How to Buy a Mobile on EMI? All you need to know about mobile loans

When you buy a mobile on EMI, there are several options that you can choose from. Nowadays, mobile phones are not simply used for communication but as a lifestyle choice, with many high-end options available. However, paying for such devices in a lump sum can increase your financial liability. 

Therefore, you can opt for a mobile loan with affordable EMIs to ease your burden. This allows you to avail credit for the price of your device instantly and repay with comfortable instalments within your budget.

Read on to know more about this facility and its benefits.

How to Buy a Smartphone on EMI? 

Simply follow these steps to buy a smartphone on EMI. 

• Step 1: Select your preferred brand and model
• Step 2: Explore your financing option once you have zeroed in on a device
• Step 3: Check the eligibility and document requirements  
• Step 4: Apply for a mobile loan 
• Step 5: Select a suitable tenure for repayment
• Step 6: Complete the purchase 

Also Read: Buy an iPhone 15 on EMI

Features of a Mobile Loan

Before you decide to buy a mobile on EMI, here are some of its key features you must consider. 

• 100% Loan Amount

Get the loan for the total price of your smartphone, depending on your eligibility and the lender’s criteria. This way, you can buy the best mobile without any budget restrictions.  

• Straightforward Application Process

You can simply check your eligibility and get the loan approved for the total amount. This helps you streamline your application process for instant approval.

• Transparent Terms

Before choosing your loan terms, check the fees, charges, interest rates, maximum tenure and other details on the lender’s website. Check these terms and conditions and choose the best deal.

• Pocket-friendly Tenure Options

Most lenders have flexible tenure options, which also help you adjust your EMI amount. A longer tenure will lower your EMI, but increase your interest outgo. So, it’s ideal to opt for a shorter timeline if you can manage your monthly budget effortlessly. 

• Easy Repayment

When you buy a mobile on EMI, you can easily plan your repayment by activating the auto-debit feature. This facility allows the lender to deduct the EMI amount from your account and there’s no need for you to track the due date. 

• Affordable Interest Rates

The interest rates levied by the lender are nominal. Remember, this may differ from one financial institution to the other, which may differ from lender to lender.

• Minimum Documentation

You can apply with minimum documents to speed up the application process. Most banks require just KYC documents to verify your identity and approve a loan instantly if you’re an existing customer. 

Eligibility Criteria and Documents Required for a Mobile Loan 

The specific eligibility criteria may differ among lenders. Here’s a list of general criteria you must meet to buy a mobile on EMI. 

• You must be between 21 and 55 years
• You need to be an Indian resident
• You must earn a minimum in-hand salary of ₹18,000 if you live in a metro city and ₹15,000 when residing in a non-metro city

Once you meet the aforementioned parameters, submit the following documents:

• KYC documents such as Aadhaar card, PAN card, driver’s licence, etc.
• Address proof
• Income proof for the last 6 months

Checking these criteria before applying helps you avoid rejection and get quick approval. Use the online EMI calculator to calculate your loan amount, tenure and other details. Once you have decided on suitable terms, you can apply for the best offer within your budget. 

One feasible credit option is the Fibe Instant Cash Loan. You can get up to ₹5 lakhs for your mobile purchase or other financial requirements at pocket-friendly interest rates. What’s more, the application process is straightforward, with minimum documentation and easy-to-meet eligibility criteria. Download our Personal Loan App or apply for a mobile loan on our website. 

FAQs on Mobile Loans

How can I buy a smartphone on EMI?

Yes. All you need to do is follow this process:

• Explore and compare various personal loan offers
• Choose one that best matches your requirements
• Check if you meet the eligibility criteria
• Submit documents after approval
• Select a suitable device and purchase the device at affordable interest rates
• Repay the borrowed amount in the form of manageable EMIs

What documents are required to buy a phone on EMI?

Submit the following:

• KYC documents, such as a PAN card and Aadhar card
• Address proof, such as your driving licence, passport and utility bills
• Income proof, such as your latest bank statements and salary slips

How to buy on EMI without a credit card?

You can buy a mobile on EMI without a credit card. Simply opt for these alternatives:

• Avail a pre-approved loan with your existing bank
• Apply for a personal loan with a new lender offering affordable rates
• Use the Debit Card EMI facility provided by your bank

Is it safe to buy a phone on EMI?

Absolutely! It is a safe option, but ensure that you select a reliable lender. Fibe is one such trustworthy NBFC licensed by the RBI, where you can get personal loans at affordable rates.