Minimum documentation
You only need your KYC details and income proof to apply mobile loan online.
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Mobile Loan EMI Calculator
Get Personal Loan for Mobile Online Up to Rs 5 Lakh
The latest mobile phones with advanced features come with hefty price tags. However, spending a substantial amount of your savings to purchase them is not wise. This is where a personal loan for mobile can help. It allows you to buy your favourite model without exhausting your emergency funds. Moreover, an online mobile loan is a great option to distribute the phone’s cost into easy instalments.
The reasonable interest rates of an instant mobile loan keep the phone’s cost affordable. Furthermore, you can repay the loan in easy EMIs spread across a tenure of 12 to 36 months. So, with a Personal Loan of Rs 50,000 to Rs 5 Lakh from Hero FinCorp, you no longer need to delay your phone purchase or settle with a lower model due to a lack of funds.
Features and Benefits of Personal Loan for Mobile
Mobile loan is an unsecured Personal Loan that gets sanctioned within 24 hours. Mobile loans are widely taken to purchase high-end new edition smartphones. The same-day instant mobile loan can be applied for via urgent mobile loan such as HeroFinCorp, whether it is a gift or a purchase for oneself.
Instant approval
Mobile loans on the spot approval makes it distinct to indulge in gadget shopping anywhere, anytime, without worrying about the monetary issues.
Easy EMIs
You can repay the mobile loan in equated monthly instalments over a tenure of up to 36 months.
Unsecured loan
Our easy mobile loans are unsecured, so you do not need to provide any security or collateral.
Disbursal
Once approved, the loan amount gets disbursed directly to the borrower’s bank account.
Interest Rate
The interest rates on mobile money loans start from 1.58% per month.
Eligibility Criteria for Mobile Loan
A mobile loan online is one of the easiest loans to take. Mostly mobile loans get approved on the spot during the purchase. The only thing to take care of is the eligibility criteria required to avail a mobile loan online.Document Required for Loan for Mobile Loan
At Hero FinCorp, we offer easy mobile loans to both salaried and self-employed individuals with minimal documentation. Here are the documents required:
Required Documents for Salaried
Mandatory Documents
Filled loan application form, passport-sized photograph
Identity Proof
Driving Licence, Passport, PAN (mandatory), Aadhaar
Residence Proof
Driving Licence, Passport, Aadhaar, Ration Card, Utility Bill
Residence Ownership Proof
Electricity/Maintenance Bills, Property Documents
Income Proof
3 months’ salary slips, 6 months’ bank statement (salary account), Form 16
Job Continuity Proof
Appointment letter, Experience certificate
Required Documents for Self-Employed
Mandatory Documents
Filled loan application form, passport-sized photograph
Identity Proof
Driving Licence, Passport, PAN (mandatory), Aadhaar
Residence Proof
Driving Licence, Passport, Aadhaar, Ration Card, Utility Bill
Office Address Proof
Maintenance Bill, Utility Bill, Property Documents, Rent Agreement
Income Proof
6 months’ bank statement, 2 years’ ITR
Business Existence Proof
Tax Registration, Shop Establishment, Company Registration Certificate
Personal Loan Interest Rate and Charges for Mobile
Every Hero FinCorp loan, including Personal Loans for mobile phones, comes at an attractive interest rate and nominal charges, ensuring easy repayment. Here are the details.
How to Apply for a Personal Loan for Mobile Online?
Here are the steps to apply for a mobile loan online with Hero FinCorp.
- 1
Visit the Hero FinCorp website or install the loan app
- 2
Go to the Personal Loan page and click ‘Apply Now’
- 3
Enter your mobile number and verify with the OTP received
- 4
Choose the loan amount you need
- 5
Verify your KYC details to check income eligibility
- 6
Click ‘Submit’ to complete your application
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Frequently Asked Questions (FAQs)
Lending money from a credible source such as Google Play Store keeps the loan process safe & eliminates the chances of fraud. Mobile loan apps running on secured servers over a secured HTTPS connection via SSL encryption are safe to use.
Mobile loan apps work on a digital interface where the loan application, documentation, verification, approval, and disbursal all happen in real-time on the same day.
Those seeking a digital credit facility for buying a mobile phone can apply for an instant mobile loan using an instant loan app.
A mobile loan is a digitally enabled personal loan that borrowers can avail via an instant cash loan app. From start to end, the loan process is 100% digital and no physical presence is required for approval.
You can get a mobile loan instantly via loan apps online. Compare the features, benefits, and interest rate of mobile loans before shortlisting one.
Exploring multiple loan apps to buy a single commodity can be confusing. Instead, show your trust in a worthy mobile loan app such as Hero FinCorp. You can easily obtain a mobile loan of up to 3 lakhs to purchase a high-end Android or Apple iPhone here.
A personal loan's approval entirely depends upon eligibility criteria and mandatory documents. A mobile loan is the easiest with reliable personal loan apps like Hero FinCorp. It can be trusted for mobile loan approval within 24 hours after real-time verification of the submitted details.
You can get a mobile loan by visiting the electronic stores in person or by following the below procedure through online personal loan apps:
- Download SimplyCash through Google Play Store
- Enter your mobile number and email id
- Add your personal, employment, and financial details
- Enter your Aadhaar card number / PAN number
- Enter your profession and company address
- Customize your mobile loan amount with Loan EMI calculator
- You will be updated about loan approval and disbursal shortly
EMIs for a mobile loan are a part of loan repayment to be paid to the lender against the commodity purchased. A loan amount may fluctuate based on the interest charged.
Yes, taking out a mobile loan is safe since it is applied through secure instant loan applications developed by trustworthy firms like HeroFinCorp.
Every financial procedure involves an eligibility criteria, accompanied by a set of mandatory documents to go further:
- Filled and signed loan application form. Electronic signature if submitted online
- KYC documents -Aadhar Card/PAN Card/Driving License/Passport
- You should be a resident of India
- You should be either salaried or self-employed individual/ businessman
- Your minimum monthly income should meet the criteria fixed by the lender
- You should be at least 21 - 58 years of age
- Your credit history should meet the criteria set by the lender
Yes, you can very well get a personal loan to buy a mobile phone. The procedure is easy if you get a loan for mobile through instant personal loans easily accessible on smartphones and websites.
The procedure for applying for a mobile loan is easy and secured. Just download and register on an online instant loan app from Google Play Store. Fill in the information, including your details, address proof, employments details, and submit for real-time verification. Buyers can also visit mobile stores to avail mobile loan during product purchase.
Yes, you can apply for a mobile loan via the Hero FinCorp personal loan app. Download, register, and submit the paperless documents to get loan sanctioned and disbursed within 2 days.
If you fall under the age group of 21-58 years with a minimum income of Rs.15,000/ monthly, you are eligible to apply for a mobile loan.
The required documents are paperless for a mobile loan. It requires only an Aadhar card linked to your mobile number and a PAN card.
Mobile loan can be repaid through monthly EMIs via online loan app or any other mode of payment available with the lender. Paying the loan EMIs on time increases your credit history.