Mobile Loans up to ₹5,00,000

What is a Mobile Loan?

If you were asked to make a list of things you cannot live without, your mobile phone is most likely to top the list. A mobile loan is a type of personal loan that helps you to finance this indispensable device. Mobile personal loans are unsecured loans so you can borrow money through them without pledging any collateral.

There are many loan apps like Zype from where you can get easy mobile loans in no time. If you want to experience the best mobile instant loan app, download Zype app and get loans up to ₹5 lakhs in 5 minutes.

Features and Benefits of Mobile Loan

Loan Without Documents

Experience the smoothest mobile loan process with Zype. No need to upload or submit physical documents to borrow money to buy your new phone.  

Instant Approval

Get Instant Approval

For mobile loans, apply in 5 minutes and get loan approval under 60 seconds from Zype.

Flexible repayment options

Fast Disbursal

No need to wait for days on end to buy the phone of your dreams. Once you apply for a mobile personal loan, the money will be credited to your account in less than 24 hours.

Competitive interest rate

Borrow up to 5 Lakhs

You can withdraw from ₹1,000 up to ₹5,00,000 from Zype.

No documentation or paperwork

Flexible Repayment Options

Enjoy the convenience to choose from 3, 6, 9 and 12 EMIs.

Collateral free loans

Competitive Interest Rate

Zype is the best mobile loan app. Interest rate starts at 1.5% per month.

Collateral free loans

Documents Required for Mobile Loan

To get fast mobile loans, apply only after you have the clarity on what information you would need to provide in order to get a mobile personal loan. Here’s what you will required the docuements.

Mandatory documents

Proof of Photo Identity

Once you have gotten a loan limit, you would need to take a selfie to complete KYC.

Proof of photo identity

Mandatory Documents

Zype only asks you to enter your PAN and Aadhaar number during the application process. 

Proof of Income

Income Proof (Optional)

You can upgrade your Zype credit limit and get a higher amount of mobile loans by uploading your bank statement of the last 4 months.

Eligibility Criteria for Mobile Loan

You must always check a lender’s eligibility criteria before applying for a loan. To avail Zype mobile loans, apply only if you meet this simple criteria –

Age
Age

18 years or above

Citizenship
Citizenship

Indian with a valid PAN & Aadhaar card.

Work experience
Work experience

Salaried individual

15000 Salary
Monthly Salary

Monthly income of at least ₹15,000

Mobile Loan Interest Rates in India

The rate of interest that you would be charged on your mobile loan would depend on many factors like the loan company’s credit policies, your repayment history, loan amount, income, your existing debts, etc. Maintain a healthy credit score to get a low-cost mobile personal loan.

Have a look at interest rates and other details of Zype personal loans -

Fees & Charges Amount Chargeable
Interest Rate
Starting at as low as 1.5% (monthly)
Loan Processing Charges
Processing fees from 2% to 6% on every loan
Interest on Overdue EMIs
Penal interest & late fees will be charged to your total outstanding loan on daily basis

How to Calculate EMI on Mobile Loan?

Once you have clarity on the amount of Mobile Loan you need, the interest rate you would need to pay and repayment tenure, you can calculate your EMI amount using this formula – 

E = P x R x (1+R) ^N / [(1+R) ^N-1], where

P is the principal or loan amount

E is your personal loan EMI amount

R is the monthly interest rate

N is the no. of months of EMI payment

Alternatively, you can use Zype’s personal loan EMI calculator and instantly know the EMI amount you would need to pay for different tenures.

Personal Loan Repayment

How to Apply for a Mobile Loan?

To avail mobile loans, apply  by completing these simple steps on Zype –

1) Install the Zype app from the Play Store or App Store.

2) Enter basic details like name, PAN, mobile number and employment information.

3) Complete KYC by taking a selfie and entering your Aadhaar number.

4) Select loan amount and repayment tenure. Review EMI amount and other details.

5) The money will be disbursed and credited to your bank account.

Frequently Asked Questions

What are the Best Mobiles Available to Buy on EMI?

This depends on your budget and needs. The best mobile brands in India are Samsung, Xiaomi, Vivo, Oppo, Poco and Apple.

Which are the Best Phones Under Rs. 10,000?

As of December 2023, Poco C55, Redmi 12, Motorola G32 and Realme C55 are the best phones which cost less than ₹10,000.

How Should I Repay My Mobile Loan?

You can repay your mobile loan using UPI, debit card, net banking, cheque, etc.

How should I Calculate My Mobile Loan EMI?

It is recommended to use an online EMI calculator to know your EMI amount.

Can Students Avail Mobile Phone Loans?

A student can avail a mobile loan only if they fulfil the eligibility criteria of the lender. You can check this information on the lender’s website. 

Can I Get a Personal Loan for a Mobile for 2 Months?

You can get a personal loan to buy your desired phone from Zype and repay the loan amount in 3, 6, 9 or 12 months.

What are the Requirements to Apply for a Personal Loan for a Mobile Phone Purchase?

Every bank and NBFC has their own eligibility criteria to approve a loan. You can borrow money easily from Zype if you have a valid PAN & Aadhaar card and a minimum monthly salary of ₹15,000.

How Do I Find the Best Personal Loan Rates for Buying a Mobile Phone?

You can compare the loan offers of different lenders and choose the one that gives you the best deal. Interest rates on Zype loans start at 1.5% per month.

Can I Get a Personal Loan for a Mobile Phone with Bad Credit?

It is possible to get a personal loan with a low credit score as Zype considers multiple factors to assess the borrower. Click here to apply now.

What is the Maximum Loan Amount I Can Get for a Mobile Phone Purchase?

You can avail loans up to 5 lakhs on the Zype app. The maximum limit depends on factors like credit score, repayment history, existing debts and income. 

What are the Repayment terms for a Personal Loan for a Mobile Phone?

You get the option to repay your personal loan in 3, 6, 9 and 12 EMIs on Zype.

How Long Does it Take to Get Approved for a Personal Loan for a Mobile Phone?

You can get loan approval under 60 seconds from Zype after entering your basic information.