A loan for buying a mobile phone is a type of personal or consumer loan specifically designed to help individuals purchase a mobile phone. These loans are offered by financial institutions, digital lending platforms, or mobile retailers in partnership with lenders, enabling users to buy a smartphone without bearing the entire cost upfront.
Experience the smoothest mobile loan process with Zype. No need to upload or submit physical documents to borrow money.
For mobile loans, apply in 6 minutes and get loan approval under 60 seconds from Zype.
Once you apply for a mobile personal loan, the money will be credited to your account instantly.
You can withdraw from ₹3,000 up to ₹5,00,000 from Zype.
Enjoy the convenience to choose from 6, 9 and 12 EMIs.
Zype is the best mobile loan app. Interest rate starts at 1.5% per month.
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 and late fees will be charged to your total outstanding loan on a daily basis |
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 –
To get fast mobile loans online, 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 documents.
Once you have gotten a loan limit, you would need to take a selfie to complete KYC.
Zype only asks you to enter your PAN and Aadhaar number during the application process.
You can upgrade your Zype loan limit and get a higher amount of mobile loans by uploading your bank statement of the last 4 months.
21 years or above
Indian with a valid PAN & Aadhaar card.
Salaried individual
Monthly income of at least ₹15,000
Loan configuration for mobile loans refers to setting up the details of your loan, such as the amount, repayment period, and interest rate. With Zype, you can choose the loan amount you need, up to ₹5,00,000, and select a repayment plan that works best for you. The process is quick, easy, and paperless, making it simple to get the funds you need without any hassle. The loan amounts start from a minimum of ₹3,000 and go up to a maximum of ₹5,00,000, for monthly EMI options of 6,9 and 12, giving you the flexibility to borrow based on your needs.
This depends on your budget and needs. The best mobile brands in India are Samsung, Xiaomi, Vivo, Oppo, Poco and Apple.
As of December 2023, Poco C55, Redmi 12, Motorola G32 and Realme C55 are the best phones which cost less than ₹10,000.
You can repay your mobile loan using UPI, debit card, net banking, cheque, etc.
It is recommended to use an online EMI calculator to know your EMI amount.
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.
You can get a personal loan to buy your desired phone from Zype and repay the loan amount in 6, 9 or 12 months.
To be eligible for a mobile loan with Zype, you need to have a minimum monthly salary of ₹15,000. Additionally, you must be at least 21 years old and have a valid ID and address proof. Eligibility is also subject to your credit history and other factors.
Buying a smartphone on EMI can be a good option if you need immediate access to a device but prefer to spread the cost over time. It allows you to manage your budget without paying the full amount upfront, but ensure you can meet the EMI payments to avoid penalties.
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.
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.
It is possible to get a personal loan with a low credit score as Zype considers multiple factors to assess the borrower.
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.
You get the option to repay your personal loan in 6, 9 and 12 EMIs on Zype.
You can get loan approval under 60 seconds from Zype after entering your basic information.
Yes, you can finance a smartphone through a short-term loan. Zype offers quick mobile loans that can be used for purchasing a smartphone. With flexible repayment terms, you can choose an amount that fits your budget and repay it over a short period.
Copyright © 2024 Easy Platform Services Pvt Ltd. All rights reserved.
