With just a small amount of money, you can get a phone loan with 0% interest installment payment. So how to borrow, how to balance spending in installments?
Borrowing to buy a phone on installment is a familiar form for the majority of consumers in today's time. Buying in installments prevents you from paying the entire phone bill at once. Instead, you only need to pay a part upfront and pay each part over a certain period of time. To know more about the installment purchase method, please refer to the article below.
Along with the development trend of modern life, smartphones have become inseparable objects of people all over the country. However, not everyone can afford to own one right away. That is the reason that the form of phone loan installment purchase was born and quickly received an enthusiastic response from consumers.
Installment phone loan is a purchase method where the buyer does not need to pay the entire amount of the item in one go. Instead, they only need to pay a part of the item, the rest including interest will be paid gradually over the term.
With this form, the loan amount and interest will be broken down so that customers can easily pay each term (6 months, 9 months, 12 months, ...). Currently, the form of buying phones on installments without collateral with simple procedures is becoming more and more popular and chosen by many consumers.
- The procedure is simple and fast, you will not need to spend a lot of time preparing documents or related documents.
- The initial payment cost is suitable, you can pay it gradually over a long time in accordance with your personal financial situation.
- Competitive interest rates in the market.
- Various payment methods such as cash or bank transfer.
● If the installment loan has an interest rate, you will have to pay a higher amount than the selling price of the product.
● If you pay late, you will be charged a penalty fee as prescribed.
● The longer the loan period, the higher the repayment amount.
Therefore, in order to not be under pressure when taking out a loan to buy a phone, you need to determine your financial ability and phone model to buy, consider the interest rate and the monthly payment. If you feel it is reasonable to borrow, if you do not need to spend and repay the loan, you should find another way.
Buying in installments will usually involve parties such as: Shops - Customers - Financial companies. The stores here are usually Mobile World, Dien May Xanh, FPT Shop, etc. The customer is you, who is in need of installment purchase. Financial companies, we often see such as ACS, Home Credit, FE Credit, HD SAISON,...
If you want to buy a phone but don't have enough money to pay once, the financial companies associated with the store will help you to borrow the remaining amount to pay. Currently, there are two forms of installment payment with interest rate and installment payment with 0% interest rate (payment via credit card). You can buy the phone in installments directly at the store, or you can also buy it online on the store's official website.
This is a form of installment phone purchase that anyone can use, financial companies will support the loan for you. The feature of this form is that the total amount you buy the product after the installment payment is completed will be larger than its official price.
Therefore, in the process of making an application to buy an installment phone, you should read or ask carefully the costs incurred (for example, consulting fees, application fees, loan insurance), the more you should ask clearly. the total amount you have to pay each month to be more active.
This is the most economical way to buy a mobile phone. This form is often linked to the store by banks to support customers using their credit cards (Visa/Mastercard).
Although you do not have to pay interest when borrowing, but in the process of completing the installment application, you must carefully read the applicable policy of the program. Because some banks will charge an additional transaction conversion fee (from VND 300,000 to VND 700,000 depending on the loan) with 0% interest installment payment for credit cardholders.
Each credit institution that offers installment loans to buy phones has different interest rates. Here are some lending institutions to buy phones with attractive interest rates:
Student and state salary is 1.69%
Laborers are 2.2%
Depends on the phone model
Borrow under 3 million: 5%
Borrowing less than 10 million: 4.25%
Borrowing over 10 million: <4%
Although there are different interest rates, credit institutions still use the following interest rate calculation formula:
Amount to be paid monthly = (Loan value / Loan term) + (Loan value x monthly interest rate)
For example: You bought a phone for 15 million VND, paid 5 million in advance. You borrow Home Credit 10 million for 12 months with an interest rate of 3.4%. So the monthly contribution is: 10,000,000/12+ 10,000,000 x 3.4% = 1,173,333/month.
When deciding to buy an installment phone, you need to meet the following conditions and documents:
- Being in the age group of 20-60 years old, living in 63 provinces and cities across the country.
- Have an ID card that is still valid.
- Household book, driver's license or some other personal papers attached.
- Payroll or proof of monthly income for verification when necessary.
To own a phone according to your wishes, you need to follow the process as follows:
● Step 1: Choose a store that offers installment phone purchase, then provide the necessary documents for the staff to check and confirm.
● Step 2: Refer to the phone lines. Currently, most phone shops have websites or Facebook. You can find out the conditions related to the phone line at home in advance to make the purchase and sale happen faster. Do not forget to pay attention to smartphones with attractive incentive policies such as buying installments with 0% interest rate because it will help you save a decent amount of money.
● Step 3: Register to buy installment phones with that store. If you are far away, you can make purchases right on the website to save travel time and costs. However, according to many people's experience, when buying and selling directly, it will help two parties feel more comfortable and clear when discussing related issues.
● Step 4: Wait for the store to check and approve your loan package. In some cases, your relative or friend may receive a verification call from the seller.
● Step 5: Complete the profile and receive the device. You will need to prepay an amount specified in the contract and receive the device from the store.
** On the other hand, in addition to the phone, you can also borrow money to buy a car in installments , borrow money to pay for any item without having to prove your income .
When using the installment phone loan service , you should note the following:
- Choose to buy at reputable and branded stores in the market.
- Carefully check the machine before receiving to make sure the product is in its original condition, with no signs of being peeled or used before.
- Pay on time as specified in the contract.
- Do not perform two installment phone purchase contracts at the same time to avoid falling into the case of insolvency as committed.
* Tips: Should choose a short-term period, the longer the period, the higher the interest rate will be. Don't buy phones on installments in your name, it will be very risky for you. If that person does not pay, you will have bad debt, the bank will not be able to buy installments anymore.
Many people wonder: Can I get a loan after buying a mobile phone ? Or is it in the process of paying for consumer goods, can I get a cash loan ?
Credit institutions law allows customers to borrow many different loans at the same or more credit institutions. Therefore, in theory, if you have an installment phone loan, you can still borrow other loans.
However, in reality, whether or not to continue borrowing will depend on each specific customer. Lenders will review cash loan applications based on their current financial situation, reputation and ability to repay.
If you meet the loan criteria, you can still apply for a loan. If you find that there is a risk of getting your capital back when lending you more, the credit institution will either refuse or reduce the amount you want to borrow.
Above are basic information, instructions on how to get a loan to buy a phone with installment payment, and some necessary experiences when borrowing. Besides, if you can't get an installment loan, you can get an unsecured loan to buy a phone online. Currently, CashBerry is supporting online quick money loans by ID card / CCCD with a maximum limit of 10 million VND. Visit cashberry.vn to register to receive money now!