In today’s blog post, we’re going to tell you how you can buy a mobile phone on loan. Many finance companies, personal loan companies, and banks are available in the market today that provide loans specifically for purchasing mobile phones. This allows you to easily buy a mobile phone on monthly installments and fulfill your desire.
Just as you can get a mobile phone on loan through traditional methods, there are also many loan apps available on the internet that allow you to take out a loan to buy a mobile phone. We have also published a blog post on how you can get a loan through the PhonePe app, and we have shared information about other mobile loan apps on our blog as well.
What is a Mobile Loan?
As the name suggests, a mobile loan is a type of loan taken by an individual to purchase a mobile phone. Nowadays, mobile phones have become an integral part of our lives and are essential, but due to their high cost, we can’t easily afford a good one. In such situations, several companies offer mobile loans. These companies pay for the mobile phone at the time of purchase, and you repay the amount in monthly installments, including interest.
How to buy a mobile phone on installments?
Friends, if you want to buy a mobile phone on installments, there are several options available to you. The best way is if you have a credit card; you can buy any mobile phone on installments from the comfort of your home in just a few minutes. If you don’t have a credit card, then you will have to contact mobile finance companies to buy a mobile phone on installments. You can easily get a mobile phone on installments from them.
How to buy a mobile phone on installments with a credit card?
Friends, if you have a credit card, you can easily buy even the most expensive mobile phones on installments. You can also get various discounts from online websites. If you have a credit card, you might also be offered special deals. Currently, all e-commerce sites offer mobile phones on installments through credit cards. These companies offer low interest rates along with many discounts and schemes.
To buy a mobile phone on installments using a credit card, you need to follow these steps:
- First, you need to go to the e-commerce website where you want to buy the mobile phone. There are many e-commerce websites like Flipkart and Amazon that are doing business online today.
- After going to the e-commerce website, you need to select the mobile phone you want to buy.
- Next, in the payment options for the mobile phone, you need to select the EMI option so that you can pay for the mobile phone in installments.
- After that, you will have to select the name of your credit card provider company. You can select the company whose credit card you have.
- Then, select the number of months over which you want to pay the installments for the mobile phone. The EMI amount for that period will be displayed on the screen, along with the total loan amount.
- The EMI amount, the payment period, and the interest rate will then be shown to you.
- After that, select the interest rate, period, and EMI amount that suits you best and click on the payment option.
- Then, proceed with the payment.
- Your payment is now complete. The company will deduct the money from your account for the number of months for which the mobile loan was given. Once the time is up, your mobile loan will be fully paid off.
Credit card interest rate
Friends, below you will find details of the interest rates charged by various companies when buying mobile phones on installments using a credit card. By reading this, you can easily see the differences between them.
| Mobile Loan Company | Mobile Interest Rate |
|---|---|
| KOTAK BANK | 12% |
| AXIS BANK | 12% |
| HDFC BANK | 13% |
| ICICI BANK | 13% |
| SBI BANK | 14% |
Bank Credit Card Interest Rate
How can I buy a mobile phone from the shop on installments?
Friends, nowadays you can easily buy mobile phones on installments at almost all mobile shops. Shopkeepers offer mobile financing facilities. Whenever you want to buy an expensive mobile phone, you can go to a mobile shop, and they will arrange for you to get the phone on installments through a financing company. Currently, Bajaj Finserv is one of the most popular and reliable companies in the market that provides easy mobile financing.
Required Documents
The following documents are required to purchase a mobile phone on installments from the shop:
- Passport-size photograph
- Bank passbook
- Identity proof
- Aadhaar card
- PAN card
Eligibility Criteria
Let’s find out what qualifications you need to have to buy a mobile phone on installments:
- First, you must be an Indian citizen.
- Secondly, you must be over 21 years of age.
- If you are using a finance company, you must have a stable monthly income so that you can repay the loan installments properly.
- You must have a smartphone and a good internet connection to apply for a loan online.
- You must have a mobile number linked to your Aadhaar card.
- A good credit score will increase your chances of getting a loan.
- You should be employed so that you can repay the loan installments on time.
Mobile Loan EMI Benefits
If you want to buy a mobile phone on installments, you can get many benefits. Let’s find out what advantages you’ll get by buying a mobile phone on installments –
- Friends, if you want to know the biggest advantage of buying a mobile phone on installments, the benefit is that you don’t have to pay a large sum of money for the phone all at once. You can pay the amount in small installments every month.
- Another advantage of buying a mobile phone on installments is that you can easily get any latest mobile phone on an installment plan. Even if you have limited funds, you can still buy a mobile phone on installments.
FAQ’s – Frequently Asked Questions
Let’s look at some frequently asked questions about buying a mobile phone on installments:
Q.1- How to buy a phone on loan?
Ans- To buy a phone on loan, it’s best if you have a credit card from a company, which allows you to buy a phone on loan online. If you don’t have a credit card, you can visit a nearby mobile shop to buy a phone on loan.
Q.2- How to buy a mobile on installments from Flipkart?
Ans- To buy a mobile on installments through the Flipkart website, you first need to select the phone you want to buy on installments. After selecting the phone, you need to click on the payment option and fill in your credit card details. After that, you need to make the payment. You will have to pay the installments to the company whose credit card you have.
Q.3- How to buy a mobile on EMI with a debit card?
Ans- You cannot buy a mobile on installments using a debit card. You can buy a mobile on installments using an EMI card, credit card, or through a loan.
Q.4- How to buy a phone on loan?
Ans- To buy a phone on loan, you should have a credit card from any company. This will allow you to buy a phone on loan online.
Conclusion
Friends, in today’s blog post, we have explained how you can get a mobile phone on loan. If you also want to buy a mobile phone on installments, then you are reading the right post. You should read this post carefully.
We have provided all the necessary information in this blog post. After reading this information, you can easily buy a mobile phone on installments from the comfort of your home. If you liked the information we provided, please share it with your friends.