Have you been longing to buy a smartphone that you always loved? The good news is that you need not wait for months to save some money to buy your smartphone. Instead, you can opt for a mobile loan to get your desired smartphone. Here are a few things you need to know about mobile loans
What Is a Mobile Loan?
Mobile loans are the loans provided by the banking and non-banking institutions to finance your smartphone purchase. Usually, the rate of interest for a mobile phone is quite less compared to the traditional loans availed from the banks and other third party agents.
What Is the Eligibility Criteria to Avail a Mobile Loan?
To avail a mobile loan, one must satisfy all the criteria given below:
- The age of the person who wishes to avail the smartphone loan must be greater than 23 years.
- He or she must be a salaried or self-employed person with minimum earning of INR 20,000 per month (this might vary depending on the banks you choose to avail a smartphone loan).
If an individual satisfies the above-mentioned criteria, then he or she must carry the required documents for the mobile loan processing.
Documents Required for the Mobile Loan Processing
- Application Form: One must complete the application form for availing a mobile loan.
- Passport Size Photograph: This is for the application verification purpose of the candidate.
- Address Proof: This is mandatory for every applicant to provide during the document verification process. There are two kinds of address proofs a buyer should submit. One is the permanent address proof and the other is the current address proof. If both the addresses are same, then one address proof is enough for the document validation.
- Identity Proof: The buyer can submit any one of the identity proofs like Aadhaar Card, PAN Card or Driving License.
Tenure for Mobile Loan Repayment
Most of the banking and non-banking institutions provide customized loan repayment options. But, the rate of interest changes according to the repayment tenure chose by the buyer. The final interest rate is decided by the institution once the documents are verified by them.
How to Avail the Mobile Loan?
Now, most of the mobile outlets have the representatives who provide instant mobile loan after verifying the documents at the outlet. The entire process takes between 5 minutes and half an hour depending on the process of verification. Once the buyer satisfies all the criteria like document verification and eligibility, the mobile loan is approved.
This is how you can avail the mobile loan for your smartphone purchase without burning a hole in your pocket. Do let us know if you have any more suggestions in the comment section below.