Owning a top-of-the-line, feature loaded smartphone is now easy and hassle-free, thanks to MoneyTap's mobile loan with easy EMIs.
You can now buy a smartphone on EMI without a credit card with MoneyTap's mobile loan instantly.
Mobile Phone Loan Interest Rate & Elgiblity criteria
Rate of Interest
Varies from 13% to 24.03% pa
23 or above
Minimum Salary Required
Starting from ₹ 3000 to ₹ 5 lakh
₹ 499 plus GST
MoneyTap Mobile EMI Loan Features & benefits
Instant approval - get a line of credit of up to ₹ 5 Lakh instantly
Withdraw as little as ₹ 3,000 or as high as your approved limit
Pay interest only on the amount you use
Credit Card to use where you wish and get rewards or withdraw 100% cash
Repay flexible EMI’s while choosing a convenient payment period - 2 to 36 months!
A valid ID proof and address proof are needed to get you started
How to Buy a Mobile on EMI Without Credit Card?
When you think about buying something on EMI, the first option that comes to mind is a credit card. However, not everyone has access to credit cards. Luckily, there are numerous other financial products available these days for purchasing a mobile on EMI.
You can get a personal loan through a bank, financial institution or even an app on your phone, and use this to buy a new mobile of your choice. With app-based loans through MoneyTap, you can be approved for a personal line of credit that’s both flexible and convenient.
You can use this credit line for large purchases such as mobiles, and convert your purchase amount to EMIs of your choice right through the app. You also get a credit card with your loan approval for both online and offline purchases!
Some banks and non-banking financial companies or NBFCs offer a product known as an EMI card. Essentially, these are quite similar to traditional credit options, where interest is charged on the principal loan amount and repayments are spread out over a certain period of time.
With some EMI cards, you may not be charged interest on the principal, but there will still be a processing fee. You need to make monthly payments within a certain timeframe, until the loan amount is repaid in full.
Most people believe that only a credit card allows for EMIs, not a debit card. In fact, it is possible to convert a large spend on your debit card into easy EMIs through certain platforms. Some fintech companies offer this service, but only before you have made a purchase.
Here’s how it works. Instead of paying a merchant through your debit card, the company offering this service makes the payment for you. In return, you need to make the down payment and EMI payments to them.
Mobile Loan EMI Calculator
An EMI calculator for mobile loan allows you to try out various combinations of the loan amount, interest rate and loan tenure to help you to know the actual EMI amount you will pay for these various combinations and decide on the combination that works best for you.
My old phone recently broke, so I needed a new phone. I wasn't interested in taking it on EMI as I'm going to get my office bonus in May. So, I opted to buy it with cash from MoneyTap. Even though I was getting attractive EMI schemes, I really didn’t want to pay extra for something I'm likely to change in a year or so. Once I get my bonus next month, I'll repay the cash with zero hassles.
Lost your expensive mobile and can’t afford to replace it at this moment
Used the money you’ve been saving up so far to buy a phone, on other purchases
Phone malfunctioned after being out of warranty
With the connected lives we lead today, mobile phones have become more of a necessity. Right from basic uses to more advanced features like GPS navigation, high-resolution cameras, and advanced processors; mobiles phones have become an integral part of our daily life and they often come with a hefty price tag.
This is where you can let MoneTap make life easier for you with its line of credit that can be used for a personal loan.
Why Use MoneyTap’s Line of Credit to buy mobile on EMI?
An affordable option as a phone loan that will meet your needs without burning a hole in your pocket.
Higher chance of getting approved for a higher amount as a credit line for added expenses.
Lets you save on interest rates and allows you to repay on your own terms.
Choice of withdrawing as per your needs or swiping as a credit card.
Freedom to pay interest on the amount used and not the entire amount approved.
Download for FREE!
With MoneyTap’s line of credit you will have money available instantly 24x7 to use anytime, anywhere. Click below to experience its power.