Mobile On EMI

Now you can afford a smartphone of your choice with an instant EMI payment option. Purchasing a phone on EMI is a convenient way to own the latest smartphones and stay on top of your tech needs. This opens up opportunities for individuals to purchase iPhones on EMI without the need for a credit card.

Taking a personal loan to buy a mobile phone is a smart choice! A personal loan loan enables you to get a phone on emi without credit card. You can now get an instant loan for phone purchase with aadhaar for quick online documentation & fast approval!

iPhone On EMI

If you've set your sights on the iconic iPhone but don't have a credit card, worry not. You can now buy an iPhone on EMI without the hassle of a credit card.

With Buddy Loan, you can now bring your iPhone dreams to reality. It helps you connect with top lenders and avail of the best personal loans at low-interest rates starting from just 11.99%*p.a.

Explore a wide range of phone loan options and Apply today!

Mobile Loan Interest Rate & Charges

Understanding the financial aspects is crucial when opting to buy a mobile phone on EMI. Different lenders, including major banks and NBFCs (Non-Banking Financial Companies), offer mobile loans with varying interest rates and charges. Check out the table below for a quick comparison:

Top NBFCs to Choose for Mobile Loans

Top NBFCs Loan Amount Interest Rates (p.a.)
Buddy Loan Up to ₹15 Lakh 11.99% onwards
PaySense Up to ₹5 Lakh 16% onwards
Loanbaba Up to ₹1 Lakh 36.5% onwards
Pocketly ₹500 - ₹10,000 24% onwards
Navi ₹10,000 Onwards 9.9% onwards

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Note- The interest rates mentioned are subject to change. Do visit the website for more information.

Top Banks to Buy Mobile on EMI

Top NBFCs Loan Amount Interest Rates (p.a.)
SBI Up to ₹20 Lakh 11% onwards
HDFC Bank Up to ₹40 Lakhs 10.50% onwards
Axis Bank Up to ₹15 lakhs 10.25% onwards
Canara Bank Up to ₹5 lakhs 12.50% onwards
ICICI Bank Up to ₹50 Lakh 10.50% onwards
Note- The interest rates mentioned are subject to change. Do visit the website for more information.

Calculate EMI for Your New Phone

Before deciding to a buy a mobile on EMI, it's essential to calculate the EMI. You can use the Buddy Loan EMI calculator to determine the monthly installment based on the loan amount, interest rate, and tenure.

Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

The calculated EMI will provide a clear picture of your financial commitment.

For example,
Let's calculate the EMI for a loan amount of Rs. 75,000 with an 11.99% interest rate, a tenure of 12 months, and a 2.5% processing fee using the formula for EMI:

EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]


P = Loan Amount
R = Monthly Interest Rate
N = Loan Tenure in months

Now, plug these values into the formula:

P = Rs.75,000+(0.025×Rs.75,000)=Rs.75,000+Rs.1,875=Rs.76,875

R = 11.99/ 12 × 100 = 0.0099925

N =12

EMI= 76,875×0.0099925×(1+0.0099925)^12 / [ (1+0.0099925)^12 −1]

After solving this expression, the EMI for the given loan details would be approximately Rs.6,830/-

Eligibility Criteria for a Mobile Loan

While purchasing a mobile on EMI are convenient, meeting certain eligibility criteria is essential. Lenders typically consider factors such as income, credit score, and employment status. Ensure you meet these criteria before you apply for an instant loan to purchase your new phone.

Age: 21 to 60 years.

Income: an income of minimum ₹15,000 per month

Employment: salaried individuals should have employment with a recognized employer.

Credit Score: above 750 with good credit history.

Residency: must be an Indian citizen.

Unsure about your credit score? You have the option to check your credit score for free!

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Also get a Free Credit Report

Documents Required For a Phone on EMI

To streamline the loan application process, be prepared with the necessary documents. Commonly required documents include proof of identity, address, income, and sometimes, a photograph. Here is what you need to submit:

Proof of Identity: aadhaar Card, Passport, Voter ID, Driver's License

Proof of Address: aadhaar Card, Utility Bills (Electricity, Water, Gas), Rental Agreement

Proof of Income: salary Slips, Bank Statements, Income Tax Returns

Employer's Certificate (for salaried individuals).

Photographs: passport-sized photographs of the applicant.

