How to Get Smartphone Loan?
CAN YOU IMAGINE YOUR LIFE WITHOUT MOBILE PHONES?
Who is the person here left untouched from the smartphones? Every one of us is enchanted with the companionship of smartphones that connects us with the world without limitation of geographical distances.
With the vast use of technology day by day, we are habituated to use the more tech-savvy equipment. Smartphones are not different as well. Everyone could not spend the whole amount of earning on a single smartphone. And some handsets that stole your mind and heart are priced beyond your budget, right? Then what is the solution? Don’t panic! Get the benefit of loans on Mobile phones or smartphones – the mid-way option to balance out a monthly budget and smartphone ownership together! Getting the mobile on installment is a healthy option like be the owner now and pay later!
SMARTPHONE BRANDS ON WHICH YOU CAN GET EMI OPTIONS
Be it Samsung, Nokia, Xiomi, Gionee, HTC, Google, Apple, Blackberry, Vivo, Motorola, Honor, Sony, Lenovo, Oppo, Asus or any other brand’S phones, you will get an easy EMI option for almost all the mobile phones.
COMPANIES THAT OFFER EASY EMI SCHEMES
There are many companies that offer easy EMI or installment schemes for users. Some popular companies are Bajaj Finserv, Tata Capital Financial Services Limited, Capital First, Home credit, AEON Credit, banks such as ICICI Bank, HDFC Bank, Bank of Baroda, Federal Bank, Bharat Overseas Bank, HSBC Bank, and many more.
These companies offer easy finance to customers for buying smartphones or any other consumer durables starting from Rs.10000 up to Rs.100000. However, there are some companies who also allow going beyond this limit. The finance scheme given by finance companies includes minimal documentation, instant approval, zero foreclosure charges and other pre-approved offers.
BENEFITS OF CONSUMER DURABLE LOAN:
A few years back, no one was thinking to avail this facility because of high processing fees, various hidden charges and sky-high interest rates. But, now a day finance companies come up with the great transparency introducing no cost EMI options. Here are some benefits of EMI facility:
1) Low Interest
The rate of interest on this kind of loan is lower than the interest rate on a personal loan we generally buy. However, the rate of interest depends on the prevailing market conditions and from banks to banks. You have to pay some amount as a down payment say two or four installments. Some companies also offer without down payment.
2) Procedure for loan
Loan procedure is so easy and takes little time to complete the whole procedure. Customers can apply at a bank, or online or through the store from where he is buying the smartphone. Ask in person at a store for EMI application form, or if you are buying online from websites like Amazon, Flipkart, Snapdeal, etc., then search for the EMI option next to the product price. Most of the products have ‘No Cost EMI’ option.
3) Documents Required for Approval of Loan
You need not have to present lots of documents as you do while applying for home loan. Few valid documents and you are done with the loan procedure. The list of the required documents for buying the smartphone on EMI is below.
- Proof of identity (Driving License, Passport, Voter ID, PAN Card)
- Proof of residence (Ration Card, Passport, Electricity Bill)
- Proof of income (Latest salary slip or Form 16)
- Bank statement for the last six months
- Cancel Cheque
4) No credit card
The main benefit of this kind of loan is you don’t need to have a credit card to purchase. With charging very reasonable processing charges, one can avail the easy EMI options to buy a smartphone.
5) Zero down payment
Now, many finance companies provide zero down payment facility. However, not all are included in this list. Check before you apply.
6) No penalties for foreclosing
Most of the companies do not charge for prepayment of the loan. You can also choose terms and period of a loan as per your convenience.
HOW TO APPLY FOR A LOAN?
If you are buying a smartphone from a store, contact the in-store executive for the loan process. Fill the application form with essential details and submit it with required documents such as photo ID proof, income proof, residence proof, a copy of passbook and any other documents required.
Moreover, Bajaj Finserv provides an EMI card to its consumers for further purchasing on easy EMI. Use this card to buy other products in future. Just swipe the card at a store or online and sign the receipt. You can also apply online on the website if you do not possess an EMI card.
You can also apply online for smartphone loan with various finance companies by going directly on their website or you can opt to pick a plan with the commercial website from where you are going to buy a smartphone.
TERMS AND CONDITIONS
No lunch is free in this world. When you get to read zero interest or zero processing fee, it is obvious that there must be some terms and conditions. However, terms and conditions are varied from companies to companies and banks to banks. Before applying for the same, read the section of terms and conditions for the respective company.
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