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!
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. 10 lakh with just minimal documentation. What’s more? The eligibility criteria as well as the credit score requirements are also easy to manage.
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 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 /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 /Experian Score of 650 and above |
|
|
Rs 15,000 |
Metro City other than Mumbai and NCR |
CIBIL Score /Experian Score of 650 and above |
|
|
Self-Employed Individuals |
Rs. 15,000 |
Any |
CIBIL Score /Experian Score of 650 and above |
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
|
Any 1 of the following -
|
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 |
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 |
|
Penal charges on Overdue EMI |
24% per annum plus applicable taxes, if any |
|
NACH Bounce |
Rs.500/- each time |
|
Loan Cancellation |
|
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.
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.
Check Eligibility
Visit the Money View website or download the app. Add the details required and find your eligibility!
Select Loan Tenure
Select the loan amount and repayment term of your choice based on the options given
Upload Documents
Upload the required documents online. We only need three.
Amount Disbursed
After your documents are verified and loan agreement is submitted, the loan amount will be credited to your bank account within 24 hours
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!
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