We live in a technologically advanced world and we like to have the world at our fingertips. A smartphone or a mobile makes it possible for us to be connected, make payments, shopping, listen to music, watch movies, or other content online, or do just about anything. A life without a smartphone seems impossible.
The technology behind a mobile/smartphone is constantly changing. Hence, newer and newer models with better features are released very often. As no one likes to remain stuck with older technology, we look forward to buying and using the mobile with the latest technology.
A survey conducted by 91mobiles, a leader in personal technology space in their 91mobiles Smartphone Buyer Insights Study 2019 showed that 78% of their respondents were planning to acquire a new handset soon. The study also demonstrated that 38% of the respondents were looking to upgrade their mobile phones within a year of purchasing the old one.
So, the research also supports the view that individuals are looking to change or have a smartphone soon quite often.
However, the cost of a new smartphone can be high and may not fit into your monthly budget or you may have other financial commitments that don’t allow you to buy your dream smartphone immediately. That is when a little financial help in some form can be helpful.
How can you Get a Smartphone of Your Choice with a personal loan?
When you need some cash, you could make use of different avenues of getting financial help like borrowing from your friends or family, using your credit card, or availing of a personal loan.
Of the three, availing a personal loan may be the easiest and the safest way of getting some financial aid, especially when you are looking to buy a smartphone.
Some of the reasons why you should consider using a personal loan to buy a smartphone are:
Can Be Used for a Variety of Needs
Personal loans do not come attached with an end-use criterion like a home loan or a vehicle loan. These loans can be used for a variety of reasons and the best thing is that no proof of usage is required to be submitted to your lender.
This makes it easier for an individual to avail of a personal loan to buy a smartphone easily.
Personal loans are becoming easier to avail of. Online personal loan lenders have made it very easy and convenient for anyone to avail of a loan without hassles.
Comparative Interest Rate
The interest rates of personal loans could be in a wide range of rates right from 10% onwards. It is good to look for lenders that allow lower interest rates and other charges so that you do not have to pay a big EMI on your personal loan.
Online personal loan lenders like Money View ensure your loan approval comes through in just 2 minutes and the loan disbursal also happens in a matter of 2 business hours post-approval. Faster disbursal of loans ensures that you do not have to wait for a long duration, and you could get mobile of your choice in no time.
Flexible Tenures Allowed
When you buy a mobile phone with a credit card, you would need to make the payment for the outstanding bill within the due date or that amount is charged interest. However, with a personal loan, you can decide to pay in flexible tenures depending upon your other financial commitments. So, no matter how high the cost of the mobile, you can easily pay back in easy EMIs.
Easier Eligibility Criteria
The eligibility criteria for a personal loan is generally relaxed than that for other loans like a home loan. Hence, it gets easier for a lot of individuals to avail a personal loan.
Lower Credit Score Requirement
The credit score requirement for personal loans availed from banks and financial institutions is higher starting from 750 onwards. This is followed very strictly as personal loans are unsecured. The best bet here is to approach online personal loan lenders who allow loan applications on lower credit scores as they use their own credit assessment models.
Flexible Loan Amount
Your requirement for cash for a mobile phone may be a small amount like Rs 5k -10k or a bigger amount for expensive models like the iPhone. Whatever be your requirement for money, a personal loan works. Especially online lenders offer loans for smaller amounts and involve an easier process.
Hence, when the requirement is that of an immediate nature like buying a mobile, approaching an online lender for a personal loan would probably make more sense.
Although personal loans are easily available for buying a mobile or any other electronic gadget, go in for a loan only when you are confident of repaying the same comfortably without affecting your personal budget and other financial commitments.