Affordability
Cost may be paid in EMIs, reducing the initial burden of payment.
Buy Mobile on EMI
Loan up to Rs 5 Lakhs
Minimum Salary Required Rs 15K
Instant Approval in 10 Minutes
Calculate Your Personal Loan EMI
Buy Mobile on EMI without a Credit Card
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.
Why Should You Buy Mobile on EMI?
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:
- Spread the cost into manageable monthly instalments
- Free up cash flow with no upfront payment
- Improve affordability and plan your budget better
- Buy premium models with advanced features
Features and Benefits of Personal Loan to Buy a Mobile on EMI Without a Credit Card
Buying a mobile phone on EMI without a credit card has a plethora of advantages. Let's see them one by one:
Ease of Access
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.
Flexible Tenure
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.
Instant Approval
The quick approval of a loan in 10 minutes enables you to receive the money instantly and take the phone home.
No Effect on Credit Card Limit
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.
Available Premium Phones
Zero down payment facility allows you to buy premium phones earlier without having to wait to accumulate the entire cost.
How to Buy a Mobile Phone on EMIs Without Using a Credit Card Through Personal Loan
To buy a mobile on EMI without a credit card, you can take an instant personal loan from Hero FinCorp. Here is the process:
- Meet the Eligibility Criteria: You can be a self-employed or salaried individual between 21 and 58 years of age with a minimum monthly income of Rs 15,000 and a good credit score.
- Documents Required: You only need to provide your KYC details and proof of income when you apply for a Personal Loan with Hero FinCorp online.
- Application Process: Select the phone you wish to purchase and the loan you need. Go to the Hero FinCorp website or loan application, complete the application form and input KYC details and income proof, and you will get instant loan approval in 10 minutes. You can pay monthly instalments in a period of 12 to 36 months.
Personal Loan Eligibility Conditions to Purchase a Mobile on EMI Without a Credit Card
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 |
Documents Required of Personal Loan to Buy Mobile on EMI Without a Credit Card
Minimum documentation requirements make personal loan processing for mobile on EMI without a credit card faster. They include:
- PAN Card
- Aadhaar Card
Interest Rates and Charges on Personal Loan for Mobile on EMI
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 19% p.a. |
| 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 |
How to Apply for a Personal Loan to Buy a Smartphone on EMI without a Credit Card?
To purchase a mobile phone on EMI without a credit card, just follow these steps to apply for a Personal Loan at Hero FinCorp:
- 1
Go to Hero FinCorp's website or download the Hero FinCorp personal loan app.
- 2
Click on the personal loan section and click on apply now .
- 3
Enter your mobile number and authenticate your account by using the OTP obtained on your mobile.
- 4
Select your loan amount and loan tenure according to your requirement.
- 5
Then, you need to do your KYC verification for confirming your income eligibility.
- 6
Click 'Submit' and wait for approval.
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Frequently Asked Questions (FAQs)
Hero FinCorp's approval process is very fast, usually within 10 minutes, which means you won't have to wait any longer for purchasing a mobile phone without a credit card.
Yes, most lenders verify your credit score, but there are certain loan providers who also offer loans for mobile on EMIs without a credit card with a low or no score.
You will have to pay a penalty to the lender if you fail to make your EMI payment. In addition, it adversely impacts your credit score.
It depends on lender to lender. Make sure to check your processing fees, foreclosure fees and GST before you accept your EMI plan.