Buy the Latest Smartphone Using a Personal Loan

Oct 20th 2023
Loan
Personal Loan To Buy latest Smartphone

Buy the Latest Smartphone Using a Personal Loan, In today’s fast-paced world, smartphones are not just a status symbol but a necessity. Apart from enabling the basic phone functioning like talking to another person and messaging, the latest smartphones come with some of the most striking features that make one’s life super easy. But, when it comes to buying a premium smartphone like an iPhone, many people refrain from buying the same due to their high prices. If you are also vying to grab a premium smartphone this festive season, the easiest and fastest way to do this is to take a personal loan. With numerous lenders offering amazing deals on personal loans, you won’t need to break the bank to get a phone either for yourself or for a loved one. Let’s find out more in the following post.

Benefits of Taking a Personal Loan for a Smartphone

Paying for a smartphone on an equal monthly installment rather than in whole up front provides several benefits. Among them are:

Easy on the wallet:

A decent smartphone these days might set you back anywhere from ₹20,000 to ₹1,00,000 or more! Your monthly budget may suffer greatly if you pay the whole sum up front, which may have an impact on other obligations and emergency requirements. However, if you want to pay for your new phone through EMI, you may spread out the cost of the payment in manageable installments over time.

Afford a premium smartphone

Since we often are unable to pay the whole price up front, we steer clear of buying a flagship or premium smartphone. Because of this, we frequently buy cheaper kinds of phones that might not have all the features we want. Choosing to buy a phone on an installment plan (EMI) might make it easier for you to get a high-end phone because you won't have to pay the entire price at once.

No extra fees

A lot of banks and other financial organisations now provide financing for cell phones with no extra interest charges. If you want to buy a new phone and not pay interest, you can choose to use these free installment plans.

How to Buy a Smartphone Through a Personal Loan?

Let's begin by going over the procedures that will walk you through purchasing the newest smartphone with a personal loan.

Examine Your Smartphone Options

Examine and contrast the features, specifications, and costs of different smartphones. This will assist you in choosing the one that meets your demands and price range. Look for qualities that will improve your smartphone experience overall, such as the camera quality, battery life, processor speed, storage, and display.

Evaluate Your Financial Condition

Examine your financial situation, taking note of your monthly income and savings. Determine the maximum loan amount that will allow you to purchase your smartphone and make comfortable loan repayments. It's crucial to avoid putting too much burden on your finances; the loan should be something you can pay back with ease in installments while still taking care of other financial obligations.

Verify Your Credit Rating

Having a credit score above 720 is crucial for receiving a favourable offer for a personal loan. A higher score might result in cheaper interest rates, so check it and strive to improve it if necessary. By lowering credit card balances, paying your payments on time, and refraining from applying for many credit applications at once, you can raise your credit score.

Look at Lenders Who Provide Smartphone Loans

Look for lenders who provide Personal Loans expressly for the purchase of smartphones. To select the best loan offer, compare the terms, conditions, and interest rates. During the holiday season, certain lenders are offering discounts or special incentives for those who buy smartphones.

Apply for a Loan and Send It in

Fill out the loan application completely, making sure to include all required paperwork and correct information. Prior to applying for the loan, confirm that you match the lender's eligibility requirements. Typically, you'll have to submit documentation proving your identity, your income, and your residence.

Compute the Budget and Monthly Payments.

Calculate your EMI (monthly payments) to make sure it is within your spending limit. Select a loan amount and term that correspond with your monthly income. When figuring up the EMI, take other costs and financial objectives into account.

Acceptance and Disbursement of Loans

The lender will instantly deposit the loan money for your smartphone into your account when the loan application has been authorized and the amount has been confirmed. The money may be used to purchase your preferred smartphone from your preferred electronics retailer.

Adhere to Prompt Repayments

Make a commitment to timely debt repayment. Repayments made on time maintain your credit and provide you access to new financial alternatives.

FAQs

1. Which Phone Can I Take on a Personal Loan?

There is no restriction on this as you can utilize the personal loan amount to purchase any smartphone available in the market.

2. How Much Loan Amount Can I Get For a Smartphone Purchase?

Though there is no cap on this, most lenders provide finance of up to Rs. 1 lac for smartphone purchases.

3. What CIBIL Score is Required to Be Eligible for a Smartphone Loan?

You need to have a CIBIL score of 750 or above in order to be eligible for a personal loan to buy a smartphone. On the other hand, applications for loans are not approved by lenders such as Fibe based on credit ratings.

The Conclusion

Investing in the newest smartphone is a wise choice as it lets you take advantage of technology without breaking the bank. Make careful to shop around and get a smartphone loan that suits your spending limit. Pay your debts on schedule to establish a solid credit history for your next purchases. Apply right now for an EMI smartphone!

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