Mobile Loan Interest Rate and Eligibility

Rate of Interest Varies from 13% to 24.03% pa
Minimum Age 23 or above
Minimum Salary Required ₹ 15,000
Loan Amount Starting from ₹ 3000 to ₹ 5 lakh
Annual Fee ₹ 499 plus GST

MoneyTap’s Features and 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.

Eligibility
Criteria

  1. Must be a full-time salaried employee with a take-home salary of ₹ 20,000/month
    OR
    Must be a self-employed professional with an income of at least ₹ 20,000/month

    (Only certain professionals like doctors, lawyers, or business owners qualify)

  2. Must be above 23 years and below 55 years of age
  3. Must be a resident of one of the following cities:

    Ahmedabad, Anand, Bangalore, Chennai, Chandigarh, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada, Vizag

Reasons You Are Here:

  • Need to update your old mobile
  • Want a high-end model that’s out of your budget
  • 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 for a Personal Mobile Loan?

  • 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.

Different Ways to Use MoneyTap Personal Loan 2.0

Mobile Loan FAQs

You can buy a phone on EMI, by paying for it using any of the 4 options below and converting the payment into easy EMIs:

  • Credit card
  • Debit card
  • EMI card
  • Personal loan or a mobile loan

Cell phones are sold under attractive EMI schemes which makes buying a smartphone on EMI a good option. Some phone vendors, online stores and financial service providers also offer no-cost EMIs.

Check for, and compare interest rates before buying a smartphone on EMI. Getting a mobile loan to pay in cash and later making payments in easy EMIs is also a good option to consider.

Yes, MoneyTap's credit line allows you to get instant funds to use as a mobile loan to buy a smartphone without the hassles of documentation with a quick and easy approval process.

When you want to buy a mobile on EMI, MoneyTap’s line of credit works like a mobile phone loan while being more convenient than traditional mobile loans.

MoneyTap approves a credit line in the range of ₹ 35,000 to ₹ 5 lakh. You can withdraw as little as ₹ 3,000 or up to your approved credit limit.

Once you borrow money as a mobile loan, the interest starts to accrue only on the amount used. And you can choose a repayment period of 2 to 36 months.

If you want to calculate your monthly EMIs, use our EMI calculator.