Benefits & Features of Taking New Mobile on Loan in India
What is a Mobile Loan?
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.
How to Apply for Mobile Loan without a Credit Card?
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.
Features & Benefits of Mobile Loan App
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:
- Instant Approval:
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.
- Minimal Paperwork:
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.
- Flexible EMIs:
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.
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Eligibility & Documents required for Mobile Loan
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.
Reasons to take a New Phone on Loan
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.
Frequently Asked Questions
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.
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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.
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