Personal loans have long served as a source of emergency financing for individuals, bringing with them a host of advantages. These loans come with zero restrictions to end-use, which makes them suitable for financing a wide spectrum of funding needs, be it of a personal nature or professional. With the advent of personal loan apps, the use of these loans has witnessed a rapid surge.
Today, many people opt for a personal loan to finance their new appliance purchase. Be it the latest phone or a smart refrigerator, an AC or a TV, a quick personal loan can help you upgrade your lifestyle with ease. You can easily apply for an online loan through a loan app and use the loan amount for online or offline purchases.
Read on to discover the top benefits of using a personal loan for new appliance purchases:
Top Benefits of Personal Loans for Purchasing a New Appliance
- A high-value financing allows big-ticket purchases
One of the top reasons that make personal loans your best option for financing appliance purchases is their high-value financing. For eligible borrowers, the loan limit with reputed personal loan apps can easily go up to Rs.2 Lakh. Depending on the lender selected, you can also go for higher financing. While, with a credit card, the card limit is often lower than this, a personal loan, thus, serves right for financing high-value appliances.
- The financial liability is deferred to future dates as EMI payments
One of the major hurdles that you may face when making new appliance purchases is the immediate and lump-sum out-of-pocket expense. This leads to liquidity drainage and puts you in a tough financial spot. A personal loan easily bypasses this hurdle by deferring the financial liability to later dates payable as EMIs by the borrower. Many dealers also offer zero-cost EMIs and very low processing fees.
- Borrowers can choose flexible tenures to repay these loans
Another benefit that comes with any personal loan, whether borrowed through a loan app or any other platform is that it comes with a flexible tenure for repayment. This means you can choose a suitable tenure that fits your financial capacity to repay this loan. The loan tenure can range from 12 months to 60 months. Depending on your loan affordability and your interest payout, you can opt for a suitable tenure. Just remember, the longer your tenure, the more would be your interest payout.
- No lender restrictions on the choice of appliance purchase
Personal loans are advances that typically come with zero restrictions to end-use. It simply means that you can use the loan amount for financing any type of purchase.
There is no restriction on your choice of appliance, brands or costs. You can simply apply for a quick loan through a personal loan app and on approval, the amount would be credited into your bank account.
- The advance comes with affordable rates of interest
One of the top-most benefits of personal loans is that it comes with competitive rates of interest. While credit cards do not charge interest if you pay the bill before the due date, opting for EMI on your credit card can incur very high interest. Thus, if you want a longer repayment a personal loan is your best choice in terms of interest rates. With a good credit score, you can easily get a personal loan with low-interest rate.
- The loan has instant approval and quick disbursement durations
When it comes to the need for instant financing for new appliance purchases, personal loans can come in handy. These advances have a short processing cycle which makes them easy to approve almost immediately for eligible candidates. Once approved, the disbursal comes by pretty conveniently and fast. When applying for the advance through a personal loan app, the entire process of approval and disbursal is further shortened to provide quick financing to the borrower.
- Grab great offers, deals and discounts
Many dealers offer great offers, deals and discounts on appliances during the festive times. But since, festive times often go heavy on your pockets, buying a new appliance may take a back seat. In such situations, a personal loan can come in handy. You can easily grab great deals and offers with a personal loan. Also, many lenders offer discounts on interest rates during the festive time.
With a host of benefits, a personal loan serves just right in providing necessary financing for lifestyle upgrades like appliance purchases. You can simply apply for your loan with a selected lender through their personal loan app.
But before submitting your application, make sure that you have checked all eligibility requirements. Compare the interest rates from different lenders and make sure to have a solid repayment plan.