A mobile phone is your gateway to the world, be it for entertainment, for shopping, for payments, for learning or for just being in touch. However, mobile phones cost a tidy sum making it difficult to own the latest smartphone easily without upsetting your monthly budget or saving up for a few months. 

But, we have a solution!

Money View Instant Mobile Phone Loan

There are a number of lenders in the market today but none stand out as much as Money View. A premier lending company in the country, Money View offers instant personal loans of upto Rs. 5 lakh with just minimal documentation. What’s more? The eligibility criteria as well as the credit score requirements are also easy to manage.

How to Get a Money View Mobile Phone Loan

Follow the steps given below to get a personal loan for mobile phones from Money View -

  1. Check Your Eligibility
    Visit the Money View website or download the app. Add the details required and find your eligibility!

  2. Choose Your Loan Plan
    Select the loan amount and repayment term of your choice based on the options given

  3. Provide Necessary Documents
    Upload the required documents online. We only need three.

  4. Avail Loan Instantly
    After your documents are verified and loan agreement is submitted, the loan amount will be credited to your bank account within 24 hours

Note -

  • Once your documents are verified, you will receive a NACH form which needs to be printed, signed, scanned, and sent back to  us

  • This step will enable the auto-debit facility from your bank account and allow you to pay your EMIs on time automatically without any manual intervention.

  • On receiving your NACH form, you will need to review the loan agreement on the app. Please submit the application after reviewing all the terms and conditions thoroughly

Eligibility Criteria for a Mobile Phone Loan

In order to avail an instant personal loan from Money View to buy a mobile phone, you will have to fulfill our eligibility criteria given below -

  • Applicants must be between 21 years and 57 years

  • Applicants must receive an income of Rs. 13,500 or more*

  • Income must be credited directly to the applicants’ bank account

  • Credit score must be a minimum CIBIL score of 600 or minimum Experian score of 650

Given below is a city-wise breakdown of the income and credit score requirement -

Income and Credit Score Eligibility Criteria*


Salaried Individuals

Minimum In-Hand Income

Area of Residence

CIBIL Credit Score Requirement

Rs 13,500

Any

CIBIL Score of 600 /Experian Score of 650 and above

Rs 20,000

Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.)

New to Credit or

CIBIL Score of 600 /Experian Score of 650 and above

Rs 15,000

Metro City other than Mumbai and NCR

CIBIL Score of 600 /Experian Score of 650 and above

Self-Employed Individuals

Rs. 15,000

Any

CIBIL Score of 600 /Experian Score of 650 and above

Documents Required for a Mobile Phone Loan

In order to get a mobile phone loan from Money View, you need only 3 key documents, as listed below -

Identity Proof

Address Proof

Income Proof

PAN Card - This is the primary ID proof required. However, if it is rejected due to image quality issues or other reasons, any 1 of the officially valid documents given below will suffice

  • Aadhaar Card

  • Valid Indian Passport

  • Valid Voter ID

  • Valid Driver’s License

Any 1 of the following - 

  • Aadhaar Card

  • Valid Indian Passport

  • Valid Voter ID

  • Valid Driver’s License

  • Utility Bills (Electricity, Water, Gas) dated within the last 60 days

Salaried Applicants - Last 3 months’ bank statements of your salary account in PDF format showing salary credits


OR


Self-Employed Applicants - Last 3 months’ bank statements in PDF format if you are self-employed

Fees and Charges for a Mobile Phone Loan

Money View’s personal loans come with competitive interest rates and have no hidden charges whatsoever. Our fees and charges are as follows -

Fees and Charges

Amount Chargeable

Interest Rate

Starting from 1.33% per month

Loan Processing Charges

Between 2% to 8% of the approved loan amount

Interest on Overdue EMIs

2% per month on the overdue EMI/Principal loan amount

Cheque Bounce

Rs.500/- each time

Loan Cancellation

  • No additional charges levied

  • The interest amount for the period between loan disbursement and loan cancellation will be payable.

  • Processing fees will also be retained.

Can You Purchase a Mobile Phone without a Credit Card?

This is a frequently asked question when it comes to purchasing a mobile phone. While you can buy a mobile phone using your credit card, there are some advantages to buying a mobile with a personal loan such as -

  • Doesn’t Block Your Credit Limit
    The rising costs of mobile phones these days mean that the purchase of a phone on your credit card is good enough to use up your entire credit limit for that particular month. So there is no more room for your usual monthly purchases.

  • You Don’t have to Cough up the Entire Amount in One-Shot
    Once the bill is generated for your credit card, you are ideally required to pay up the entire amount spent before the due date. Or a high interest is charged not only on the unpaid amount but also on any fresh purchase. So you will need to pay up the entire cost of the phone on the due date. 

  • Can Space Out the Repayments Easily
    A personal loan comes with easy EMIs which can be spread out for durations comfortable to you, which is not possible when you go in for a credit card payment.

  • Works Out to Be a Cost-effective Method
    If the entire amount used on a credit card cannot be paid and you opt for rolling over of credit card debt, it works to be the costliest debt, as credit cards levy an interest rate in the range of 30-48% p.a. On the other hand, personal loan rates start from 13% onwards p.a. at Money View.

Can Students avail Mobile Phone Loans?

As you see from our eligibility criteria given above, only those who have a regular income and meet all other eligibility conditions can avail an instant personal loan from Money View for the purchase of a mobile phone. So all students may not be eligible for a mobile loan from Money View. 

However, your parents or working siblings can always avail an easy instant mobile loan from us for purchasing a mobile phone.

In Conclusion

Getting a mobile phone has never been easier thanks to Money View personal loans for mobile phones. Not only are these loans easy to avail, they are disbursed within 24 hours of application approval. All you need to do is visit the Money View website or download the app and apply today!