If someone asked you to live without your smartphone for a week, would you be able to do it? Most of you would say, “Absolutely not!” right? We know.
Smartphones have become one of the necessities for everyone today. We all want to own the best one — the best camera, screen resolution, memory, the fastest processors, and of course, the feeling of owning the product of a luxury brand!
However, no good things come cheap. And spending so much is not something everyone can afford. But we’re in the 21st century, and affordability should be accessible to everyone!
That is why loans are your friends. And if you want to buy your dream smartphone, personal loans are your best friends!
What is a Personal Loan?
An unsecured loan that you can get without guaranteeing collateral is known as a personal loan. Since personal loans come with super easy eligibility criteria, special offers on interest, easy EMIs, and other such benefits, they are the best instruments to finance your immediate financial needs. A person is eligible for a maximum personal loan amount of ₹25,00,000.
Be it for a trip abroad or buying a premium smartphone, personal loans can help you finance all the little joys of life.
How can you apply for a personal loan for buying a mobile?
Well, the steps are as simple as selecting your favourite phone brand.
- Visit your bank branch and fill out a simple form. This should ideally take around 10 minutes.
- Submit the necessary documents, after which the approval process will begin.
- Alternatively, if biometric details are available, you don’t even have to upload your documents.
- If all the required documents and details are in place, you’ll be eligible to get a personal loan.
- Go and buy your dream premium smartphone!
Why should you take a personal loan to buy your dream smartphone?
Here are three simple reasons-
- No affordability issues
- Instant access to funds
- Attractive interest rates
So, just choose your preferred EMI amounts, pay them on time and fulfil all your dreams! But the first thing you’ll have to do is find out how much EMI you will need to pay to buy your favourite smartphone.
How can you calculate your EMI amount?
Calculating the EMI amount in advance will tell you how much you will have to pay every month for repaying your personal loan. And you can calculate your EMI through a Personal Loan EMI Calculator.
A Personal Loan EMI calculator will help you determine your monthly instalment amount by taking your total Loan Amount, Rate of Interest, and the desired Loan Tenure. A Personal Loan Emi Calculator will also tell you the Interest Payable.
Personal Loan Eligibility: How to know if you’re eligible for a Personal Loan?
A personal loan can be applied for by salaried & self-employed individuals, as well as students. However, your Personal Loan Eligibility will be dependent on various factors such as your income, age, CIBIL score, job stability, and even work experience.
Additionally, to apply for a personal loan, you’d need to provide the following documentation-
- Photo Identity Proof- Aadhar Card/Voter ID/Driving License/Passport
- Income Proof- Bank statements for the last six months
- Salary Slips for the previous three months
- Address Proof- Electricity Bill/Ration CardPassport
- Employment Certificate
Personal Loan Interest Rates
The personal loan interest rates determine the amount you need to repay as EMIs. The better interest rates you receive, the smaller EMIs you are required to pay. Personal Loan Interest Rates can vary for each borrower depending on various factors and are subject to fluctuations.
Personal Loan Interest Rates can typically vary between 10.50% and 24% based on how you fulfil your eligibility criteria at your bank/financial institution.
Conclusion
Your dream smartphone should no longer be a dream.
With attractive interest rates, smaller EMIs, and instant funds, personal loans are a blessing if you want to fulfil your desires.
However, one must not forget that personal loans, or any loan for that matter, come with a responsibility. If you borrow a loan, you will have to pay it back too. So yes, while personal loans have made it easier to chase all your dreams and desires, keep in mind your financial situation and decide accordingly.
