Minimum Documentation
You only need your KYC details and income proof to apply for a personal loan for mobile online.
Mobile Loan
A mobile loan is essentially a dedicated Personal Loan offering a quick way to get online financing to buy a new smartphone on EMI without putting immediate strain on your savings. Finance your new phone on easy EMIs with a loan from a trusted, RBI-licensed NBFC such as Hero FinCorp.
No Hidden Charges
Minimum Salary Required: Rs 15,000 Per Month
Mobile on EMI Without Credit Card
Calculate Personal Loan EMI
Get an Online Mobile Loan Up to Rs 5 Lakh
Buying a new smartphone is exciting, but premium devices can be expensive and may stretch your budget. Instead of using up your emergency money, you can get an instant mobile loan and manage the EMI cost in a quick and hassle-free way. We provide a convenient option to either purchase a mobile or upgrade your smartphone through EMI payment plans. Whether you wish to purchase a mobile for work or personal use, our loan makes the payment process simple and flexible.
Furthermore, you can repay the loan in easy EMIs spread across a term of 12 to 36 months. With a loan ranging from Rs 50,000 to Rs 5 Lakh, you no longer need to delay your phone purchase or compromise on your choice. With instant approval in 10 minutes, zero hassle, and the best mobile finance plan at a competitive interest rate starting from 19% p.a., Hero FinCorp makes it easier to own the smartphone you want and enjoy life with fewer worries.
Features and Benefits
Easy EMIs
You can repay the phone loan in equated monthly instalments over a tenure of up to 36 months.
No Collateral Required
Our easy mobile finance is unsecured, so you do not need to provide any security or collateral.
Disbursal
Once approved, the loan amount gets disbursed directly to your bank account.
Attractive Interest Rate
The interest rates on mobile money loans start from 19% p.a.
Eligibility Criteria
A smartphone loan is one of the easiest loans to take. The only thing to take care of is the eligibility criteria required to avail a mobile finance online.| Eligibility Criteria | Details |
|---|---|
| Age | You should be at least 21-58 years of age. |
| Citizenship | You should be a resident of India. |
| Work Experience | 1. Salaried employee individuals: 6+ months’ experience 2. Self-employed individuals: Business must exist for 2+ years |
| Monthly Income | Your minimum monthly income should be Rs 15,000. |
| Credit Score | A score of 750+ is generally preferred for urgent approval. |
Document Required
We offer easy mobile finance to both salaried and self-employed individuals with minimal documentation. Here are the documents required:
- Pan Card
- Aadhar Card
Personal Loan Interest Rate and Charges for Mobile
Every Personal Loan, including those for buying a phone, comes with an attractive interest rate and nominal charges. As an RBI-compliant NBFC, all charges will be detailed in the Key Facts Statement (KFS) provided to you.
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 19% p.a. (Varies based on credit score and profile) |
| Loan Processing Charges | Minimum 2.5% + GST (Non-refundable) |
| Prepayment Charges | As per loan agreement (N.A. means not applicable, but typically covered under specific policy terms.) |
| Foreclosure Charges | Up to 5% + GST (Applicable after a minimum lock-in period, as per RBI Guidelines) |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1% - 2% of the Overdue Amount Per Month |
| Cheque/Mandate Bounce | Fixed Nominal Penalty (Refer to KFS) |
| Loan Cancellation | 1. No cancellation charges levied by the online app. 2. The interest amount paid is non-refundable. 3. Processing charges are non-refundable. |
How to Apply for a Personal Loan for Mobile Online?
Here are the steps to apply for a personal loan for mobile online.
- 1
Visit the Hero FinCorp website
- 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
Purpose of Taking a Loan on the Phone
Buying a new smartphone doesn’t have to drain your savings. An instant mobile loan offers an easy way to own the latest smartphone while keeping your finances in control. It’s a convenient and flexible option for anyone looking to upgrade or replace their phone without financial stress.
Here’s how a personal loan for mobile can help you:
- Buy a New Smartphone: Buy the latest model without paying the full amount upfront.
- Upgrade Your Old Device: Replace a slow or damaged phone with ease.
- Pay in Easy EMIs: Spread the cost over manageable monthly instalments of 12 to 36 months.
- Purchase Accessories: Finance items like smartwatches, earphones, or protective covers.
- Manage Your Budget: Buy a new smartphone without affecting your regular savings or expenses.
Steps to Download a Mobile Loan App on Your Mobile Device
Here is a step-by-step guide for downloading the mobile loan app on your smartphone:
- 1
Go to the Google Play Store or App Store on your smartphone.
- 2
Type Hero FinCorp loan app in the search bar.
- 3
Tap on ‘Install’ to begin the download.
- 4
Once the installation is complete, tap on ‘Open’.
- 5
Allow location access when prompted.
- 6
Enter your mobile number and verify it using the OTP sent to your phone.
How to Apply for a Loan Through the Mobile App?
Applying for a loan using the Phone Loan App is quick and simple. Here’s the stepwise process:
- Open the App: Launch the app and go to the Personal Loan section.
- Choose Your Loan Details: Select the loan amount and repayment plan that best fits your budget.
- Enter Your Information: Fill in your Name, Income, PAN, and Loan Purpose.
- Complete KYC Verification: Verify your identity through the secure online KYC process.
- Add Bank Details: Provide your bank account details for loan disbursement.
- Get Instant Approval: Receive loan approval within 10 minutes.
- Sign Digitally: Complete your e-Mandate and loan agreement online.
- Receive Funds: The approved amount is directly credited to your account.
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Frequently Asked Questions
An online mobile loan is a personal loan that you can avail of through phone loan apps or a website to purchase a mobile on easy EMIs.
Yes, you can take an instant mobile loan online either through the loan app or website, provided you meet the eligibility criteria.
Yes, you can get a loan on the phone even with a low CIBIL score. However, you may not get a higher loan amount or a lower interest rate.
The EMI for a smartphone loan will depend on the loan amount, the applicable interest rate and the repayment tenure.
You can get a personal loan for a smartphone from the app or website and repay in EMIs over a tenure of 12 to 36 months.
Yes, it lets you pay in easy instalments without affecting your savings.
Yes, reputable phone loan apps are safe because they use encryption, secure servers, and comply with RBI-approved data protection guidelines.
Mobile app loans use a digital interface where loan applications, documentation, verification, approval, and disbursement all occur in real time.
You can repay a personal loan for my mobile via monthly EMIs through an online loan app or any other payment method offered by the lender.
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.