5 Reasons to Buy Your Mobile on EMI

Generation Y or today’s millennials are all about possessing not only the latest smartphones but also demanding premium mobile phones. With companies like Apple, OnePlus, to name a few, premium smartphones have been in heavy demand. On average, young Indians want to exchange their old smartphone with a new one every year. This can turn out to be an expensive affair, considering the frequency with which we want to keep upgrading. 

As difficult as it might sound financial, with options like a mobile on EMI, it is no longer necessary to have the down payment cash available with ourselves. Companies like MoneyTap have come up with truly smart EMI options for buying smartphones! Here are 5 reasons why you should buy your mobile using EMI.

Upgrade to Premium

You can now feel free to buy a premium phone without worrying about the availability of cash on an immediate basis. Use a mobile loan instead and enjoy the flexibility to return the loaned amount at your own convenience. A lot of us are bound by cash limitations when it comes to heavy spending needs, be it salaried employees who wait for their yearly bonuses or middle-class parents who want to meet the growing demands of their teenage kids. Mobile EMIs come in as saviours for such individuals. 

Lowest Interest Rates

Interest rates on mobile loans can fluctuate in the range of 13 to 24 per cent on an approximate basis. However, the best part of mobile loans is that you pay up interest only on the part that you withdraw. A lot of these loan providers also allow for zero interest payment if you are able to make the repayment within a certain time frame after withdrawal.

Pay in Parts

The flexibility of repayment is the key. You can choose to repay at your own pace, and this is what makes mobile loans more attractive. With no monetary stress of making repayment within a fixed timeline, you can enjoy the benefits of using your new smartphone and also paying for it in a customized structure.

Reach-out Via Fingertips

Credit providers are not only available online for you to explore easy loan options, but they are also available in the form of apps, virtual assistants, over the phone, etc. The convenience of approaching your credit provider, processing your loan and getting it disbursed makes mobile on EMI an attractive option.

Fast Processing

Gone are the days of the long waiting period for loan approval. Least amount of documentation requirements and immediate approval result in quick disbursal of your loan. Mobile loans are getting disbursed almost real-time, making consumers’ lives very easy. Before you know it, you can be a proud owner of the latest smartphone, which would have otherwise been a premium good to possess!

No matter where you are located and no matter your present cash situation, you can still aspire to replace your mobile phone at your convenience. It is important to be aware of all the available funding options. With a growing number of credit providers, you can create your own list depending on offered interest rates and can also design your repayment schedule. Since mobile phones these days are all about lifestyle choices, we can explore how best we want to invest in them!