Due to the availability of cheap internet that connects us to the rest of the world, mobile phones have evolved into a daily item that is now necessary. It’s simple to use a smartphone to access online banking, shopping, learning, and other services. Nowadays, obtaining a durable consumer loan or a loan for a mobile device with manageable EMI payments is simple. These are immediate loans with no down payment and added cashback incentives for online mobile phone purchases.
A number of high-end mobile phone models are released each year. However, a pricey smartphone can consume a sizable amount of your monthly money. As a result, you can get a mobile loan through a mobile loan app like Loaney. To learn more about loans for mobile phones, read this article.
Table of Contents
What Is A Mobile Loan?
A pricey smartphone might consume a sizable amount of your monthly money. Customers who want to purchase the most recent smartphone and balance their budget can choose a mobile loan. A personal loan called a mobile loan online helps a customer decide whether to buy a smartphone.
You can obtain a mobile loan through loan apps on your phone. The full procedure for a mobile loan is completed online. You apply for the loan, the company evaluates it, and if it is approved, the loan proceeds are disbursed online, so a bank trip is unnecessary.
Why Do You Need A Phone Loan?
As technology advances, we are all astounded by a mobile phone’s features and compelled to purchase it now and then. Moreover, the internet that connects us to the rest of the world, mobile phones have evolved into a daily item that is now crucial. However, given the cost of high-end smartphones like the iPhone, OnePlus, Samsung, etc., we might run out of money. In these circumstances, we require financial assistance to cover the cost of the mobile phone. Additionally, when we don’t want to ask family or friends for a loan, getting a phone loan through a mobile loan saves us money and enables us to purchase the desired mobile phones.
Mobile Loan Features And Benefits
Here are the features and benefits of an instant mobile loan:
1. Minimum Documentation
There are no physical documents that you must present when applying for a mobile loan. Only the document’s specifics, like the Aadhaar Card number, must be submitted electronically and without paper.
2. Easy EMI’s
You can invest in a smartphone of a higher range by making simple monthly EMI payments since you are not required to pay the total amount upfront.
3. Interest Rates
The interest rate is another factor that significantly influences the EMI for a mobile loan. A low-interest mobile loan generates manageable EMIs and doesn’t burden the buyer/borrower. You can use an online instant loan application to receive approval for an instant mobile loan.
4. Disbursal
Following approval of the mobile loan online application, the amount is disbursed on the same business day. In addition, the borrower’s bank account receives a direct deposit of the loan amount.
5. Unsecured Loan
Mobile loans online are unsecured loans that don’t require down payments or security deposits to be made at the time of purchase.
Why Avail Mobile Loan Online From Loaney?
Although you can avail of a mobile loan from any phone loan app, we recommend you to avail of a mobile loan online from Loaney due to the following reasons:
1. Secure Experience
You should select Loaney because of its secure atmosphere, where all your data and information is stored and processed following the relevant laws.
2. Complete Digital Process
Another benefit of using Loaney for a phone loan is the straightforward online application process requiring no offline paperwork.
3. Instant Approval
Once your application is submitted and approved, you will receive a notification from Loaney within minutes, and the money will be transferred to your bank account.
4. No Collateral Needed
Loaney typically doesn’t require collateral or guarantors when offering a loan; all you need to do is check your eligibility. If you qualify, you can get a loan right away.
5. Time To Repay In Ample
When using Loaney, you won’t need to worry about loan repayment. You have a sizable window of time to repay the loan you obtained from Loaney. The typical loan repayment period is between 12 and 36 months.
Eligibility Criteria To Get An Instant Mobile Loan From Loaney
Here are the eligibility criteria for getting an instant mobile loan from Loaney:
1. The first thing you need is a completed, and signed loan application, which must be electronically signed, and the submissions must be made online.
2. You need all the KYC documents such as Aadhar Card, PAN Card, Driver’s License, and Passport.
3. You must be an Indian citizen..
4. Your minimum monthly income must meet the lender’s requirements.
5. You must be between the ages of 21 and 58.
6. Your credit history should satisfy the lender’s requirements.
List Of Documents Required To Get Mobile Loan
Here are the essential documents required to get a loan for a mobile:
1. Nationality and Address Proof such as a PAN card, Aadhar Card, Voter Id, Passport, etc.
2. A decent CIBIL score defines the applicant’s creditworthiness.
3. Applicant’s bank account with net banking.
4. A selfie of the applicant.
5. Applicant’s Mobile number linked with Aadhar card.
How To Get A Loan To Buy A Mobile Phone From Loaney?
To apply on Loaney to take a loan for a phone, you need to follow the instructions below once you have satisfied the requirements and have all the required documentation.
1. Making Sure You’re Eligible
Visit the Loaney website or app and fill out all the required fields. Then it will let you know if you are eligible for a loan or not by verifying your documents.
2. Picking A Loan Plan
For getting a loan, you will have to select a loan amount based on your eligibility and a repayment period.
3. Deliver The Required Documents
Thirdly, uploading any paperwork needed for online verification is quick and simple with Loaney. Since, everything is hassle-free and digital.
4. Quick Loan Deposit
Following the approval of your application after the verification of the supporting documents the loan funds will be transferred to your account.
Mobile Loan Interest Rate From Loaney
Here is the mobile loan interest rate from Loaney:
| Loan Amount | Rs. 20,000 |
| Interest Rate | 36% per annum |
| Repayment Tenure | Up to 1 year |
| Processing Fees | Up to 15% of the loan amount, including GST |
| Late Repayment Fees | 0.4% of the overdue principal daily |
| Monthly Payment | Dependant on loan amount and term |
| Loan Disbursement | Free |
Conclusion
In today’s fast-paced world, a mobile phone has become essential, and its uses are countless. No one can imagine their life without it when it comes to communicating with family and friends, accomplishing important tasks, taking pictures, making video calls, etc. This article was all about understanding mobile finance. Additionally, if you are looking to avail a phone loan, we would recommend Loaney because of its simple registration process and adaptable payment plan.
Get a mobile loan from Loaney Today!
Frequently Asked Questions
Here are the most frequently asked questions about mobile loan apps:
1. Which is the best mobile loan app?
Loaney is the best mobile loan app for obtaining an instant loan. It provides a loan quickly and without any paperwork.
2. Can I apply for a mobile loan via Loaney?
Yes, you can apply for a loan up to Rs. 20,000 by downloading the Loaney app or visiting tthe website.
3. Which mobile loan app has hassle-free personal loan approval?
Loaney phone loan app is the best app that provides hassle-free personal loan approval.
4. Are mobile loan apps safe?
Money borrowed from a reputable source, like the Google Play Store, keeps the loan process secure and reduces the possibility of fraud. In addition, mobile loan apps that use SSL encryption like Loaney and are hosted on secure servers are safe.
5. How do mobile loan apps work?
The loan amount is credited into the customer’s bank account after downloading an app and uploading the necessary documents. In addition, the app developer shares the user’s phone number and the numbers of his family members with other users.