Can I buy mobiles on EMI with a debit card?
Yes, NIRA helps you buy a mobile phone on EMI with a debit card. You no longer need to have a credit card to purchase mobile on EMI! Thanks to NIRA, you can now buy a mobile phone on debit card EMI.
Am I eligible for buying a smartphone on EMI with a debit card through NIRA?
To buy a mobile phone on EMI with NIRA, you must be an Indian citizen and between 21-65 years of age. You will also need to have a college degree, be working for a minimum of 6 months and earn a salary of Rs 20k or above per month.
You do not need a CIBIL score to apply for smartphone loan from NIRA. If you are new to credit and this is the first time that you are looking for a personal loan, we highly welcome your application.
What are the documents required for a smartphone loan or to buy a mobile phone on EMI with NIRA?
To buy a mobile on EMI with NIRA you would need your aadhaar card, pan card, salary slip and 6 months bank statements.
What is the application process to purchase a mobile phone on debit card EMI? How to buy a mobile phone on EMI?
The application process to purchase a mobile phone on debit card EMI with NIRA smartphone loan is simple. You can apply for a loan online or on our app; simply fill in the required details on either our app or website to get your in-principle decision in 3 minutes. Once you've qualified for the credit, you can go ahead and upload the bank statements and ID document. You'll get a final approval once your documents have been verified.
Before the money to buy mobile on EMI gets disbursed into your bank account, you’ll also need to set up an auto-debit mandate. The good news is that you can sign the mandate electronically if your bank enables it. If not, we’ll arrange for the pick up of the hard copy mandate from a place and time of your choice. That’s it! You’ll be ready to use your loan to purchase a smartphone on easy EMIs!
Other than interest, are there any additional fees or charges that apply?
NIRA applies the following three fees:
(i) Processing Fee: A flat amount of Rs.500 is charged for the first loan. The amount will be reduced to Rs.250 for the second loan.
(ii) Late Payment Fee:
| Late by upto 30 Days : | 2% of EMI |
| Late by 30-59 Days : | 2% of EMI + 0.5% of Outstanding Balance |
| Late by 60-89 Days : | 2% of EMI + 1% of Outstanding Balance |
| Late by more than 90 Days : | 2% of EMI + 2% of Outstanding Balance |
(iii) Prepayment Fee: 0% if before 90 days; 2.5% if after 90 days
There are no other hidden fees or charges.
What are the repayment terms of a personal loan with NIRA?
NIRA offers a flexible repayment term on personal loans. You have the freedom to choose a tenure between 3 to 12 months.
How can I pay back the EMIs for my mobile phone?
There are two modes of payment to pay back your mobile phone EMIs. You can either pay through the auto-debit instruction (which was set up during the time of loan application) or through the app via net banking/debit card.
What are the CIBIL score requirements for a NIRA smartphone loan?
NIRA requires a CIBIL score of above 661 to approve candidates for smartphone loan. However, if you do not have a CIBIL score and this is the first time that you are applying for a formal loan, that’s completely fine too - you are very welcome to apply!
Can I buy Mobile on EMI with NIRA without a CIBIL score?
If you haven’t borrowed before, are new to credit and do not have a credit history then yes, you can apply to NIRA to purchase your mobile on EMI without a CIBIL score. However, if you do have a CIBIL score, it needs to be above 661.
What are the advantages of buying a mobile phone on EMI with NIRA?
NIRA provides access to quick, flexible and paperless online smartphone loans. We offer these mobile phone EMIS to you at the most competitive rates according to your profile.
Forget large one-time payments, apply for mobile on EMI online on NIRA web or app and get pre-approved in 3 minutes! Plus, NIRA also gives you the flexibility to choose your repayment terms. You can buy a mobile phone starting from Rs. 5,000 to Rs. 1 lakh or your maximum credit limit.
We simplify the process to buy mobile on EMI and make access to smartphones easy and quick!
Which all locations do you serve?
We are currently taking loan applications from salaried graduates in Bangalore. In the next few weeks, we’ll be expanding to other Tier-I and Tier-II cities in India. The next cities that we will expand to are Chennai, Delhi, Gurgaon, Hyderabad, Indore, Kolkata, Mumbai, Noida, and Pune. This will be followed by expansion in Tier-II cities.