Minimum Documentation
You only need your KYC details and income proof to apply mobile loan online.
Calculate Personal Loan EMI
Get Personal Loan for Mobile Online Up to Rs 5 Lakh
The latest mobile phones with advanced features come with hefty price tags. However, spending a substantial amount of your savings to purchase them is not wise. This is where a personal loan for mobile can help. It allows you to buy your favourite model without exhausting your emergency funds. Moreover, an online mobile loan is a great option to distribute the phone’s cost into easy instalments.
The reasonable interest rates of an instant mobile loan keep the phone’s cost affordable. Furthermore, you can repay the loan in easy EMIs spread across a tenure of 12 to 36 months. So, with a Personal Loan of Rs 50,000 to Rs 5 Lakh from Hero FinCorp, you no longer need to delay your phone purchase or settle with a lower model due to a lack of funds.
Features and Benefits of Personal Loan for Mobile
Instant Approval in 10 Minutes
Mobile loans on the spot approval makes it distinct to indulge in gadget shopping anywhere, anytime, without worrying about the monetary issues.
Easy EMIs
You can repay the mobile loan in equated monthly instalments over a tenure of up to 36 months.
No Collateral Required
Our easy mobile loans are unsecured, so you do not need to provide any security or collateral.
Disbursal
Once approved, the loan amount gets disbursed directly to the borrower’s bank account.
Attractive Interest Rate
The interest rates on mobile money loans start from 1.58% per month.
Eligibility Criteria for Mobile Loan
A smartphone loan is one of the easiest loans to take. Mostly phone loans get approved on the spot during the purchase. The only thing to take care of is the eligibility criteria required to avail a mobile loan online.| Eligibility Criteria | Details |
|---|---|
| Age | You should be at least 21-58 years of age. |
| Citizenship | You should be the resident of India. |
| Work Experience | Salaried: 6+ months’ experience; self-employed: Business must exist for 2+ years. |
| Monthly Income | Your minimum monthly income should be Rs 15,000. |
Document Required for Loan for Phone
At Hero FinCorp, we offer easy mobile loans to both salaried and self-employed individuals with minimal documentation. Here are the documents required:
Required Documents for Salaried
Mandatory Documents
Filled loan application form, passport-sized photograph
Identity Proof
Driving Licence, Passport, PAN (mandatory), Aadhaar
Residence Proof
Driving Licence, Passport, Aadhaar, Ration Card, Utility Bill
Residence Ownership Proof
Electricity/Maintenance Bills, Property Documents
Income Proof
3 months’ salary slips, 6 months’ bank statement (salary account), Form 16
Job Continuity Proof
Appointment letter, Experience certificate
Required Documents for Self-Employed
Mandatory Documents
Filled loan application form, passport-sized photograph
Identity Proof
Driving Licence, Passport, PAN (mandatory), Aadhaar
Residence Proof
Driving Licence, Passport, Aadhaar, Ration Card, Utility Bill
Office Address Proof
Maintenance Bill, Utility Bill, Property Documents, Rent Agreement
Income Proof
6 months’ bank statement, 2 years’ ITR
Business Existence Proof
Tax Registration, Shop Establishment, Company Registration Certificate
Personal Loan Interest Rate and Charges for Mobile
Every Hero FinCorp loan, including personal loans for mobile phones, comes at an attractive interest rate and nominal charges, ensuring easy repayment. Here are the details.
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 1.58% per month |
| Loan Processing Charges | Minimum 2.5%+ GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. Online loan app does not charge any cancellation charges |
| 2. Interest amount paid is non-refundable | |
| 3. Processing charges are also non-refundable |
How to Apply for a Personal Loan for Mobile Online?
Here are the steps to apply for a mobile loan online with Hero FinCorp.
- 1
Visit the Hero FinCorp website or install the personal loan app
- 2
Go to the instant personal loan page and click ‘apply now’
- 3
Enter your mobile number and verify with the OTP received
- 4
Choose the loan amount you need
- 5
Verify your KYC details to check income eligibility
- 6
Click ‘Submit’ to complete your application
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Lending money from a credible source such as Google Play Store keeps the loan process safe & eliminates the chances of fraud phone loan apps running on secured servers over a secure HTTPS connection via SSL encryption are safe to use.
Smartphone loan apps work on a digital interface where the loan application, documentation, verification, approval, and disbursal all happen in real-time on the same day.
Those seeking a digital credit facility for buying a smartphone can apply for an instant mobile loan using an instant loan app.
A mobile loan is a digitally enabled personal loan that borrowers can avail via an instant cash loan app. From start to end, the loan process is 100% digital and no physical presence is required for approval.
You can get a phone loan instantly via loan apps online. Compare the features, benefits, and interest rate of mobile loans before shortlisting one.
Exploring multiple loan apps to buy a single commodity can be confusing. Instead, show your trust in a worthy phone loan app such as Hero FinCorp. You can easily obtain a personal loan for phone, up to 5 lakhs to purchase a high-end Android or Apple iPhone here.
EMIs for a smartphone loan are a part of loan repayment to be paid to the lender against the commodity purchased. A loan amount may fluctuate based on the interest charged.
Every financial procedure involves an eligibility criteria, accompanied by a set of mandatory documents to go further:
- Filled and signed loan application form. Electronic signature if submitted online
- KYC documents -Aadhar Card/PAN Card/Driving License/Passport
- You should be a resident of India
- You should be either salaried or self-employed individual/ businessman
- Your minimum monthly income should meet the criteria fixed by the lender
- You should be at least 21 - 58 years of age
- Your credit history should meet the criteria set by the lender
Yes, you can very well get a personal loan to buy a smartphone. The procedure is easy if you get a loan for mobile through instant personal loans easily accessible on smartphones and websites.
Yes, you can apply for a phone loan via the Hero FinCorp personal loan app. Download, register, and submit the paperless documents to get loan sanctioned and disbursed within 2 days.
If you fall under the age group of 21-58 years with a minimum income of Rs.15,000/ monthly, you are eligible to apply for a phone loan.
The required documents are paperless for a smartphone loan. It requires only an Aadhar card linked to your mobile number and a PAN card.
Phone loan can be repaid through monthly EMIs via online loan app or any other mode of payment available with the lender. Paying the loan EMIs on time increases your credit history.
Disclaimer
*Approval & Agreement: Loan approval is at Hero FinCorp's discretion. By applying, you agree to our Terms & Conditions, Privacy Policy, and Loan Agreement.
*Data Use: You consent to electronic processes and data use for loan assessment, as per our Privacy Policy.
*Security: Keep your account and device secure. Report our customer care for unauthorized activity immediately.
*Grievances: For concerns, refer to our Grievance Redressal Policy.
*EMI Payment: Refer to our T&Cs here*
*RBI Mandate: RBI requires transparent disclosures. Learn more from RBI.