down payment
- Monthly or yearly repayment modes
- Interest Rate customisation by slider.
- Loan Amortisation Table with detailed monthly breakdown
- Visual Pie Chart for principal, interest, and down payment
- Print button for future reference
- Offer a button for a pre-approved loan or credit card based on credit score
- Works on mobile, laptop, tablet, and even LED TVs
Let’s understand a Loan Amortisation Table with an example for an Android phone EMI –
- Smartphone Price: ₹30,000
- Interest Rate: 15% per annum
- Tenure: 6 months
- Down Payment: ₹5,000
- Monthly EMI: ₹5,238 (approx)
| Month | Opening Balance | EMI | Interest | Principal | Closing Balance |
|---|---|---|---|---|---|
| 1 | ₹30,000 | ₹5,238 | ₹375 | ₹4,863 | ₹25,137 |
| 2 | ₹25,137 | ₹5,238 | ₹314 | ₹4,924 | ₹20,213 |
| 3 | ₹20,213 | ₹5,238 | ₹253 | ₹4,985 | ₹15,228 |
| 4 | ₹15,228 | ₹5,238 | ₹191 | ₹5,047 | ₹10,181 |
| 5 | ₹10,181 | ₹5,238 | ₹127 | ₹5,111 | ₹5,070 |
| 6 | ₹5,070 | ₹5,238 | ₹63 | ₹5,175 | ₹0 |
Note: Interest calculated monthly as (Balance × Rate ÷ 12). EMI is rounded.
Top Reasons Why This Calculator Matters
- Completely Free – Major benefit is that – No login, no subscription, even no ads while entering numbers.
- Designed for Indians – Local financial behaviour and needs in mind
- Down Payment Flexibility – Not all calculators offer this
- Interest + GST Breakdown – Transparency matters
- Visual Insights – Pie chart and printable reports
- Credit Score Integration – Get pre-approved offers instantly
How to Calculate Monthly EMI Using the Mobile Loan Calculator
- First, you need to visit www.easemoney.in
- Go to the menu > Tools > Mobile Phone EMI Calculator
- Now, enter your details like –
- Loan Amount (after down payment)
- Down Payment (if any)
- Interest Rate (typically 10% to 28%)
- Payment Tenure (in months or years)
- Get the EMI amount with the Summary
- EMI Amount, interest, time, and all
- Full Loan Amortisation Table
- GST & Total Repayment
- Pie Chart for visualisation
- Print Button for future use.
- Also, a Pre-approved loan or credit card offer is directly provided by the tool to purchase instantly.
What Formula Works for Calculating Manually?
If you decide to calculate manually by using a pen and paper, here is the formula to find the results –
EMI = [P x R x (1+R)^N] / [(1+R)^N − 1]
Where:
- P stands for Principal Loan Amount
- R = Monthly Interest Rate (Annual rate / 12 / 100)
- N = Tenure in months
Example: Samsung Android Phone Purchase by Aashish Gupta
- Phone Price: ₹80,000
- Down Payment: ₹20,000
- Loan Amount: ₹60,000 (P)
- Interest: 12% annually => 1% monthly (r= 0.01 (monthly interest rate)
- Tenure: 12 months (n)
- Then calculate instantly –
- Final EMI = ₹5,328 (approx) per month for 12 months
A few advice from Experts
- Please always check your credit score before applying for an EMI or a credit card
- Opt for a small down payment to reduce overall interest and choose a short tenure for cost savings.
- Compare EMI plans from Amazon, Flipkart, Bajaj, and Apple
- Read the GST & hidden fee terms carefully
- Use calculators before every purchase to stay financially safe.
Further FAQs
What is the interest rate in the Phone EMI Calculator?
As per reports, the interest rates are usually between 10% and 24% annually; no-cost EMI may hide it in product pricing. If you purchase through Pay laters, the interest may be higher.
Does this work like the Bajaj Finance Mobile EMI Calculator?
Yes, and even better—we show total payment breakdown with downpayment, GST, and pie charts.
How GST Works on No-cost EMI of a Phone?
Even on “No-cost EMI,” 18% GST is still involved in the implied interest part that the bank or NBFC charges, even if the seller provides a discount to offset it. There might also be GST on processing fees.
How GST Works on the EMI of a Mobile?
GST of 18% is applied to the full price of the phone. For EMI, GST is also charged on the interest component and processing fees by the bank, making the effective cost higher.
What is the interest rate for phone EMI with Bajaj Finance?
Bajaj Finance often offers 0% interest on partner mobile phones (Samsung, iPhone, Vivo, etc.), especially during sale periods. However, if it’s not a no-cost EMI, the rate usually ranges from 10% to 24% annually. Read the terms first before tapping on buy button.
Can I buy a Samsung phone on EMI without a credit card?
Yes, you can go with providers like Zest Money, Bajaj Finserv, HDFC smart EMI, HDFC Debit card EMI, and Amazon Pay later to buy a Samsung or other brands’ phone just using PAN, Aadhaar, and bank account verification. Many online and offline stores now support no-cost EMI options even without a credit card, especially during promotions.
What happens if I miss an EMI on my mobile loan?
Missing an EMI can lead to penalty charges even drop your CIBIL score; most banks and NBFCs may charge you Rs. 500 or above just for missing an EMI.
Is there GST on mobile phone EMI processing fees?
Yes. If your loan provider charges a processing fee (say ₹599), an 18% GST is added on top. So the final cost becomes around ₹707.
How much down payment do I need to buy a mobile on EMI?
For flagship phones (like iPhone or Galaxy S-series), expect 10–30% as down payment unless it’s a zero-down offer. But a down payment is good for reducing interest and hidden charges.
Before you shop for your next smartphone on Amazon, Flipkart, Apple, or local stores, visit Easemoney and check your credit score. You might get a pre-approved loan or credit card offer to buy your Android Smartphone or iPhone on no-cost EMI.