Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

Personal Loan for Mobile Phone

Taking up a personal loan for purchasing your dream mobile phone can prove to be a beneficial decision because the quick online approval and quick fund transfer option, with the loan disbursed within 30 minutes*, helping you make the purchase as soon as possible. Before applying for a personal loan for mobile, check your eligibility criteria through an online calculator. You must be 21 years of age with a CIBIL score of 750 or above. You can apply online through our website. Upload the required documents and enter your details along with the loan amount required. SMFG India Credit also gives the option of flexible repayment tenures up to 60 months.

Features & Benefits of Mobile Loan


Easy Documentation


Quick Approval


Favorable EMIs


Collateral Free




Fast Disbursal

Documents Required 

The documents required for a loan for mobile purchase are:

  1. ID proof - Aadhaar or PAN
  2. Signature proof - Aadhaar or Passport
  3. Address proof - PAN or Passport
  4. Account statements for the past 6 months
  5. Income proof - Salary slips for past 3 months

However, documentation requirements vary for salaried and self-employed candidates.

Eligibility Criteria 

  • Age


    Age between 21 to 60 years**

  • Nationality


    Resident Indian

  • Credit Score

    Credit Score

    750 or above, with good credit history

  • Employment


    Not cross 65% of monthly income

  • Minimum Income

    Minimum Income

    Minimum Salary – INR 20,000 - 25,000**

**Please note that these are just the basic eligibility criteria. Actual eligibility will be determined based on several parameters including SMFG India Credit’s policy at the time of loan application.

Note: Salaried residents of Mumbai or Delhi: 25,000 per month, Salaried residents of any other Indian City: 20,000 per month
For self-employed individuals, eligibility income will be as per minimum annual turnover, depending on nature of industry / profession

Mobile Loan Interest Rates in India 

Mobile loan interest rates in India fall under the personal loan category and hence, start from a very low 11.99%* per annum only. This makes it highly attractive and affordable for everyone wishing to make the purchase. However, the final loan interest rate per annum will be decided by the lending institution according to your eligibility, and the loan terms at the time of application.

Loan Amount Up to INR 25 lakhs*
Interest Rates Starting from only 11.99%* per annum
Processing Fee Up to 6% of loan amount
Loan Prepayment Charges Up to 7% of loan amount
Repayment Tenure From 12 to 60 months

How to Calculate EMI on Personal Loan for Mobile? 

The EMI that one has to repay to the lending institution depends on factors like loan amount, tenure, and interest rate.

EMI on personal loan for mobile = P*R*(1+R)^N/[(1+R)^(N-1)]

Here, the alphabet P refers to the principal loan amount borrowed, R is the interest rate per month, and N is the number of months. However, instead of manually calculating the EMIs, take the help of SMFG India Credit's online EMI calculator for personal loans. For example, a loan for INR 2 lakhs taken at 11.99% interest rate can be repaid within 36 months through EMIs of INR 6642.

How to Apply 

Here is how to apply for a mobile loan:

Personal Loan For Mobile

Understand how much loan you need for your mobile purchase.

Check your eligibility criteria through the online calculator.

Know what interest rates work best for you.

Get to know your EMI obligation or cost of loan repayment.

Verify what documents are needed according to the nature of your employment (self-employed or salaried).

Collect, scan, and upload all the documents required.

Fill the online form

Once the application is sent, you shall receive the approval if you satisfy the lender's eligibility criteria.

Within 72 hours* Upon receiving the loan approval, the funds will be deposited in your account.

* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.

Frequently Asked Questions

Can Students Avail Mobile Phone Loans?

To avail of a mobile phone loan, you need to be of 21 years of age. Moreover, it is part of the eligibility criteria for a personal loan that you must have a monthly income of at least INR 25,000 if you live in Mumbai or Delhi, and at least INR 20,000 if you reside in any other city. Additionally, you need to produce the salary slips for the past 3 months in front of your lending institution to establish that your income is sufficient and stable, indicating that you can repay the EMIs without default. Hence, it becomes difficult for students to avail mobile phone loans.

What other eligibility criteria are required to apply for a mobile loan?

To apply for a mobile phone loan, you must be an Resident Indian whose age is between 21 and 60, with a CIBIL score of 750 or higher. The EMI that you have as an obligation must be less than 40% of your monthly income. If you are self-employed, then you must qualify according to the minimum annual turnover and profits post taxation set by the lender. In detail, you can check your eligibility criteria through SMFG India Credit’s online personal loan eligibility criteria calculator which determines your qualification based on your income, residence, employment, and loan amount required.

Can I get a personal loan for a mobile for 2 months?

Unfortunately, you cannot avail a personal loan for purchasing your mobile if the loan tenure is only 2 months. The minimum repayment period is 12 months in lending institutions like SMFG India Credit. This can be because of a range of reasons, mostly, them being about financial security for the lender about regaining all the loan amount. Within 2 months, it might not be possible for you to repay the loan within just 2 installments with interest considering the large amount.

What are the requirements to apply for a personal loan for a mobile phone purchase?

To be able to apply for a mobile phone loan on an urgent basis, you must know a couple of things. Primarily, find out which phone suits your requirements the best and how much it costs. Then, check your eligibility criteria along the lines of SMFG India Credit's online calculator to know if you can take up the loan. The requirements to apply are:

  1. Age must be 21-60 years.
  2. You must be a Resident Indian.
  3. You must be salaried or self-employed.
  4. Minimum income/annual turnover must cross requirements according to city of residence.
  5. CIBIL score must be 750 or more.

How do I find the best personal loan rates for buying a mobile phone?

To find the best personal loan interest rates for buying a mobile phone, you can log on to the websites of different lending institutions and compare the prices. However, what interest rate will be applicable to you depends upon your eligibility too. NBFCs like SMFG India Credit give out personal loans for mobile phone purchases starting at only about 11.99%* per annum, according to your financial profile. Make sure to compare all interest rates online and choose the lender that offers comfortable EMI repayment options, minimal hassle, and great customer service.

Can I get a personal loan for a mobile phone with bad credit?

Unfortunately, you cannot avail of a personal loan for buying a mobile phone if your financial profile has poor or bad credit. The mark of bad credit is a CIBIL score less than 750. Poor credit can mean that the lending institution is taking up high risk in giving you the money since your poor repayment history and credit record shows that you might default on the EMI repayments. It is best that you work on improving your CIBIL score before applying for a personal loan.

What is the maximum loan amount I can get for a mobile phone purchase?

You may avail a personal loan amount of up to INR 25 lakhs* with the required documentation. If you are purchasing a mobile phone, INR 5-7 lakhs may also be sufficient. This will allow you to buy 1 high-quality, strong performance, well-branded phone from the premium range. However, avail a high amount loan so that you can prevent your savings from being exhausted in this purchase.

What are the repayment terms for a personal loan for a mobile phone?

If you take a personal loan for a mobile phone, you can choose your repayment tenure to be anywhere from 12 months to 60 months. This gives you ample time to repay through EMIs. To check how much EMI comes under your repayment plan, click on SMFG India Credit's EMI calculator. You may repay the EMI amount through the ECS option for auto-debit every month, or pay online through the website. The latter option presents you with 2 modes: Through PayTM wallet or through BillDesk, which includes UPI, net banking, or even debit card options.

How long does it take to get approved for a personal loan for a mobile phone?

The approval system is quick through the online application of an urgent mobile phone loan through lending institutions like SMFG India Credit. This also depends upon your eligibility for the loan. It can also depend on several factors like the loan amount, your creditworthiness, and the completeness of your application. Different lenders have different timelines, so it is a good idea to check with the specific lender before taking any loan.

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