Mobiles have become more than just a necessary communication tool; they have risen and become a mark of convenience and richness. The device takes you to the magical land of the Internet, where you can shop online, promote your business, connect with millions of people, and practically do anything and everything you have always wanted. However, mobiles have started costing a fortune, thus giving birth to mobile loans.
Mobile loans are personal loans that allow borrowers to use the loan amount to buy a new smartphone. Follow this guide to find the best mobile loan app with terms that meet your budget.
Convenient Process
100% Digital and No Paperwork
Apply on the Go
PAN India Serviceable
Lightning Fast
Disbursal Within 2 Hours
Secure Transactions
Global Standards of High-level Data Encryption
What is a Mobile Loan?
A mobile phone loan is a form of personal loan in which you can borrow money to buy a new or used smartphone. This loan is often secured by the smartphone itself, which means that if you fail to make payments, the lender may repossess the phone.
Features and Benefits
Mobile phone loans are making waves in the financial world with their fast application process, competitive interest rates, and ease of application. Take a look at the following features and benefits:
Loan at Your Fingertips
You can apply for a mobile loan online from the comfort of your home while browsing your dream smartphone on the side. This feature of applying for a loan through your smartphone saves you the hassle of playing dress-up and waiting in a queue at the bank.
Quick Disbursal
Applying for an instant mobile loan takes only a few minutes. The speedy process only takes a few minutes to complete the application and just a few hours to get the loan request approved and the amount disbursed to your account.
Enhanced Security
Security is a major concern with mobile loans. Mobile loan apps employ powerful encryption and authentication technologies to protect your personal and financial information. This enhanced security gives you the freedom to handle your loan with confidence.
Eligibility Criteria for Mobile Loans
The following eligibility criteria must be met to apply for a mobile phone loan. The applicant should:
Be a citizen of India falling between 18 and 45 years of age.
Complete KYC with the correct ID proofs.
Be a salaried individual or self-employed.
Have a minimum monthly salary of ₹12,000.
Documents Required for Mobile Loan
It is important to gather the following documents before applying for a mobile loan online to avoid any last-minute hustle.
KYC Documents
- Aadhaar Card
PAN Card
Other Documents
- NACH Form
Bank statements for the last three months
How to Apply for Mobile Loan?
You can apply for a mobile loan online with InstaMoney and skip the hassle of waiting in long lines with a folder of documents. You should follow the steps mentioned below to get an instant mobile loan.
1. Check Eligibility
Visit the InstaMoney website or download the app, enter all the necessary details, and you will receive your eligibility status within 2 minutes.
2. Choose Loan Duration
Select your preferred loan amount and repayment period from the available options.
3. Upload Documents
Upload all the required documents online for verification.
4. Loan Amount Disbursed
Once your documents are verified and the loan agreement is submitted, the approved amount will be transferred to your bank account within 2 hours.
Mobile Selection Tips Before Applying for a Loan
Are you thinking of applying for an instant mobile loan? Before you do, read the following mobile selection tips.
1. Type of Phone
The first thing to consider is the reason behind the purchase. The loan amount you apply for depends on the type of mobile phone you choose. There are various options to choose from like gaming phones, photogenic models, and phones that can survive falls among others.
2. Set a Budget
You must set a budget for how much you are willing to pay mobile EMI loan each month. This will alter the loan amount you request and the repayment tenure you choose.
3. Stalk the Offers
Keep an eye out for sales and promotions from online stores. When the price of mobile phones drops significantly, you can use this time to get a reduced loan amount or a better phone.
Conclusion
So there you have it. Mobile loans can be an excellent option to purchase the new smartphone you’ve been wanting. Just remember to do your research, select a phone that meets your needs and budget, and be aware of the loan conditions. If you need any more information, simply visit the InstaMoney website and get a solution! Say cheese!
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FAQ - Frequently Asked Questions
1. Can I get mobile loans with bad credit?
A. Yes, you can get mobile loans with bad credit. However, the terms and conditions of the loan might not be up to your expectations.
2. Are mobile loan apps helpful or harmful?
A. Mobile loan apps employ enhanced security measures so that your personal and financial information is safe and secured. However, you must conduct thorough research before trusting an app with your sensitive information.
3. Which mobile loan apps are RBI-approved?
A. Various apps like InstaMoney, PhonePe, LendingKart, and Amazon Pay are a few mobile loan apps registered with RBI.
Instant Loan forInstant Needs
