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Mobile phones now come with a host of advanced features including triple sensor cameras, waterproof designs, and support for 5G internet. Tech enthusiasts interested in purchasing the latest smartphones will find Tata Capital’s consumer durable loans extremely useful. The EMI options on offer ensure that you get to take advantage of the newest innovative features integrated into mobile phones. By availing a consumer durable loan from us, you can purchase the latest phones from top brands without any major initial outlays.
You can avail of a consumer durable loan from Tata Capital and convert the cost of your purchases into easy EMIs. With the mobile loans offered by Tata Capital, you can purchase the latest phones instantly and pay for them over the course of a convenient repayment tenure ranging from 6 months to 24 months.
When you buy a phone on EMI, you stand to benefit in more ways than one. Here are some of the many advantages of buying a smartphone using this scheme from Tata Capital.
Distributed financial burden
With our buy-now-and-pay-later system, you can effectively minimize your immediate financial burden. By distributing the cost of a purchase across a convenient repayment tenure, Tata Capital’s consumer durable loans help you pay back the principal in small and comfortable amounts.
Access to latest versions of smartphones
Owing to the easy EMIs available, you can purchase a better version of the smartphones you’re interested in. Since there’s no pressing obligation to pay the entire amount upfront, you can afford to expand your budget and invest in a smartphone from a higher price band.
Tata Capital’s consumer durable loans come with another advantage – instant approval. You no longer need to wait around for several days for the loan approval to come through. Our on-the-spot approvals enable you to begin your shopping spree anytime, anywhere. The process of application is also incredibly easy and straightforward.
0% interest rate
Another advantage that accompanies Tata Capital’s EMI mobile plans is that you get to spread the cost of your purchases across EMIs that come with 0% interest rate charges. This effectively means you only pay the cost of the product, and not a penny more. Tata Capital also doesn’t levy any security deposits or additional fees.
Buying a smartphone on EMIs with Tata Capital’s consumer durable loans is a simple process, wherein you are not burdened with excessive documentation requests. Only primary details and basic KYC documents are required for loan approval.
Eligibility criteria for getting a mobile on EMI
To be eligible for a consumer durable loan to buy mobiles on EMI from Tata Capital, you need to fulfill certain preset criteria. Salaried individuals must be between 21 and 60 years of age, while self-employed applicants must be aged between 21 and 65 years.
Additionally, irrespective of whether you are salaried or self-employed, the repayment tenure can range from 6 months to 24 months, and the loan amount can be as low as Rs. 10,000 or as high as Rs. 5 lakhs.
To purchase smartphones on easy EMIs, all we need from you is minimal documentation. Here’s a comprehensive list of the documents required.
Proof of identity and residence
A cancelled cheque
A recent passport-sized photograph
Duly signed ECS mandate
A security cheque in favor of TCFSL, mentioning the entire amount and carrying no date
Before availing of a consumer durable loan from Tata Capital, you need to decide on which of the many no-cost EMI mobiles to invest in. Here are some tips to select the right smartphone.
List out the smartphone features required.
Compare the many options available online.
Identify the smartphone that comes with the features needed.
Ensure that it is within the budget.
Having zeroed in on the right smartphone, here’s how you can obtain a loan to fund your purchase.
Visit the nearest branch and fill out a simple form. This process takes around 10 minutes.
Submit the necessary documents, so the approval process can begin.
Alternatively, if biometric details are available, you need not even upload your documents.
If all the required documents and details are in place, Tata Capital offers on-the-spot approvals for consumer durable loans.
Interested consumers can even contact Tata Capital on 1860 267 6060 anytime between 10 am and 8 pm, or request a call back to apply for a loan.
If you do not repay your EMIs within the due date, a penalty charge shall be levied on the unpaid amount outstanding at the end of each month. This charge is levied at the rate of 3% of the outstanding amount.
Often times, if there’s an unexpected inflow of cash like a bonus, you may choose to repay your outstanding dues and foreclose the consumer durable loan you’ve availed from Tata Capital. We do not levy any foreclosure charges, so you can go ahead and settle your dues without worrying about any additional charges.
You are free to choose a repayment tenure that’s financially convenient for you. The tenure can be as short as 6 months or as long as 24 months. Keep in mind that as your repayment tenure increases, the EMI amount decreases.
Your credit profile is vital in determining your eligibility for a loan. Here’s what you can do to improve your credit profile.
Pay up any outstanding dues.
Ensure that you do not delay EMI repayments.
Keep your old credit cards so you have a longer credit history to fall back on.
Rectify errors in your credit report, if any.
Do not rely on only one form of credit. Mix it up with loans, credit cards, and other options.
Our consumer durable loans are unsecured borrowings. This means that you are not required to provide any security as a collateral to avail a loan for financing your purchase of consumer durables.
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