Mobile Phone on EMI

Mobile phones have become an indispensable part of our lives, connecting us to the world and offering a wide range of functionalities. However, purchasing a flashy new smartphone upfront may not always be financially viable. This is where buying a mobile phone on Equated Monthly Instalments (EMIs) comes into play.

Let us explore the application process for buying a mobile phone on EMI and discuss the eligibility criteria, understanding how buying a mobile phone can be a worthwhile endeavour.

Eligibility for Buying a Mobile Phone on EMI

You need to meet the following criteria if you want to purchase a mobile phone on EMI by taking a personal loan: 

  • Age Requirement: To be eligible for a mobile phone shopping loan in India, you must be at least 21 years old or at the most, 62 years old. 
  • Employment Status: Lenders typically require applicants to be permanently employed with a private or public organization for the past six months. This ensures that you have the financial capacity to repay the loan in monthly installments. 
  • Credit History: The loan provider will evaluate your credit history to assess your repayment behaviour and credit worthiness. While good credit history is beneficial, the lender will also consider first-time borrowers with no credit history or those looking to build their credit profile.
  • Documentation: In India, loan providers require you to submit certain documents for verification, such as identification proof, address proof, income proof, and past six months’ bank statements. 

Which Phone Should You Buy on EMI?

A diverse range of mobile phones on EMI is available in India. Be it affordable flagship devices or high-end smartphones, personal and shopping loans have you covered. 

Features/Phones iPhone Redmi OnePlus Vivo Samsung
Popular Models on Loan
iPhone 11, iPhone 12, iPhone 13, and iPhone 14
All Redmi mobile phones
OnePlus OnePlus Nord, OnePlus 9 and OnePlus 11
OnePlus Nord, OnePlus 9 and OnePlus 11 All Vivo mobile phones
S22 Ultra and S23 Ultra
Operating System
Premium, sleek design
Varies across models
Premium design
Varies across models
Varies across models
Powerful processors
Varies across models
High-performance processors
Varies across models
Varies across models
Excellent camera quality
Good camera performance
Impressive camera features
Good camera performance
Varied camera performance
High-quality Retina display
Good display quality
Vibrant AMOLED display
Varies across models
Vibrant AMOLED display
Regular software updates
MIUI (customized Android)
OxygenOS (customized Android)
Funtouch OS (customized Android)
One UI (customized Android)
Face ID, ecosystem integration
Feature-rich at affordable prices
Fast charging, OxygenOS features
Innovative features (e.g., pop-up camera)
Wide range of features
Price range
High-end, premium pricing
Budget to mid-range pricing
Mid-range to high-end pricing
Mid-range pricing
Budget to high-end pricing

How to Apply for a Mobile Phone Loan

To find out the specific eligibility criteria for buying a car on EMI, visit the lender’s website or physical brand and sign up as a borrower. After signing up, follow these steps to apply for a personal loan to purchase a mobile phone on EMI: 

Step 1: Sign up and create a borrower’s profile

Step 2: Determine the mobile phone and amount of loan you require 

Step 3: Check the loan eligibility to ensure that you meet all requirements. 

Step 4: Gather and submit all the required documents.

Mobile Phones on EMI: Application Process

Step 1: Research and Selection 

The first step in buying a mobile phone on EMI is to research and select the smartphone that suits your needs and preferences. Consider factors such as brand, specifications, features, and price range. You have a wide range of choices and you can research various retailers and e-commerce platforms to choose from a vast selection of smartphones. 

Step 2: Loan Application 

Once you have selected your desired mobile phone, the next step is to apply for a loan from your preferred lender. Most lenders enable a smooth loan application and attainment procedure by providing a digital loan application process that allows you to apply from the comfort of your home. Fill out the necessary details, including personal information, employment details, and loan amount required. 

Step 3: Loan Approval 

After submitting your loan application, the lender will review your application and verify the provided information. They will assess your creditworthiness and financial stability to determine your loan eligibility. Once your loan is approved, you will receive confirmation along with the terms and conditions of the loan. 

Step 4: Loan Disbursement and Mobile Phone Purchase 

Upon loan approval, the loan provider will disburse the loan amount to your designated bank account. You can then proceed to purchase the desired mobile phone from the authorized retailer or e-commerce platform of your choice.


Buying a mobile phone on EMI offers a convenient and affordable way to own the latest smartphones without straining your budget. You can also use the free EMI calculator by Finnable to determine your loan borrowing and repayment terms. Experience the joy of owning a brand-new smartphone by buying a mobile phone on EMI today.

Frequently Asked Questions (FAQs):

Yes, lenders offer EMI financing for a wide range of mobile phone brands and models. You can select your desired mobile phone from popular brands and enjoy the convenience of affordable monthly installments.

To apply for a mobile phone on EMI, you typically need to provide basic documents such as proof of identity, address proof, and income-related documents.

Loan providers strive to offer quick approval processes. Once you have submitted your application and the required documents, the lender will review your application promptly.

Many lenders provide the option to track the status of your mobile loan application. You can log in to your account on the lender website or mobile app to check the progress of your application and receive updates at each stage of the process.

Amit Arora


I am a seasoned retail banker with over 21 years of global experience across business, risk and digital. In my last assignment as Global Head Digital Capabilities, I drove the largest change initiative in the bank to deliver the end-to-end digital program with over US$1 billion in planned investment. Prior to that, as COO for Group Retail Products & Digital, I implemented a risk management framework for retail banking across the group.
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