There may come a time where you will need a mobile loan to purchase a new smartphone. Mobile phones have become an essential part of our everyday life, but In this fast-paced world of technology, they keep getting upgraded with the latest developments and features. Making it crucial for everyone to have the latest gadgets to stay connected with loved ones, and for convenience.
New upgrades can make new smartphones expensive. This is where a mobile loan from PaySense comes in handy. With a PaySense mobile loan, you can get the latest iPhone or smartphone of your dreams at affordable mobile loan interest rates and flexible loan terms
Before getting into the details of Paysense Mobile Loan, let’s quickly go through the loan highlights from below:
|₹5,000 to ₹5 Lakhs
|3 months - 5 years
|2% to 3% per month
|Salaried or Self Employed
Getting your hands on a new smartphone can be exciting, but what is more exciting is an instant loan for a brand new phone through Paysense. The loan allows eligible individuals to access quick funds to purchase a smartphone or cover any mobile-related expenses. Here are the easy steps on how to buy the latest phone with a Paysense mobile loan:
The PaySense mobile loan interest rate will depend on various factors: credit score, loan amount, loan tenure, income and employment history. The interest rate for PaySense ranges from 2.00% p.m. to 3.00% p.m. Below is a table for PaySense mobile loan interest rate according to the tenure:
|Interest rate (Per Month)
Read LessNote- The interest rates mentioned are subject to change. Do visit the website for more information.
To get a mobile or iPhone loan from PaySense, you will need to fulfil the following eligibility criteria:
|Must be a resident of India
|21 - 60 years of age.
|Must be salaried or self-employed.
|Minimum income for salaried
|Minimum income for self-employed
Minimum documentation is required for availing a phone on EMI from PaySense. These are:
|Proof of identity
|PAN card and selfie.
|Proof of address
|Aadhaar card, Voter ID, Passport or Driver’s licence.
|Proof of income
|Net banking or last 3 Months bank e-statements.
The equated monthly instalment (EMI) is an important part of the mobile loan repayment process. Calculating the EMI of a PaySense mobile loan before taking it will help you determine exactly how much loan amount you can comfortably afford. It will also help you better manage your finances.
You can calculate the mobile phone EMI by using the EMI calculator below. All you need to do is input your loan amount, interest rate and tenure in months. Click “Calculate” and you will get the approximate monthly EMI.
|Loan Paid to Date (%)
With the new iPhone 15 being launched soon, you will probably want to know how much EMI you will need to pay for it. Here is how you can calculate the mobile phone EMI using the formula:
EMI = [ P x R x (1+R)^N ] / [ (1+R)^N - 1].
Here is an example: Let’s assume that you are looking for a loan amount to purchase a phone of ₹80,000.
Now Using the formula,
EMI = [ P x R x ( 1+R )^N ] / [ ( 1+R )^N - 1]
EMI = [82,000 x 0.02 x ( 1+0.02 )^12] / [ ( 1+0.02 )^12 - 1]
EMI ≈ Rs. 6,833 (rounded to the nearest rupee)
So, for an iPhone priced at Rs. 80,000, with an interest rate of 2% per month and a 12-month tenure, the EMI you would need to pay to PaySense would be approximately Rs. 6,833 per month.
A PaySense mobile loan offers various features and benefits that are tailored to meet your financial needs. You can take advantage of benefits like instant disbursal loan for phone to get your loan approved even without a credit history. Some of the key features and benefits are:
Get a maximum instant loan
amount of up to 5 lakhs.
Get mobile loans at low
interest rates of 2.00% p.m.
Enjoy tenures of up to
Get a mobile loan even if you
have low to no credit score
Get your loan approved
in just a few hours.
Enjoy a hassle free loan
by applying online.
Repayment of your PaySense mobile loan can be done through the website or application, by visiting the branch or by calling the customer care number. Here are other ways by which you can make your mobile loan repayment for a phone on EMI:
To avail a PaySense mobile loan with the help of Buddy Loan, all you need to do is follow these simple steps:
Steps To Apply For a Personal Loan with Buddy Loan
Are you looking for a personal loan?
Download the PaySense App, click on ‘Mobile Loan’ option, complete the KYC, upload the required documents and get the money.
If you do not have money to buy a new mobile phone, you can get a mobile loan from PaySense.
Yes, you can buy a mobile phone with EMI through PaySense.
The age limit for mobile loan is 21 to 60 years of age.
You can get a loan amount of up to 5 lakhs for a mobile phone purchase from PaySense.
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