Buying a high-end smartphone doesn’t always mean paying the full amount upfront. With EMI options, you can split the cost into smaller payments. This makes it easier to fit into your budget.
Whether it’s the latest flagship or a feature-packed mid-range phone, EMI for mobile phones makes it affordable. And it helps you avoid straining your savings.
And if you’re wondering what documents are required for EMI for mobile, the process is simple. You just need basic KYC documents like ID and address proof to get started.
Read on to learn more about this facility and its benefits.
Table of Contents
Steps to Buy Mobile Phone on EMI
Eligibility Criteria to Get a Mobile on EMI
Table of Contents
Steps to Buy Mobile Phone on EMI
Buying a phone on EMI is a simple process. Simply follow these steps to buy phone on EMI.
- Step 1: Select your preferred brand and model
- Step 2: Explore your financing options 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
This step-by-step guide makes it easy to buy a phone on EMI without straining your finances.
Also Read: Buy an iPhone 15 on EMI
Top Ways to Buy Mobile on EMI
- Credit Card EMI
Convert your mobile purchase into easy monthly instalments using your credit card. Most banks offer instant EMI conversion at checkout with flexible tenures and competitive interest rates.
- Debit Card EMI
Don’t have a credit card? No problem. Select banks allow you to buy a smartphone on EMI using your debit card, with minimal documentation and instant approval.
- No-Cost EMI Options
Many online and offline retailers provide no-cost EMI deals where you pay only the product price in instalments without any added interest. This is ideal for budget-friendly purchases.
- Buy Now, Pay Later (BNPL)
BNPL services let you purchase your mobile instantly and repay later in small chunks. It’s a quick and hassle-free option, especially for smaller ticket sizes.
- Instant Personal Loans
Opt for a small-ticket personal loan to finance your mobile purchase. Platforms like Fibe offer quick approvals and flexible repayment options, making it convenient to buy high-end smartphones.
- Consumer Durable Loans
Available through retailers or fintech partners, these loans are specifically designed for gadgets like mobiles. They often come with zero or low interest and require minimal paperwork.
- In-Store Financing
Visit offline stores that partner with NBFCs or banks to offer on-the-spot EMI options. You can walk out with your new phone the same day with quick verification and approval.
Features of a Mobile Loan
Before you decide to buy phone on EMI, consider these key features.
- Full loan coverage: Get up to 100% of your smartphone’s cost as a loan. This depends on your eligibility and the lender’s criteria.
- Quick application: You can apply online in minutes. Instant checks confirm your eligibility right away.
- Clear loan terms: Review loan terms like charges, rates and tenure before applying. This will help you get the best deal.
- Flexible tenure options: Most lenders offer flexible tenure options to adjust your EMI. Pick a repayment period that suits your budget.
- Auto-debit facility: Set up auto-debit and never miss an EMI. The amount is deducted automatically every month.
- Low interest rates: Interest rates are usually low. They may differ from one lender to another.
- Minimal documentation: Just basic KYC is enough to get started. Existing customers often get faster approval.
Eligibility Criteria to Get a Mobile on EMI
To qualify for a mobile loan, you usually need to meet these basic conditions. Different lenders may have slightly different criteria, but in general:
- You need to be an Indian resident
- You must fall within the age group of 21 to 55 years
- You should have a monthly in-hand income of at least ₹18,000 in metro cities
- You should have a minimum monthly salary of ₹15,000 for non-metro residents
These criteria help lenders assess your ability to repay the EMI on time.
Documents Required for a Mobile Loan
Once you meet the eligibility requirements, you’ll need to submit a few documents to complete your application. These are the common documents required for EMI phone plans:
- KYC documents such as Aadhaar, PAN or driver’s licence
- Valid address proof
- Salary slips or bank statements from the last 6 months
Keep these ready to speed up your mobile loan approval.
Tips for Best EMI Deals
Smart strategies to help you secure lower EMIs, reduce interest costs and choose a loan that fits your financial comfort.
- Compare interest rates across multiple lenders before finalising
- Check the total cost of the loan, not just the EMI amount
- Opt for a shorter tenure to reduce overall interest payout
- Maintain a good credit score to unlock better EMI offers
- Look for zero or low processing fee options
- Avoid taking the maximum eligible loan amount unnecessarily
- Choose flexible repayment options that suit your cash flow
- Watch out for hidden charges like prepayment or late fees
- Use EMI calculators to plan your repayment in advance
- Negotiate with lenders if you have a strong credit profile
Checking these criteria before applying helps you avoid rejection and get quick approval. Use the Online Personal Loan 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 ₹10 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 an EMI for mobile phone on our website.
FAQs on Mobile Loans
Is it safe to buy a phone on EMI?
Absolutely! It is a safe option, but you must select a reliable lender. Fibe is a trustworthy NBFC licensed by the RBI, where you can get personal loans at affordable rates.
How to take a phone on an instalment?
Choose the EMI option while making your purchase. Share your ID and address proof with the lender. Then pick a repayment plan that suits your budget. If you meet the basic eligibility requirements, approval is usually instant.
What documents are required for mobile EMI?
Typically, you need basic KYC documents such as Aadhaar card, PAN card, and a valid address proof. Some lenders may also ask for income proof or bank statements, depending on eligibility and the EMI option chosen. With Fibe, you can get a mobile on EMI with minimal documentation. Basic KYC like your Aadhaar and PAN is usually enough. Since the process is fully digital, there’s no heavy paperwork — just quick verification for faster approval.
How can I purchase a phone on EMI?
You can buy a phone on EMI through credit cards, debit card EMI, or instant loan apps. Select EMI at checkout, choose a suitable tenure, complete KYC if required, and confirm the transaction to convert your purchase into easy monthly payments. With Fibe, you can easily purchase a phone on EMI by applying online, checking your eligibility, and selecting a suitable loan amount. Once approved, use the funds to buy your phone and repay in flexible monthly EMIs.
