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Why Should You Consider Taking a Loan for TV?

October 12, 2023 • 1293 views

Having a TV is essential for entertainment, information, and relaxation. However, the cost of a good-quality TV can be quite high. However, you don't have to save for months. Now, you can quickly get a TV on loan in just a few simple steps.  Let's explore how getting a TV on loan can help you purchase the latest models while being easy on your budget. Read on!

Why You Must Consider Buying a TV on Loan?

Here’s why you must consider buying TV on loan:

  • Affordable: Availing of a TV on loan makes buying a smart TV affordable as it provides flexible repayment tenure.
  • Fixed Monthly Payments: TV loans come with fixed monthly payments, making it easier to budget and manage your finances.
  • Competitive Interest Rates: Availing of a TV loan at competitive interest rates may reduce the overall cost of your TV purchase.
  • Collateral-free: Most TV loans are unsecured, meaning you don't need to provide any collateral to secure the loan.
  • Upgrade to Better Technology: With a TV on loan, you can get the latest model with modern features instead of waiting years to save up for a new TV.

How Does Getting a TV on Loan Work?

Here’s how a TV loan works:

  • Choose Your TV: The first step is to select the TV.
  • Check Eligibility: The next step is to check if you meet the eligibility criteria for a TV loan.
  • Loan Application: Once you've chosen your TV and checked the eligibility criteria, you apply for the TV loan by filling out a simple application form.
  • Documentation: You'll need to provide essential documents like proof of identity, address, income, etc.
  • Loan Approval: After submitting your application and documents, the lender will review your application. If you meet their criteria, your loan may be approved.
  • Select the Loan Repayment Terms: With most TV loans, you can choose the loan tenure and the EMI amount as per your budget.
  • Purchase Your TV: Once your loan is approved, you can purchase your chosen TV.
  • Repayment: Pay your EMIs monthly until the loan is fully repaid.

When it comes to TV loans, it is crucial to conduct thorough research and select the loan offer that best fits your financial situation. In the next section, let’s check out a few tips on choosing the right lender.

Also Read - Different Types Of Personal Loans In India

Tips to Choose the Right TV Loan Provider

Here are the tips for choosing the right lender:

1. Assess Your Budget: Determine how much you can comfortably repay each month. A loan EMI calculator can help you with this.

2. Check Your Credit Score: Your credit score impacts your eligibility for a TV loan and the interest rate. Review your credit report and improve your score if needed.

3. Interest Rates: Check the interest rates offered by different lenders. A TV on loan at lower interest rates can significantly reduce the overall cost of your purchase.

4. Hidden Charges: Read the terms and conditions carefully to understand if there are any hidden charges associated with the TV loan.

5. Customer Service: Good customer service is essential. It would be best if you chose a responsive and helpful lender throughout the loan application and repayment process.

Also Read - What is Personal Loan? Things You Should Know

To Conclude

TV loans are collateral-free, with fixed monthly EMIs and flexible repayment tenure, making buying a TV affordable. However, when considering a TV loan, it is crucial to assess your budget, compare lenders, and be mindful of your credit score. This will help you secure a loan with favourable terms and avoid unnecessary financial strain.

If you are looking for a trusted lender, choose Poonawalla Fincorp. We offer high loan amounts at competitive rates, minimal documentation, and quick approval. Apply now!

Frequently Asked Questions

1. Can I buy a TV on EMI?

Yes, most leading NBFCs offer the option to buy a TV on EMI.

2. What documents are required to buy a TV on EMI?

Documents required to buy a TV on EMI may vary depending on the lender. The primary documents include proof of identity, address, income, and bank statements.

3. Can I use a Personal Loan for purchasing a TV?

Yes, you can choose to use a Personal Loan to purchase a TV. Poonawalla Fincorp offers Personal Loan at an affordable interest rate starting at 9.99% p.a. only.

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Personal Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply

poonawalla fincorp team

Poonawalla Fincorp Team

Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.

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