Purchase a Smartphone on EMI
If you want to upgrade to the latest smartphone without disturbing your budget, an Instant Personal Loan can be the solution you need. Instead of paying the full amount upfront, you can convert the cost into easy EMIs and spread it over a convenient tenure. With Poonawalla Fincorp, you can buy a phone on EMI with an Instant Personal Loan, featuring quick approval, competitive interest rates, and a fully digital process. Apply now!
Instant Loan EMI Calculator
Our Instant Loan EMI Calculator is an intuitive tool that lets you estimate your monthly instalment by simply entering the loan amount, preferred repayment tenure, and the interest rate. With just a few clicks, you’ll get an instant breakdown of your EMI amount, helping you plan your budget effectively before committing to a smartphone purchase.
Why Choose Poonawalla Fincorp
Collateral-freeLoan
Competitive Interest Rate
Minimal Documentation
Flexible Tenure
OnlineApplication
Zero Hidden Charges
How to Apply for an Instant Loan Online in Just 3 Steps
Before applying, please ensure you meet the following requirements for a smooth application process.
| Age | Between 24 and 55 years |
| Citizenship | Indian |
| Employment | Salaried or self-employed individuals working full-time with a government entity, public or private limited company, LLP, educational institution, or a company approved by Poonawalla Fincorp |
| Income | Minimum declared annual household income of ₹3 Lakh |
| Credit Score | A credit score of 750 or above is generally preferred |
To ensure a quick and seamless loan approval process, we require minimal documentation.
- KYC Documents: PAN card and Aadhaar card for identity and address verification.
| Parameter | Details |
| Interest Rate | 16%* p.a. onwards |
| Loan Amount | ₹50,000 to ₹5 Lakh |
| Loan Processing Fees | Up to 5% plus applicable taxes |
| Lowest EMI Per Month | ₹1,962 for 36 months |
| Loan Tenure | 12–36 months |
| Prepayment / Foreclosure Charges |
1) Nil, if prepaid from borrower’s own funds 2) 4% of prepaid amount plus applicable taxes if done through balance transfer |
| Default Charges | 24% per annum |
| Repayment Instrument Bounce Charges | ₹500 per instance |
| Repayment Instrument Cancellation / Re-issue Charges | ₹500 plus applicable taxes |
| Stamp Duty | At actuals (as per state laws) |
| Duplicate No Objection Certificate | ₹500 plus applicable taxes |
| Cash Collection / Handling Charges | ₹500 plus applicable taxes per instance |
| Hidden Charges | Nil |
Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.
*T&C Apply
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The example below illustrates how the cost of a smartphone can be converted into monthly EMIs using an Instant Loan.
- Loan Amount: ₹90,000
- Interest Rate: 16% p.a.
- Loan Tenure: 24 months
- Approximate EMI: ₹4,343.87 per month
- Total Interest Payable: ₹14,216.84
- Total Repayment Amount: ₹90,000 + ₹14,216.84 = ₹1,04,216.84
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(Note: These are estimated figures that exclude processing fees, taxes, and any other applicable charges.)
To ensure your loan application is processed quickly, follow these simple tips to increase your chances of approval.
- Check Your Credit Score: A credit score of 750 or above is generally preferred and can help you get better terms.
- Verify Eligibility: Ensure you meet all the eligibility criteria before starting the application.
- Keep Documents Ready: Have digital copies of all required documents ready for a quick upload.
- Provide Accurate Information: Double-check all details in the application form to avoid discrepancies that could cause delays.
- Choose a Realistic Loan Amount: Apply for an amount that you can comfortably repay. Use our EMI calculator to determine a suitable EMI.
Using an Instant Loan to finance your new smartphone purchase offers several advantages over traditional financing methods.
- Affordable Monthly Payments: You can convert the phone’s price into small monthly EMIs, making the purchase of your desired smartphone easier to manage within your budget.
- Access to Better Smartphones: EMI financing allows you to choose smartphones with better features without paying the full cost at once.
- Flexible Repayment Options: You can select a repayment tenure that suits your budget and financial planning.
- Build Your Credit Score: Paying EMIs on time helps build a positive credit history for future borrowing.
- Quick and Digital Process: The entire loan process is online, making the application and disbursal quick and convenient.
Happy Customers, Happy Us
Throughout my loan journey, the Poonawalla Fincorp team showcased exceptional dedication, in-depth product knowledge, and a truly customer-centric approach. At every stage, they guided me with patience and clarity, making the entire process seamless, transparent, and timely. Their proactive communication and unwavering willingness to go the extra mile are a testament to the organization’s high standards of service excellence. Such professionalism not only fosters strong customer trust but also reinforces Poonawalla Fincorp’s reputation as a leading, customer-focused financial institution. I extend my heartfelt thanks to the entire team for their commendable efforts and wish them continued success in all their endeavors.
