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. The technology involving mobile phones changes rapidly and newer models with better features are launched quite frequently. Whether you admit it or not, who doesn’t like to own the latest model in the market?

Loan for Purchase of Mobile Phones or Smart Phones

These days mobile phones cost a tidy sum, often may be equal to a few months of your income as well. In those cases, it may be difficult to own the latest smartphone without upsetting your monthly budget or saving up for a few months. But by the time you save up, the model that you intended to purchase could be old.

Due to these reasons, a quick personal loan works well as a source of funding for the purchase of a mobile phone.

Eligibility Criteria for a Smartphone Loan

Money View personal loans for smartphones come with easy to understand and straightforward criteria. It enables applicants to make the initial decision to apply for a loan.

The detailed eligibility criteria for a mobile phone loan from Money View are:

Income and Credit Score Eligibility Criteria
Minimum In-Hand Income Area of Residence CIBIL Credit Score Requirement
Salaried Individuals Rs 20000 Any 1-299 or New to Credit
Rs 20000 Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.) CIBIL Score of 650 /Experian Score of 750 and above
Rs 15000 Metro City other than Mumbai and NCR 675 or above
Rs 13500 Any CIBIL Score of 650 /Experian Score of 750 and above
Self Employed Individuals Rs 25000 Any CIBIL Score of 650 /Experian Score of 750 and above

Other Common Loan Eligibility Criteria

  • Should be aged between 21 years and 57 years
  • All income should be credited to a bank account

Apply for Online Loan for the Purchase of a Mobile Phone at Money View

Money View allows easy instant online personal loans at very attractive rates of interest for purchase of a mobile phone. Some of the features and benefits of a Money View personal loan are:

  • Eligibility Check for an instant loan in 2 minutes
  • Borrow any amount starting from Rs. 10,000 and going up to Rs. 5,00,000
  • Enjoy flexible repayment terms of up to 5 years
  • Loan amount is disbursed to your account in just 2 HOURS of approval
  • Benefit from low-interest rates starting from 1.33% per month
  • Apply for your mobile loan online; from documentation to repayment, the entire process is done digitally
  • Low credit score? You can still get a loan with our alternate credit model

Can You Purchase a Mobile Phone without a Credit Card?

This is one of the frequently asked questions when it comes to purchasing a mobile phone. It seems like a credit card will also work fine to buy a mobile. Of course, it does! But there are some advantages to buying a mobile with a personal loan. Read on to find out more:

  • 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 spending.

  • 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.

Mobile Loans for Students

As you see from our eligibility criteria given above, only those who have a regular income and meet all other eligibility conditions can avail of an instant personal loan 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 of an easy instant mobile loan from us for purchasing a mobile phone.

Have you shortlisted a mobile phone and are in want of some funds to own it? Think no more, avail of an instant personal loan from Money View. Download our loan app today and apply for an easy personal loan.

Contact Us

Do you require more information on our loans or need any assistance in applying for a loan, you could call us at 080 4569 2002 or write to us at loans@moneyview.in and we shall be glad to help you out.