EMI Options to Buy Mobile without Credit Card

Given below are certain steps you need to follow to select and avail the right loan for you -

  • Personal Loans
  • Have you considered getting a personal loan to pay for your mobile? Not only are these loans affordable, they also come with convenient repayment options to make your EMI payments easier. There are a number of lenders in the market today for you to choose from.

  • EMI on Debit Cards
  • Some of the major banks like HDFC, ICICI, and Axis Bank have started providing EMIs on their debit cards. You just have to visit the bank’s partner outlet and check with them about this offer. You can pay the balance in easy EMIs with an installment duration of your choice.

  • EMI Cards
  • EMI card is a mechanism whereby you are given a pre-approved loan. When you buy a product it’s converted into easy EMIs. Some of the leading NBFCs dealing in consumer durable goods or electrical appliances provide this type of facility.

Why Should You Opt for Money View Personal Loans to Buy Mobile on EMI

24 Hour Disbursement

Your loan amount will be credited within just 24 hours after your loan application has been approved

Loans with Low Credit Score

Thanks to Money View’s unique credit rating model, even if you have a relatively low credit score, you can still get a loan. However a minimum CIBIL score of 600 or Experian score of 650 is a must

Instant Eligibility Check

Your eligibility check from the Money View website or app takes only 2 minutes saving energy and time

No Collateral or Guarantor

There is no need for a guarantor or collateral to get Money View personal loans

Flexibility of Loan Amount and Repayment Term

Depending on your eligibility you can choose any loan amount of upto Rs. 5 lakhs and repayment tenure of up to 60 months

Flexible Repayment Term

Choose our flexible loan repayment tenure starting of 3 months up to 60 months

Minimal Documentation

All you need to provide are 3 documents - ID proof, address proof, and income proof

100% Online

The entire process from application to disbursal is quick and hassle-free

How to Get Personal Loan from Money View to Buy Mobile on EMI

Check your eligibility

Provide the required details and find out if you’re eligible for a loan in just 2 minutes.

Choose your loan plan

Choose the loan amount and repayment term of your choice based on the options provided

Upload required documents

You’ll have to upload all the relevant documents after which they will be verified

Loan transfer to your bank account

Post verification and submission of loan agreement, the loan amount will be credited to your account within 24 hours

Note -

  • After your documents are verified, you will receive a NACH form. You’ll need to print this form, sign, scan the document, and send it back to Money View to enable the auto-debit facility from your bank account.
  • This will allow you to pay your EMIs on time automatically without the need for any manual intervention.
  • On receiving your NACH form, you will need to review the loan agreement on the app. If you agree to the terms and conditions, you can submit the application

Our Loan Eligibility Criteria to Buy Mobile on EMI

If you have decided to avail a personal loan from Money View to buy a mobile, you will have to fulfill the 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
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

In Conclusion

In today’s age of diverse financial products from multiple banks and superior technology penetration, it has become much easier to buy a mobile phone on EMI without a credit card. This is in stark contrast to some years back when the idea was not even in existence. Availing a personal loan to pay for a mobile phone is definitely an option to consider. If you wish to avail a personal loan from Money view, visit the Money View website or download the app to apply now.

Buy Mobile on EMI Without Credit Card - FAQs

Given below are some of the benefits of buying a mobile on EMI through personal loans.

  • Flexibility in your hands
  • The high-end mobile phone that once looked luxurious and out of reach, is today easily available by financing. Just pay a minimal down payment if required and pay the rest through EMIs.

  • Fast approvals
  • Certain lenders such as Money View will check and let you know your eligibility within just 2 minutes. Additionally, once your application is approved, you can avail the loan within 24 hours

  • Minimum documents needed
  • The financing company will just require your PAN card, address proof, and salary slip (if you are working as an employee).

  • Nil foreclosure charges in most of the cases
  • Most of the consumer loan financing companies don’t charge you for early foreclosures. Hence, if you have extra cash available then you can pay prematurely without incurring any penalty.

  • Time flexibility
  • One of the biggest benefits of buying your mobile on EMI is that you have vast flexibility options while repaying. Most of the companies provide you the option to pay in EMIs of 3, 6, 9, 12, 18 or 24 months or even more.

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

Given below are the documents required for availing Money View personal loans-

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 Money View personal loan are -

Fees & 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
  • Processing fees will also be retained

Our personal loans are extremely versatile. You can use for a number of purposes such as -

  • To fund a wedding
  • For Home-repairs
  • Medical expenses
  • For vacation
  • For a loan down payment
  • Education purposes
  • To buy the latest gadget
  • To fund a business venture
  • To pay off credit card bills or build credit score

Secured loans are those that are provided against collateral such as home loans, auto loans, gold loans, etc. Unsecured loans are those that do not require collateral such as personal loans. Money View personal loans for bad credit are unsecured loans and do not require any collateral or security.