Will this startup Idea work in India?

So the thing is that one my uncle keeps mobile phones and other electronic items on mortgage and charges 10% monthly interest on them, the interest is high as the object is an electronics product and their value decreases exponentially, and many times people are not able to pay up for their phones, so the point is that there is no similar scalable startup yet been made, can such a startup be made online and scaled atleast over a city?