I am incredibly grateful for the outstanding support I received throughout my loan process. The guidance provided made every step feel manageable and stress-free. What stood out most was the humility and genuine willingness to help at every stage, qualities that made a significant difference in my experience. Without this support, the journey would have been far more challenging. I truly appreciate the dedication and helpful nature that was consistently demonstrated. The efforts put forth were invaluable, and I feel fortunate to have worked with someone so committed and supportive.
It was really great working with Poonawalla Fincorp. Thanks to the support and coordination by the team. I was able to get a significant portion of my requirements despite having a bit of a mess in my financial records. The loan processing and disbursement process at Poonawalla Fincorp was super smooth. They were incredibly cooperative and helpful. I’m looking forward to building a healthy relationship with them in the future. Thank you.
Poonawalla Fincorp’s Pre-owned Car Loan made the entire financing process effortless. The loan approval was quick, and the minimal documentation made it even more convenient. Within just a couple of days, the funds were disbursed, allowing me to purchase a well-maintained pre-owned vehicle without any hassle. The repayment options were flexible, and the entire experience was seamless. Thanks to Poonawalla Fincorp, I could get my car without any financial strain. Highly recommended!
Securing a loan to purchase a commercial property with rental income was crucial for my business. Having previously worked with Poonawalla Fincorp, I was confident in their services. The process was incredibly smooth and transparent. The quick disbursement and excellent post-sales support made the entire experience stress-free. Thanks to Poonawalla Fincorp, I now own a prime commercial property in Mumbai, which has significantly boosted my business. Their quick turnaround time and excellent post-sales support made all the difference. I wholeheartedly recommend them to anyone in need.
I had a great experience with Poonawalla Fincorp’s Pre-owned Car Loan. The offered loan amount was as per my expectations, and the entire process was smooth and hassle-free. The documentation was minimal, and the loan was disbursed in just two days! What stood out was the flexibility—repayment was easy, and the EMI structure was well-planned. The loan approval process was straightforward, making it convenient to get the car I wanted without any delays. Overall, the service was excellent, and I highly recommend Poonawalla Fincorp to anyone looking for an easy and quick loan process!
A friend in need, is a friend indeed. Poonawalla fincorp has been like one of those friends for me, who has supported me in my journey. With no hidden charges and no prepayment charges, the company has provided me with the adequate funds I needed for me professional practice. From the loan application process to the disbursal of funds, I did not face any problems. My experience was hassle-free and smooth. Not just me, all my fellow professionals and friends have had a wonderful experience with Poonawalla Fincorp’s Professional Loan.
I am practicing Chartered Accountant (CA) based out of Hubli. There were working capital issues that i was facing like upgrading my firm’s overall infrastructure, hiring well-qualified staff and digitization. Poonawalla fincorp hab been of great support when it comes to funding these requirements. I’ve got one of the best interest rates available in the market, my documentation process was fast & hassle-free. and the digital application process made it very simple to get a Professional Loan as a CA. I recommend to CAs to consider Poonawalla Fincorp for their working capital or any other funding requirements.
I run a chain of farmacy stores with 5 branches in pune. With the growing polpularity of home delivery, my customers were expecting the same from me as well. However, the extra capital requirement made it difficulf for me to hire delivery persons. With Poonawalla fincorp’s Business loan, I am now able to compete with online pharmacy retailers, manage working capital and upgrade my system. My customers have grown 50-60%. The loan applicatipn process is digital, simple and speedy. I was delighted to get my loan amount disbursed quickly, allowing me to upgrade my operationg seamlessly.
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Frequently Asked Questions
Yes, you have the complete freedom to buy a smartphone of any brand and model from any retailer partnered with Poonawalla Fincorp.
Upon successful verification and final approval, the loan amount is typically disbursed to your bank account within a few hours, enabling immediate purchase.
While there’s no strict cut-off, a credit score of 750 or higher is generally preferred and improves your chances of approval. Higher scores may also attract better interest rates.
Yes, both salaried and self-employed individuals are eligible to apply, provided they meet the income and documentation requirements.
Yes, you’ll receive SMS and email confirmations once your loan is disbursed, along with details of your EMI schedule and repayment terms.
No, an Instant Personal Loan for buying smartphones is generally unsecured, meaning you do not need to provide any collateral or security.
Yes, you can typically select a convenient date for your EMI debit during the application process.
If you make timely EMI payments, an Instant Loan can help improve your credit score. However, failing to make timely payments or defaulting on the loan will negatively impact it.