Mobile loans in India are getting a lot of traction these days due to the availability of the best smartphones and millennials’ fascination. Mobile loans are a special type of personal loan taken to buy a smartphone in India. You can now buy your favourite phone on EMI even if you don’t have a credit card. All this is made possible with the emergence of mobile loan apps of lenders present online.
Are you facing issues with your current mobile phone and want to replace it with the latest smartphone? Many people prefer buying a phone on EMI to have some flexibility in payment instead of a one-time big payment. However, not everyone carries a credit card. The best part is that now you can buy a new smartphone on EMI without having a credit card. Apply for a mobile loan by downloading a mobile loan application on your phone and get it approved instantly. The application process for these loans is completely online, which means you would not have to visit the lender’s branch with all your documents. This application process is pretty simple with a few easy steps and basic documents upload, it takes 5-10 minutes to apply for a loan.
Navi is one of the best options when it comes to taking a mobile loan as the loan application process is pretty smooth with quick approval. You just have to download the Navi app from the Play Store and click on apply for loan tab. The application process consists of three steps that start with filling in basic information about yourself, followed by entering your income-related details and loan amount, and finally uploading your Aadhar card and Pan card for e-KYC. The best part is that you can actually enter the EMI amount based on your cash flows on the Navi app while applying for a loan, making it one of the best loan apps for iPhone.
There are many features and benefits of using mobile loan apps over the conventional mode of applying for a cash loan by going to the lender’s office. These are listed below:
These loans come with an instant decision of loan application approval or rejection owing to their reliance on modern technologies to assess a loan application.
Another feature of these loans is the absence of physical documentation in the form of paperwork during loan application. Borrowers just have to upload their ID proofs on the app itself.
The instant loan app has an option of selecting the EMI amount based on your cash flow consistency, and the loan’s tenure will be set in accordance with your loan amount and the EMI amount you have chosen.
The eligibility criteria to take a mobile loan is very basic when applying for a loan from a direct lender. A borrower must be an Indian citizen of 18+ years with a bank account in India. That’s it. It does not matter whether you can give any collateral or not, because these are unsecured loans that do not require a borrower to pledge his asset as collateral.
The documents required for these loans are very basic and usually consist of just a borrower’s ID proof authorised by the government. It includes their Pan card and their Aadhar card for KYC purpose, which is also done online. The borrower also does not need to submit his bank account statement or salary slip to get these loans.
There could be several reasons as to why you should take a new phone by taking a mobile loan. It could be as many of these loans come with no cost EMI, which means you will only have to pay for what the phone costs. If your current phone has stopped working or you lost it somewhere, and you don’t have enough savings to buy a new smartphone now, then it’s better to opt for a mobile loan. One of the biggest advantages of buying a phone on loan is that you can buy even the most expensive phone as you won’t have to pay for it upfront, there will be monthly instalments.
Navi app is available on the Play Store. You can install it and apply for a mobile loan. If you want to compute the interest amount being charged on the loan you are planning to take, then you can access a mobile loan calculator.
Ans: Yes, you can get an instant mobile loan from Navi, minutes after you apply for it on the Navi app
Ans: The minimum loan amount is Rs. 10,000, and the maximum amount you can borrow from Navi is Rs. 5 lakhs.
Ans: Yes, the processing fees on mobile loans is 2.5% (Minimum Rs.500 and Maximum Rs. 5,000).
Ans: It varies from case to case, but the usual tenure is somewhere between 3 months to 36 months. Similarly, the interest rate ranges from 16% to 30% per annum.
Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Get personal loans up to ₹20 lakh starting at 9.9% p.a. Install the Navi app now!
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
Personal Loans
Instant Loan without CIBIL Score
A good CIBIL score is necessary to avail of a loan on favourable terms and conditions. But, what ab... Read More »Personal Loans
What is a Top up Loan and How to Apply for It?
Understanding Top Up Loan A top up loan is an additional fund that you can avail above your exis... Read More »Personal Loans
Instant Personal Loan on Aadhar Card
As a taxpayer, you must have understood by now the role of PAN and Aadhaar while filing your income... Read More »Personal Loans
How to Get a Personal Loan without Income Proof?
When in sudden need for credit, both salaried and self-employed professionals can apply for a perso... Read More »Personal Loans
List of 20 Best Personal Loan Apps in India 2023
Personal loans can be used to fulfil any financial emergency, but getting them sanctioned can be a ... Read More »Personal Loans
How to Apply for EPF Loan Online?
Employees’ Provident Fund (EPF) aims to provide a financial cushion for salaried employees after ... Read More »Personal Loans
What are Short Term Loans? – Key Features and Benefits
The tenure for short term loans generally ranges from about a month to a year. They are usually uns... Read More »Personal Loans
Get Instant Cash Loan in 1 Hour Without Documents: Interest Rate and Eligibility
Are you in any emergency cash crisis and in need of an instant cash loan in 1 hour without document... Read More »Personal Loans
How to Use a Loan Affordability Calculator – Features and Benefits
Mr. Srivastav earns Rs. 80,000 per month; he utilises a part of that amount to meet general expense... Read More »Personal Loans
Why Should You Take Personal Loan for Car Finance – Feature and Benefits
Owning a car is a significant milestone in a person's life. So it is no wonder that most people asp... Read More »Personal Loans
Personal Loan Interest Rates in India – Charges and Processing Fee
Applying for a personal loan? Have you compared the personal interest rates and processing fees? ... Read More »Personal Loans
Educational Loan Without Collateral – Banks Offering and Eligibility
An educational loan without collateral is a hassle-free way for students to pursue further educatio... Read More »Mutual Funds
Top 10 Chit Fund Schemes in India in 2023
Chit funds are one of the most popular return-generating saving schemes in India. It is a financial... Read More »Personal Loans
₹15,000 Personal Loan: Features, Benefits, EMI and Interest Rate
Financial emergencies can be short term and you might not always require a large amount to handle t... Read More »Personal Loans
Personal Loan Interest Rates in India – Charges and Processing Fee
Applying for a personal loan? Have you compared the personal interest rates and processing fees? ... Read More »Mutual Funds
10 Best Gold ETFs to Invest in India [2023]
Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica... Read More »Health Insurance
TPA in Health Insurance – Full Form, Functions and Roles
TPA (full form – Third Party Administrator) is a licensed intermediary between health insurance p... Read More »Banking
ATM Card AMC (Annual Maintenance Charge): Explained
ATM Card AMC (Annual Maintenance Charge) is a maintenance fee levied by banks every year. This debi... Read More »Mutual Funds
Top 10 Demat Accounts in India [Lowest Brokerage Charges]
A Demat account was created to eliminate the time-consuming and inconvenient procedure of purchasin... Read More »Mutual Funds
20 Best Index Funds in India to Invest in 2023 (27th Jan)
What is an Index Fund? An index fund is a type of mutual fund or exchange-traded fund (ETF) that... Read More »All information is subject to specific conditions | © 2023 Navi Technologies Ltd. All rights are reserved.
FEE FREE MONTH
No Processing Fee on Cash Loan