Firstly, I did not go through what really EMI is. So far I know, EMI is a facility given to particular subscribers (card holders) to buy the product in the same market offered price, but paying the same amount in installments. Basically The Bank pays the full amount for you, and you pay your bank later on.
Price of a Cell phone=30,000/=
You have a credit card of XYZ Bank which has the EMI offer (6 EMI) for that particular device.
So, your bank pays the cell phone shop, and against your credit card, in each month you see a bill of 5,000/=
If you pay your bank (in each month) in due date, then there is no interest involved.
If anyway there comes interest, then that is HAARAM (though there are logic available on the internet to legalize it... but something that is clearly forbidden in Quran and Sunnah, no scope of logic comes in.... in fact shaitan had also a logic for not prostrating Adam).
But if no interest comes in, then that is a debt to the bank, and debt is allowed, but not encouraged for mu'mineens. A debt should be the last resort. There are lots of ahadiths, which states that Rasulullah (sm) and the Shahabas (ra) often used to seek refuge from Debt.
The Prophet (sm) used to seek refuge with Allaah from debt, and he used to say: “O Allaah, I seek refuge with You from sin and debt.” Someone said to him: How often you seek refuge from debt, O Messenger of Allaah. He said: “When a man incurs debt, when he speaks he lies and when he makes a promise he breaks it.” Narrated by al-Bukhaari (2397) and Muslim (589).
It is narrated by Abu Musa Ashari that the Prophet said: After the major sins which must be avoided, the greatest sin is that someone dies in a state of debt and leaves behind no asset to pay it off. (Darimi)
It was narrated that ‘Umar ibn al-Khattaab (ra) said: Beware of debt, for it starts with worry and it ends with war. Narrated by Maalik in al-Muwatta’ (2/770).
"Believers are merely those whose hearts feel wary whenever God is mentioned and whose faith increases when His verses are recited to them. On their Lord do they rely. Those who keep up prayer and spend some of what We have provided them with are truly believers" (Quran 8:2-4).
To know more regrading the dealings of Allah who dies with debt (seriousness of debt) please visit:
Allah knows the best. May He guide us on right path.