Best Mobiles in the Market at a Glance

In a rapidly evolving technological landscape, choosing the right mobile phone is a crucial decision. The market is flooded with an array of options, each boasting unique features and capabilities. Here's a quick look at some of the best mobiles in the market, including their prices and EMI options:

Model Name Price* EMI (6 months) EMI (9 months) EMI (12 months)
iPhone 15 (256GB) ₹89,990 ₹15,617 ₹10,591 ₹8,080
iPhone 14 Plus (256GB) ₹79,990 ₹13,881 ₹9,414 ₹7,182
iPhone 13 (256GB) ₹69,990 ₹12,146 ₹8,237 ₹6,284
Samsung Galaxy S22 Ultra (512GB) ₹84,999 ₹14,751 ₹10,004 ₹7,632
Google Pixel 7 5G (128GB) Rs. 49,950 ₹8,668 ₹5,879 ₹4,485

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Note that, for the EMI calculation above is at 14% interest rate. Also, the price and interest rate can change.

Different Ways to Buy Phone on EMI

When it comes to purchasing a phone on EMI, the options exceeded beyond traditional credit card transactions. Here are various ways to make that coveted smartphone yours without straining your finances:

1. Phone on EMI without Credit Card: many financial institutions and online retailers offer EMI options without the need for a credit card. You can explore these platforms to enjoy convenient installment plans.

2. Mobile Loan on Debit Card: some lenders extend EMI facilities using debit cards. This option provides flexibility for individuals who may not have a credit card but wish to avail themselves of EMI benefits.

3. Consumer Durable Loans: Banks and NBFCs offer consumer durable loans specifically for purchasing electronic goods, including mobile phones. These loans come with EMI options, making it easy for individuals to acquire mobiles without a credit card.

4. EMI Cards: EMI cards are specialized cards provided by financial institutions that enable users to convert purchases into EMI payments. These cards are often offered by non-banking financial companies (NBFCs) and can be used for various transactions, including mobile purchases.

5. Amazon Pay Later: Amazon Pay Later is a service that allows users to make purchases on Amazon and pay for them later through EMI. It's a convenient option for buying mobile phones without the need for a credit card.

6. Buy Now Pay Later (BNPL): Buy Now Pay Later services are becoming popular, allowing users to make purchases and delay the payment to a later date or convert it into EMIs. This method is widely accepted across various online and offline retailers.

Tips to Manage your Mobile Loan EMI

Managing your mobile loan EMI responsibly not only allows you to enjoy the benefits of your purchased phone but also contributes to your overall financial well-being. Here are tips to manage your mobile loan EMIs:

Budget Wisely: incorporate your EMI payments into your monthly budget. Ensure that you allocate funds specifically for your mobile loan EMI to avoid financial strain.

Prioritize Timely Payments: timely payment of EMIs is crucial for maintaining a positive credit score. Set reminders or consider auto-debit options to avoid missing deadlines.

Emergency Fund Allocation: allocate a portion of your budget for an emergency fund. This ensures that unforeseen circumstances won't change your ability to make EMI payments.

Understand Loan Terms: familiarize yourself with the terms and conditions of your mobile loan. Be aware of any applicable fees, charges, or penalties for late payments.

Monitor Credit Score: regularly monitor your credit score. Timely EMI payments contribute positively to your credit history, which can be beneficial for future financial endeavors.

Avoid Impulsive Purchases: while paying off your mobile loan, avoid unnecessary and impulsive purchases. Stick to your budget to ensure financial stability throughout the loan tenure.

Steps to Apply For Mobile Loans

Follow these steps to buy an iPhone on EMI through Buddy Loan:

Step 1: - Visit or Download & install the Buddy Loan app (Android or iOS).

Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.

Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option

Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).

Step 5: Enter your work details (Including company name, years of service and Designation)

Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)

Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Ready to take next step ?

Frequently Asked Questions

You can avail of a maximum loan amount of ₹15 lakhs which varies among lenders and is often determined by your creditworthiness.

Yes, many financial institutions offer mobile loans.

It depends on your financial situation and priorities. A mobile loan can be a convenient option for those who prefer EMI payments.

Absolutely. Several lenders provide EMI options for purchasing iPhones.

The best mobile loan depends on your specific needs and financial situation. Buddy Loan connects you with top lenders and helps you compare interest rates and terms to make informed decisions.

Different lenders may have varying requirements, but a CIBIL score above 750 generally improves your chances of approval.

Yes, some lenders offer no-cost EMI options, meaning you won't incur additional interest charges.

No-cost EMI implies that there are no additional interest charges on the EMI payments.

Yes, many lenders provide no-cost EMI options for iPhones.

Apart from the interest, there might be processing fees and, in some cases, insurance charges.

Buddy Loan offers convenient personal loan options, making it easier for you to own your desired mobile phone at affordable interest rates.

Certainly. You can explore various lenders offering EMI options without the need for a credit card.

Buying an iPhone on EMI allows you to experience Apple's cutting-edge technology without a hefty upfront payment. It's a budget-friendly way to own the latest iPhone models.

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