How to Buy Latest Mobile Phone on EMI: A Detailed Guide

When you buy a mobile on EMI, there are several options. Nowadays, mobile phones are not simply used for communication but as a lifestyle choice, with many high-end options available. However, paying for such devices in a lump sum can increase your financial liability. 

Therefore, you can opt for a mobile loan with affordable EMI for mobile phone to ease your burden. This allows you to avail credit for the price of your device instantly and repay with comfortable instalments within your budget.

Read on to learn more about this facility and its benefits.

•  Buy Mobile phone on EMI

Buying a phone on EMI is a simple process. Simply follow these steps to buy phone on EMI I. 

• Step 1: Select your preferred brand and model
• Step 2: Explore your financing option once you have zeroed in on a device
• Step 3: Check the eligibility and document requirements  
• Step 4: Apply for a mobile loan 
• Step 5: Select a suitable tenure for repayment
• Step 6: Complete the purchase 

This step-by-step guide makes it easy to buy a phone on EMI without straining your finances.

Also Read: Buy an iPhone 15 on EMI

Features of a Mobile Loan

Before you decide to buy phone on EMI , consider these key features. 

• 100% Loan Amount

Get the loan for the total price of your smartphone, depending on your eligibility and the lender’s criteria. This way, you can buy the best mobile without any budget restrictions.  

• Straightforward Application Process

You can check your eligibility and get the loan approved for the total amount. This helps you streamline your application process for instant approval.

• Transparent Terms

Before choosing your loan terms, check the fees, charges, interest rates, maximum tenure and other details on the lender’s website. Check these terms and conditions and choose the best deal.

• Pocket-friendly Tenure Options

Most lenders have flexible tenure options, which also help you adjust your EMI amount. A longer tenure will lower your EMI but increase your interest. So, opting for a shorter timeline is ideal if you can manage your monthly budget effortlessly. 

• Easy Repayment

When you buy a mobile on EMI, you can easily plan your repayment by activating the auto-debit feature. This facility allows the lender to deduct the EMI amount from your account and you do not need to track the due date. 

• Affordable Interest Rates

The interest rates levied by the lender are nominal. Remember that these vary from one financial institution to another and may vary from lender to lender.

• Minimum Documentation

You can apply with minimum documents to speed up the application process. Most banks require just KYC documents to verify your identity and approve a loan instantly if you’re an existing customer. 

Eligibility Criteria and Documents Required for a Mobile Loan 

Although lenders may have different specific eligibility criteria, here are some general criteria you must meet to buy a mobile on EMI. 

• You must be between 21 and 55 years
• You need to be an Indian resident
• You must earn a minimum in-hand salary of ₹18,000 if you live in a metro city and ₹15,000 when residing in a non-metro city

Once you meet the parameters mentioned above, submit the following documents:

• KYC documents include an Aadhaar card, PAN card, driver’s licence, etc.
• Address proof
• Income proof for the last 6 months

Checking these criteria before applying helps you avoid rejection and get quick approval. Use the Online Personal Loan EMI Calculator to calculate your loan amount, tenure and other details. Once you have decided on suitable terms, you can apply for the best offer within your budget. 

One feasible credit option is the Fibe Instant Cash Loan. You can get up to ₹5 lakhs for your mobile purchase or other financial requirements at pocket-friendly interest rates. What’s more, the application process is straightforward, with minimum documentation and easy-to-meet eligibility criteria. Download our Personal Loan App or apply for anEMI for mobile phone on our website. 

FAQs on Mobile Loans

How can I buy a smartphone on EMI?

Yes. All you need to do is follow this process:

• Explore and compare various personal loan offers
• Choose one that best matches your requirements
• Check if you meet the eligibility criteria
• Submit documents after approval
• Select a suitable device and purchase the device at affordable interest rates
• Repay the borrowed amount in the form of manageable EMIs

What documents are required to buy a phone on EMI?

Submit the following:

• KYC documents, such as a PAN card and Aadhar card
• Address proof, such as your driving licence, passport and utility bills
• Income proof, such as your latest bank statements and salary slips

How do you buy on EMI without a credit card?

You can buy a mobile phone from EMI without a credit card. Simply opt for these alternatives:

• Avail a pre-approved loan with your existing bank
• Apply for a personal loan with a new lender offering affordable rates
• Use the Debit Card EMI facility provided by your bank

Is it safe to buy a phone on EMI?

Absolutely! It is a safe option, but you must select a reliable lender. Fibe is one trustworthy NBFC licensed by the RBI, where you can get personal loans at affordable rates.