In today’s world, it isn’t easy to find a person without a mobile phone. It is a daily use commodity that has become a necessity for everyone. Mobile phones are frequently used for convenient Internet banking, shopping, and education. Obtaining a mobile loan through Zap Money or a consumer durable loan makes it easy to get a phone.
Buying a high-end smartphone can consume a significant portion of your monthly income. Therefore, consumers can choose a mobile loan to possess the newest phone while maintaining a balanced budget. One kind of personal loan that helps a customer finance to buy a smartphone is a mobile loan online.
What is a mobile loan?
A kind of personal loan designed for the purchase of a mobile phone is a mobile loan. You can buy a mobile phone without draining your finances by applying for a mobile loan. Use Zap Money to apply for a personal loan and select from a range of payback plans, including 90 and 360 days.
Popular e-commerce platforms for shopping offer mobile loans with ease. Additionally, customers looking to apply for a mobile loan through personal loan financing can visit a credit website or download an instant loan app like Zap Money. The majority of today’s youth spend a lot of money on smartphones and become dependent on their phones. A possibility for students and stay-at-home parents who want to buy a fantastic phone is a mobile personal loan.
Through consumer durable loan in-stores or instant loan apps, obtaining a mobile loan is simple. Anywhere, at any time, borrowers can easily obtain immediate mobile loans by using online loan apps. Instant loan applications offer personal loans, which are very helpful for applying for and being authorized on a mobile device.
Benefits of taking a mobile loan from Zap Money
Streamlined Process:
If you want to get a mobile loan, Zap Money makes the entire process easy and convenient. In just a few steps, you can apply for a personal loan by installing the Zap Money app from the Play Store and entering your details. This process takes less than 5 minutes to get a personal loan.
Adequate Funds:
With Zap Money, you can buy the mobile phone of your choice and receive a quick personal loan ranging from 1,000 to 100,000. Obtain a personal loan that is required so that you can easily repay the loan amount when the time comes.
Digitized Documentation:
The complete mobile phone loan procedure with Zap Money is done online. You can upload all of your paper copies of documentation online, removing the requirement for paper documentation. The loan is approved quickly, and the money arrives in your account in less than a day.
Flexible EMI Plans:
With Zap Money, you have a flexible EMI option that makes it easy to pay back the loan balance. Plans with EMI durations ranging from 90 to 360 days are available.
Interest rate on best mobile loan apps
Mobile loan interest rates fall under the personal loan category, with the interest rate starting at a low of 15.99% per annum only. With Zap Money’s attractive interest rates, everyone can afford a smartphone.
| Loan Amount | Up to 1 lakh |
| Interest Rate | Starting from 15.99% |
| Processing Fee | 6% |
| Loan Prepayment Charges | No pre-payment charges |
| Repayment tenure | 3 to 12 months |
Calculate your EMI on a personal loan for Mobile
To Calculate the EMI (Equated Monthly Installment) on a personal loan for a mobile phone, you need to know the following details:
- Loan Amount: The total amount you want to borrow for the mobile phone.
- Interest Rate: The interest rate charged by the lender for your loan amount
- Loan Tenure: The number of months or years over which you want to repay the loan.
Documents required on Mobile loan app :
Identification Documents:
Official identification (passport, driver’s license, etc.)
PAN card, or tax identification number
Proof of Income:
Salary slips (typically for the last two to three months) are proof of income.
Employment letter with your name, date of hire, and annual salary Tax documentation (typically for the previous two years).
Additional Financial Details:
To be eligible for a mobile loan, you must have a credit score of at least 700.
Details regarding current debts, including credit card statements, loan statements, and auto loan information.
Apply for a mobile loan in easy 3 steps:
Check eligibility and select a personal loan plan:
To check your eligibility for Zap Money quick personal loans and to receive a Credit Line, simply fill out a few simple details. The maximum loan amount that Zap Money will offer you is called a credit line. You can select the loan amount after you receive your Credit Line. To choose your loan plan, determine the ideal loan duration and EMI combination.
Upload KYC Documents:
You must provide a few papers to complete your KYC for your loan to be approved. To allow the auto-deduction of EMIs, you must additionally sign an NACH form and the loan agreement. The Reserve Bank of India (RBI) oversees and regulates the National Automated Clearing House (NACH), a centralized web-based payment system, for large-scale financial transactions. By using an NACH form, you can avoid missing EMI payments and the subsequent damage to your credit report. Best of all, the whole process runs entirely on paper. After uploading all necessary files, you receive approval in two business hours.
Addition:
Learning about the E-Nach and E-mandate system
Get your money:
Once the process of the loan approval process is completed, your loan amount will be directly transferred to your bank account instantly. It is that easy to get an instant personal loan with Zap Money.
FAQ:
How can I quickly obtain a mobile loan using the best mobile loan app?
To get a mobile loan quickly, download the mobile loan app such as Zap Money, fill out the necessary information, and submit your loan application. The app will process your request promptly, providing you with the funds you need in no time.
What is the fastest way to secure a mobile loan through a formal process?
The quickest way to secure a mobile loan through a formal process is by using the best mobile loan app. This app streamlines the loan application process, ensuring that you receive your funds promptly and without any hassle.
How can I obtain a mobile loan quickly?
To acquire a mobile loan swiftly, ensure you have a stable income, a valid ID, and a good credit score. Additionally, choose a reputable lender that offers quick approval processes for mobile loans.
Are there any specific lenders that specialize in providing fast mobile loans?
Yes, there are several reputable loan apps like Zap Money that specialize in offering quick mobile loans.
What are some tips for ensuring a smooth and quick mobile loan approval process?
To ensure a smooth and quick mobile loan approval process, make sure to provide accurate information on your application, maintain a good credit score, and have all necessary documents ready for submission.
Can I get the mobile loan amount in cash?
No, loans from Zap Money are not given out in cash; instead, the applicant receives the money directly into their bank account.
