Calculate Your Personal Loan EMI
Nowadays, it is easy and convenient to purchase a mobile on EMI without a credit card. Hero FinCorp can provide a Personal Loan of Rs 50,00 to 5,00,000 to fund your mobile shopping. With basic eligibility, such as a minimum salary of Rs 15k per month, we can approve your loan in just 10 minutes, making your smartphone shopping convenient and affordable.
Nowadays, there are several premium smartphone brands in India, and the cost of these phones can go up to lakhs. A Personal Loan helps you buy a high-end smartphone without touching your savings or emergency funds. You can repay the loan in equated monthly instalments (EMIs).
Let us look at the benefits of buying a smartphone on EMI using a Personal Loan:
Buying a mobile phone on EMI without a credit card has a plethora of advantages. Let's see them one by one:
Cost may be paid in EMIs, reducing the initial burden of payment.
The Personal Loan application process at Hero FinCorp is easy as it involves basic documentation with minimum formalities, so you can quickly get funds to buy your preferred smartphone.
You can opt for a short or long tenure with various options of 12, 18, 24, 30, or 36 months, depending upon your income and cash flow.
The quick approval of a loan in 10 minutes enables you to receive the money instantly and take the phone home.
Borrowing with a Personal Loan through Hero FinCorp does not affect your card's current credit limit. Your credit availability will be preserved, which will help in creating a good credit history if you're willing to repay EMIs timely.
Zero down payment facility allows you to buy premium phones earlier without having to wait to accumulate the entire cost.
To buy a mobile on EMI without a credit card, you can take an instant personal loan from Hero FinCorp. Here is the process:
Ensure you meet the basic personal loan eligibility criteria to buy a mobile on EMI without a credit card. The requirements are:
| Criteria | Requirement |
|---|---|
| Age | 21 to 58 years |
| Citizenship | Indian resident only |
| Occupation | Self-employed and salaried |
| Minimum Income | Rs 15,000 for salaried and self-employed |
| Work Experience | Six months for salaried; two years for self-employed |
Minimum documentation requirements make personal loan processing for mobile on EMI without a credit card faster. They include:
At Hero FinCorp, the interest rates on Personal Loans are competitive, and other charges are nominal. 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 | - Online loan application does not charge any cancellation fees - Interest amount paid is non-refundable - Processing charges are also non-refundable |
To purchase a mobile phone on EMI without a credit card, just follow these steps to apply for a Personal Loan at Hero FinCorp:
Go to Hero FinCorp's website or download the Hero FinCorp personal loan app.
Click on the personal loan section and click on apply now .
Enter your mobile number and authenticate your account by using the OTP obtained on your mobile.
Select your loan amount and loan tenure according to your requirement.
Then, you need to do your KYC verification for confirming your income eligibility.
Click 'Submit' and wait for approval.
