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Loans for Buying Mobile Phones
The market is flooded with newer, smarter, faster mobile phones. The phone you bought last month might already seem to be outdated, with the sheer number of mobile phones being introduced every day. Who wouldn’t want a brand-new phone to keep in touch with their loved one, stay tuned to the latest happenings, and keep oneself digitally updated? Maybe you’ve decided it’s time to upgrade your old phone!
There is a slight catch to buying that much-desired phone—the better the phone, the steeper the price. Is your dream of owning a phone taking a back seat due to the cost factor? Well, let it not bother you, since there is always a way out for such a situation!
You might be a student, or a working professional who has just started on the career path. While getting a credit card might not be possible for everyone due to the stringent policies of the bank including the need of having a super-good credit history, a good salary and other such criteria, there are some readily available and simple options, like a ‘mobile loan’ to buy it even without having a credit card.
A ‘mobile loan’ is actually a consumer durable loan that can be used to purchase a mobile or any other household item. It is specially designed to buy durables like electronic items, washing machines, refrigerators, TVs, water purifiers, mobile phones etc. NBFCs like Bajaj Finserv and Homecredit offer customer-friendly consumer durable loans that can help in putting that desired phone in your pocket.
If you plan to get a Bajaj consumer durable loan, all you need to do is to buy your mobile phone from a Bajaj Finserv partner store. If you want to find your nearest partner store, simply log on to the Bajaj Finserv website and look up the section on ‘Find the Nearest Store’. You can approach the in-store customer care executive for help with the loan application process. Make sure you carry your documents while you go shopping for your favorite mobile. The documents that you generally need to submit would be a filled-in application form, a photograph, and valid KYC documents. This could include photo ID proof, residence proof, income proof, and post-dated cheques among other documents.
Other NBFCs like Home Credit also work in a similar manner. You can simply visit a Home Credit partner store and choose your mobile phone. You can approach the in-store Home Credit representative for help with filling your loan application form and the documentation required.
Once your loan application is accepted, you can decide on your monthly EMI amount, sign the agreement and make the requisite down payment. Once the formalities are complete, you can walk out of the store with your brand new mobile phone in your pocket the very same day!
Often, people resort to a credit card for the easy EMI options it offers. Before applying for a credit card, think about the possible purchases that you would make using a credit card. If it is solely for buying a mobile gadget and other consumer durables, stop and think. If you are new to credit and don’t have any credit card, you can always consider NBFCs offering a consumer durable loan which can be a quick, reliable and easy alternative to buying on a credit card. Getting that phone is much simpler than you think!