Blog
Mobile Loan
Introduction
Mobile phones have become a daily necessity, with affordable internet connecting us to the rest of the globe. Online shopping, banking, e-learning, and other activities are simple with the touch of a smartphone. Nowadays, purchasing a mobile phone online is simple thanks to consumer durable loans or instant mobile loans with low EMIs. These are fast loans with no deposits and cash-back incentives for acquiring a mobile phone online. Year after year, there are various high-end mobile phone models available. Purchasing an expensive mobile phone might deplete a significant portion of your monthly revenue.
Buyers can therefore use a mobile loan to balance their budget while also owning the most recent mobile phone. A mobile phone loan online is a form of personal loan that is available online. Popular shopping e-commerce websites make it simple to obtain a mobile loan. In addition, customers can obtain a mobile loan through personal loan financing by downloading an immediate loan app or visiting a credit website. Most young people in today's generation are attracted to their phones and spend a lot of money on cell phones. Students and housewives who want to purchase a fantastic mobile phone can benefit from a mobile personal loan. A mobile loan can be obtained quickly by using consumer durable loan in-stores or rapid loan apps. Borrowers can obtain immediate mobile loans anywhere, at any time, thanks to the ease of use of digital lending apps. Instant loan apps recommend consumer durable loans that can be used to apply for and get authorized for a mobile loan.
Important Table of Contents:
What is a mobile loan?
In India, mobile loans are a sort of personal loan used to purchase a smartphone. Even if you don't have a credit card, you can now buy your favourite phone on EMI. All of this is made feasible by the introduction of mobile lending apps from internet lenders.
What are the features and benefits of mobile loans?
- Instant approval
- Minimum paperwork
- Flexible EMIs
- Unsecured loan
- Disbursal
Mobile loans with instant approval allow you to go gadget shopping anywhere, at any time, without worrying about money.
There are no physical documents required when applying for a mobile loan. Documents such as the Aadhaar card number must be submitted online and in a paperless format.
Because there is no commitment to make the complete payment ahead of time, you can invest in a higher-end smartphone by paying affordable monthly EMIs.
A mobile loan is an unsecured loan that does not require a security deposit or a down payment at the time of purchase.
When a mobile loan application is approved, the disbursement is completed on the same business day. The loan proceeds are deposited immediately into the borrower's bank account.
What are the eligibility requirements and documents required for a mobile loan?
One of the simplest loans to obtain is a mobile loan online.
Mobile loans are typically approved on the spot during the
purchase process. The only thing to consider are the
qualifying requirements and required documentation for
obtaining a mobile loan online.
loan application form that has been completed and signed. If
filed online, an electronic signature is required.
- Two KYC documents are required: Aadhar Card/PAN Card/Driving License/Passport
- You must be a resident of India.
- Your minimal monthly income must meet the lender's requirements.
- You must be between the ages of 21 and 58.
- Your credit history should fulfil the conditions stated by the lender.
What are the fees and charges for a mobile phone loan?
| Fee | Charges |
|---|---|
| Interest Rate | Starting from 3%* per month |
| Processing Fees | Ranging from 8% to 10% with 18% GST on the same |
| Interest on Overdue EMIs | Additional 1% on existing interest |
| E-NACH Bounce Charges | NIL (Banks may charge) |
| Loan Cancellation | NIL |
| Foreclosure Charges | NIL |
How do I apply for an instant mobile loan with Capital now?
Once you understand the qualifying conditions and required documentation, apply for a mobile loan and acquire the latest smartphone without worrying about paying for it in full. Buying a mobile phone online has become more widespread in recent years, owing to the rapid cash loan apps that assist with the cheap mobile loan. You can apply for a mobile loan using the Capital Now app by following the steps below:
- Instant Mobile Loan
- Enter your mobile phone number
- Fill in your personal, job, and financial information
- Enter your Aadhaar card / PAN number here.
- Enter your occupation and business address.
Conclusion
Capital Now loans for mobile phones have made it easier than ever to get loans via mobile phone. These loans are not only easy to obtain, but they are also disbursed within 24 hours of application acceptance. Simply go to the Capital Now website or download the app to apply today!
FAQ's
Can I get an instant loan to buy a mobile phone online?
You can obtain a loan through a bank, financial institution, or even an app on your phone to purchase a mobile phone with an EMI amount of your choice. With CapitalNow's app-based loans, you can be accepted for a personal line of credit that is both flexible and handy.
How can I pay for a mobile loan?
Monthly EMIs via an online loan app or any other means of payment provided by the lender can be used to repay a mobile loan. Paying your loan EMIs on time improves your credit score.
Is a mobile loan safe?
You can rest assured that mobile loan apps are completely safe and trustworthy. There is no risk of losing your money, but it is your obligation to keep your personal information private using a password.
How can I get a mobile loan instantly?
Log in to our Capital Now app and get started with your basic details to avail an instant mobile loan.
What is the maximum amount I can borrow for a mobile loan?
The loan amount can be up to Rs. 1.5 lakh, with a repayment tenure of up to 60 months.
Need more information? You can always reach us at support@capitalnow.in