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Loan for Mobile

Mobile Loan

Last Updated 09th Dec 2021

  • Lowest mobile phone loan interest rates start at 10.25%.
  • The maximum tenure for Loan pe phone is five years.
  • The maximum amount available for a phone loan is ₹ 5,00,000.
  • The minimum salary required for a loan for mobile is ₹ 20,000.
  • Loan for mobile is available for debit cardholders as well.
  • Check Best Offers
Apply for Personal Loan @ 10.25%* Get upto ₹ 1,000* Cashback

Top Bank/NBFCs Offering Loan for Mobiles

Bank Interest Rate Processing Fee
SBI 9.60% Nil
ICICI Bank 10.25% Upto 2.25% of Loan Amount
HDFC Bank 10.25% Upto 2.50% Min ₹ 999
IDFC First Bank 10.49% Upto 2.00%
Bajaj Finserv 12.99% Starting from 1.50%, Up to 3%

What is Mobile Loan?

At present, smartphones are an essential part of our lives in this advanced digital age. The demand for Loan for Mobile is skyrocketing due to dynamic changes in their production. However, the price tags with these phones compel people to look for the loan for a mobile option to buy the cell phone. These prices can be challenging and make a person think twice about his or her decision. This is where the idea of a mobile loan comes into the picture.

Eligibility & Documents Required for Mobile Phone Loan

The eligibility and documents required for a mobile phone loan is listed as follows:

  • While applying, proof of nationality and address is required.
  • Mobile loans are available for those individuals between 21 to 60 years of age.
  • Applicants must have a minimum income of ₹ 20,000 to avail the mobile loan.
  • A decent credit/cibil score is the defining factor of the applicant’s creditworthiness.
  • The applicant must provide his/her/their salary bank account for the online transfer of mobile phone loans.

Smartphone Loan Features & Benefits

Some feature and benefits of a smartphone loan are:

  • With prompt approvals, the smartphone loan is available up to ₹ 5 Lakh.
  • All the interest rates are transparent, and MyLoanCare suggests the interest rates that appear on the applicant’s screen. Get the best market rates for your Mobile Loan.
  • The maximum duration of EMI payment windows will be from 2 months to 5 years.
  • You can get a mobile loan with minimal documentation such as a valid ID and address proof.
  • Experience a 100% safe and secure credit mechanism through MyLoanCare.

Mobile Loan EMI Calculator

The Mobile Loan EMI Calculator lets you test different variations of the amount needed, interest rate and tenure to help you understand the exact EMI amount you will have to pay for these different combinations and determine what suits you best. The EMI calculator gives accurate and reliable results in no time.

How Can I Apply for Instant Mobile Loan

To get an instant mobile loan, applicants will have to take a few quick steps as listed below:

  • Reach out to MyLoanCare website and register using your details.
  • Enter your personal information such as Aadhar and PAN details in the next step to take advantage of the instant loan online.
  • Our loan counsellor will call you back to address your loan query.
  • MLC team will verify the applied amount and send your details to the lending partner.
  • The sanctioned loan amount is credited to your savings account as an instant mobile loan.

These simple steps will help you get instant loans, and it is easier when you apply through MyLoanCare.

How to Buy Smartphone on EMI without Credit Card

The first choice that appears in mind when buying anything on EMI is a credit card. However, not everyone has a credit card. Fortunately, multiple finance options are available for buying smartphones with no credit card these days.

  • EMI Card: The banks and NBFCs sell a financial product popularly known as an EMI card. It is identical to conventional credit options, where you pay interest on the principal sum and repayments extended over a given duration. You will not have to pay the principal amount's interest in some EMI cards, but a processing fee is still in place. Under a given period, you must make monthly payments before paying the entire debt balance.
  • Mobile Loan: Any lending bank, NBFC or even an app will provide you with a loan to purchase the cell phone of your choice on EMI. You can accept a personal line of credit that is versatile and convenient. You can use this credit line for big orders, such as mobile phones. After that, you can convert your transaction amount into EMIs as per your convenience. You also obtain a credit card for online and offline transactions with your loan acceptance.
  • Debit Card: Many assume that an EMI is only available with a credit card, not with a debit card. In fact, you can convert significant debit transactions into simple EMIs with the help of some platforms. In the market, certain fintech firms provide this facility before making a purchase. For instance, you can find this facility on Amazon. The company pays the merchant on your behalf, and you repay the amount in EMIs.

FAQs

How can I get Loan for Mobile?

After shortlisting the mobile phone of your choice, visit the MyLoanCare website to register. Our representative will assist you with the process of securing a Mobile Phone loan from the store of your choice.

How can I finance mobile?

You can arrange finance for buying a mobile phone by reaching out to the MyLoanCare website or other financial market places after fulfilling the eligibility criteria.

How can I buy a smartphone on EMI?

You can purchase a smartphone via simple EMIs. The loan can be equal to a TV, a microwave, a washing machine, laptop or tablet and split into EMIs without any additional charges.

Is buying a smartphone on EMI a good option?

It is advised that customers not purchase consumer durables at EMI, as the interest rate is higher. The cost of electronics, especially telephones, typically decreases over time. It's smart not to buy if you can't afford it. It is better to save for a mobile purchase.

How can I avail a loan to buy mobiles on EMI?

Shortlist the cellphone of your choice and reach out MyLoanCare to speak to our representative. Our loan counsellor will assist you throughout your loan process.

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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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