All around you you see advertisements for the latest and smartest smartphones available and you might have set your heart on a particular model but do not have ready cash to pay for it. Or maybe you are looking to upgrade your current smartphone but don’t know quite how to get a ‘mobile loan’ to cover the cost? You could apply for a consumer durable loan from Bajaj Finance and be the happy owner of a smartphone.
What is the amount and tenure on a ‘mobile loan’ from Bajaj Finance?
The loan amount and tenure depends on the value of the phone you want to buy. If you want to get a ‘mobile loan’, you need to apply for a Consumer Durable Loan which covers the purchase of smartphones. The tenure for this kind of loan is 8-24 months and your specific loan period will depend on a variety of factors including the loan amount.
How can I apply for a loan to buy a mobile phone?
If you are at a Bajaj Finserve dealer partner store where you plan to purchase your mobile phone, you can contact the in-store executive to help you with the loan process. There are representatives at more than 7000 stores across the country. You can find the nearest partner store nearest by looking up the section on ‘Find the nearest store’ on the Bajaj Finserve website.
While at the store, you can fill in the application form and submit the required documentation later. This could include photo ID proof, residence proof, income proof among other documents.
If you already possess an EMI card, you could use it to buy the product. All you need to do is to swipe the card and sign the receipt in order to go ahead with your purchase.
If you do not have an EMI card, you could apply online on the website. Once you submit the application and upload the required documents, you will need to make a payment. If approved, your EMI card will be delivered to your registered address within 2 weeks.
Is it possible to pre-pay the loan?
Yes, you can foreclose the loan after a minimum of 6 months from the loan disbursal date. There is no charge for foreclosing a loan.
What are the other products covered under a consumer durable loan?
There are a variety of products that you can buy with a consumer durable loan. These include:
LED/LCD TV, Washing machine, Microwave oven, Refrigerators, Air conditioner, Music system, Smart phones, Tablets, Camera/camcorder, Laptop/desktop, Inverter, Generator, Air/water purifier, Dryer, Dishwasher, Cooking range