Consumer credit – Loans to buy mobile phones

The market is flooded with newer, smarter and faster mobile phones. It is possible that the phone you bought last month is already out of date, with the large number of mobile phones that are introduced every day. Who would not want a new phone to stay in touch with your loved one, be aware of the latest developments and stay digitally updated? Maybe you’ve decided it’s time to update your old phone!

Consumer credit

There is a small inconvenience to buy that phone so desired: the better the phone, the more expensive the price. Is your dream of owning a phone in the background due to the cost factor? Well, do not bother, because there is always an exit for such a situation.

It can be a student or a professional who has just started his career. While obtaining a credit card may not be possible for everyone due to the bank’s strict policies, including the need to have a super-good credit history, a good salary and other similar criteria, there are some simple options available, such as a ‘mobile loan’ ( Consumer loans) to buy it even without having a credit card.

A ‘mobile loan’ is actually a durable loan for the consumer that can be used to buy a mobile device or any other household item. It is specially designed to buy durable goods such as electronic items, washing machines, refrigerators, televisions, water purifiers, mobile phones, etc. NBFCs like Bajaj Finserv and Homecredit offer durable loans to consumers that can help them place that desired phone in their pocket.

If you plan to get a long term and fast loan for Bajaj consumers, all you need to do is buy your mobile phone at a partner store in Bajaj Finserv. If you want to find the closest partner store, simply log in to the Bajaj Finserv website and look for the section “Find the nearest store”. You can approach the customer service executive at the store to get help with the loan application process. Be sure to take your documents while you shop for your favorite mobile. The documents you should usually send will be a completed application form, a photograph and valid KYC documents. This could include proof of photo identification, proof of residency, proof of income and post-dated checks among other documents.

Other NBFCs like Home Credit also work similarly. You can simply visit an associated Home Credit store and choose your mobile phone. You can approach the store’s Home Credit representative for assistance with filling out your loan application form and the required documentation.

Once your loan application is accepted, you can decide on your monthly EMI amount, sign the agreement and make the required initial payment. Once the formalities are completed, you can leave the store with your new mobile phone in your pocket the same day!

Often, people turn to a credit card for the easy EMI options that it offers. Before applying for a credit card, think about the possible purchases you would make with a credit card. If it’s solely to buy a mobile device and other durable consumer goods, stop and think. If you are new to credit and do not have a credit card, you can always consider NBFCs that offer a durable loan to the consumer, which can be a quick, reliable and easy to buy alternative with a credit card. Getting that phone is much simpler than you think!

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