Your mobile phone helps you in having the world at your fingertips-quite literally! It offers you features of multiple devices all rolled into one. Occasionally, you might want to consider replacing your phone for an updated version that suits your growing requirements. While swiping your credit card to purchase a phone you might have wondered- can I finance my purchase with a value for money source of finance? Yes, you can. This is how you can consider purchasing a phone without using your credit card.
A personal loan can help you realise your dream of owning the phone of your dreams. Lending institutions have not laid down a cap for which one can avail a personal loan as long as the funds are used for a legitimate purpose. Opting for a loan to finance the purchase will help in breaking down the expenses of your purchase ensuring that it does not carve a dent in your pocket.
The advantages of opting for a loan for mobile purchase are as follows:
- Keeping in mind your requirements, the loans are sanctioned quickly and the funds are credited to your account within minutes of approval.
- Both self-employed and salaried professionals can opt for an amount that ranges between Rs. 50,000 to Rs. 25 lakhs at an attractive rate of interest ranging from 11.99% to a maximum of 36% per annum.
- You can choose to apply for the loan online reducing the hassle of excessive documentation. All you need to do is log into the website of your provider, fill in the required details, upload scanned copies of the documents required and the approximate tenure.
- If you are an existing customer of a particular loan provider, you are automatically entitled to avail of pre-approved offers and other benefits.
Must Read: How to Apply For a Personal Loan using SMFG India Credit's Instaloan App?
What eligibility criteria do applicants require to fulfil to be able to apply for a personal loan?
The basic criteria to apply for a loan is as follows:
- An applicant's age should range between 21 to 60 years.
- The applicant should be a salaried employee of a public or private company having a basic minimum turnover as per the lender’s policies.
- The applicant should earn a basic salary of Rs. 25,000 in places like Delhi and Mumbai and Rs. 20,000 in other towns across India.
- They should possess work experience of minimum one year and six months of experience in the company they are presently working.
- A credit score of 750 and above can make it easier to obtain a loan at attractive rates of interest.
What are the Different Types of Personal Loans?
The different types of personal loans you can consider opting for are as follows:
- Medical Expenses: You can opt for a personal loan to make good the expenses incurred on quality healthcare.
- Debt Consolidation: Consolidate your debts into a single loan and repay them at a lower rate of interest.
- Higher Education: Enhance your educational qualifications by opting for a personal loan. The loan can help you finance major educational expenses that include course fees, hostel fees, travelling expenses etc.
- Wedding Expenses: Your wedding is a once in a lifetime event. Avail of a personal loan to fund your pre and post-wedding expenses.
Must Read: How to Get a Personal Loan if you have Low Salary?
How Can I Apply for a Loan with the Intent of Purchasing a Mobile Phone?
The steps in applying for a personal loan to purchase a mobile phone are as follows:
- Determine the approximate amount you are eligible to borrow using a personal loan eligibility calculator.
- Use our personal loan EMI calculator to get an idea of the tenure you can select to ensure that you can repay the EMIs without compromising on your living expenses.
- Click on “Apply now”, enter your mobile number and the other details required. Post verification of your mobile number, enter the details required.
- The documents submitted and other factors like your credit score play a determining factor in deciding whether your application is accepted or rejected.
- Post-approval of the loan, the funds are credited to your account in approximately 30 minutes. You can also apply for a loan through your loan provider's mobile application, by calling the customer helpline number or by making an offline loan application.
Opting for a mobile loan might not be the right option for everybody. However, if you do decide to opt for one, make sure to honour your loan instalments to ensure that you continue to maintain a healthy credit score in the future.