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
- EMI on Debit Cards
- EMI Cards
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.
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 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
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
- Fast approvals
- Minimum documents needed
- Nil foreclosure charges in most of the cases
- Time flexibility
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.
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
The financing company will just require your PAN card, address proof, and salary slip (if you are working as an employee).
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.
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)
|
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 |
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 |
|
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.
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