To stay in touch with loved ones is all that one desires; be it friends, family or even professional commitments, communication is important in all areas of life. Gone are the days when people communicated over telegram or emails to stay in touch with their loved ones.
With various social media channels helping people connect easily, today owning a smartphone has become a necessity for every individual. If you have been waiting to buy a brand-new smartphone or are planning to replace the current one, then a mobile loan can provide you with the required financial assistance.
With digital advancement, getting a personal loan for mobile has now become easy as you can buy a phone ranging as low as Rs. 10,000- Rs. 2 lakhs even. If a bad financial situation has been stopping you from getting your hands on the phone of your choice, then read on to this guide to understand how you can get a mobile loan online in India.
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What is a mobile loan?
A mobile loan is a personal loan that you can avail of to buy any mobile phone of your choice without having to offer any security to the lender. This type of loan is one of the most-sought after financing options that help you get the phone of your choice without having to bear heavy interest rates.
With a mobile loan, you can buy a smartphone starting from Rs. 10,000- Rs. 2 lakhs even depending on the loan amount you are eligible to get. Personal loan for mobile is provided based on your credit eligibility and score that play an important role in determining the loan amount and interest rate associated with it.
With this type of loan, you can avail the smartphone of your choice without having to worry about repayment as you can easily repay the loan on monthly basis in the form of EMIs that come at low-interest rates.
Reasons to get a mobile loan
- Buy mobile phone of your choice
- Take care of all the mobile phone-related expenses such as its repair work, part replacement, and others
- Purchase the latest apps and accessories for the phone
- Present the phone to your loved ones
- Buy the phone with latest features
Documents required for getting a mobile loan
To get a personal loan for a smartphone, you will have to submit the below documents to the lender.
- Identity proof i.e. PAN card, driving license, passport, Voter’s ID
- Address proof i.e. Aadhar card, utility bill, driving license, Voter’s ID
- Income documents i.e. salary slip or Form 16
- Past 6 months’ salary slip
- Bank statement of the past 6 months
Eligibility criteria for getting a mobile loan
To get a personal loan for mobile, you will have to meet the below eligibility criteria. It is important to note that the eligibility criteria for a mobile loan may vary from lender to lender.
- You should be a citizen of India
- You should be working with a private, public or government entity
- You should have a good CIBIL score i.e. minimum 650
- You should have a minimum monthly income of Rs. 17,000
- You should be aged between 21 years-60 years
Benefits of a mobile loan
- Affordable interest rates: You can get the mobile loan amount at an interest rate as low as 10% depending on your eligibility and credit score in addition to the lender you are applying with. It is important to note that the interest rate is also charged based on the loan tenure you opt for; longer the tenure, lower the rate of interest, shorter the tenure, higher the ROI
- Instant disbursal: With lenders offering quick approvals, you don’t have to wait for days to buy the phone of your choice. A simple application process and online submission of documents make it possible for you to get instant disbursals. This makes it possible for you to quickly get your hands on the phone you wish to buy without having to worry about the funding options
- Collateral-free: This type of loan is of unsecured type i.e. it does not require you to submit any assets to get the loan amount. This ensures that you get the money without any risk and you do not lose out on your assets in case of non-repayment of the loan. This type of loan is instead offered based on your credit score and loan eligibility
- Minimum documentation: To get a mobile loan, you don’t have to go through any paperwork and submit any physical documents as now with online lenders you can upload documents online in PDF format. Also, you only have to submit any one identity proof, address proof and income documents to be eligible to get the loan
How to get a mobile loan online?
To get a mobile loan online in India, follow the below steps
- Download an instant personal loan app from google play store or apply with an online lender through the website
- Login using your Facebook or Gmail address
- Enter your personal and professional details
- Submit KYC documents
- Verify your bank statement
- On approval, get loan disbursal within 24-48 hours.
Applying for a mobile loan in India is simple with online lenders conveniently offering quick personal loans, without following any stringent rules. Even a low-salaried professional with low CIBIL score can easily get a mobile loan without having to comply with any strict criteria.