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Financing Your Tech: A Guide to Loans for Gadgets

December 21, 2023 • 379 views

The advent of hi-tech devices and gadgets like smartphones, high-performing laptops, and robotic vacuum cleaners have made our lives easier and more comfortable. These gadgets have become essential for work, entertainment, communication and more. However, these modern gadgets often come with a heavy price tag, and buying these gadgets may not be possible without availing a loan. If you wish to buy the latest mobile phone, smart TV, home automation system, or camera, but don’t have enough funds, apply for a Personal Loan for gadgets. In this blog, we discuss the pros and cons of loan for gadgets, eligibility criteria, documents required, and the process to apply. Read on!  

What is a Loan for Gadgets?

A loan for gadgets is a type of Small Personal Loan specifically designed to help you buy the latest gadgets and electronic devices without depleting your hard-earned savings. It allows you to enjoy the benefits of the latest technology and pay for it in smaller instalments or EMIs (Equated Monthly Instalments).

Why Choose Loan for Gadgets?

Applying for a gadget loan is one of the easiest and most convenient ways to get the funds to purchase the gadget(s) you want. It is an unsecured loan, meaning you need not pledge any asset with the lender against the amount you borrow. 

Also, from a financial planning perspective, getting a loan to buy gadgets is a smart decision as you don’t have to pay a lump sum amount. You can get the funds from the lender and repay the amount in EMIs over a period of up to 60 months. You can choose the repayment tenure to suit your financial capacity and ensure that the EMI is affordable. 

Pros of Taking a Loan for Buying Gadgets

Competitive Interest Rates

You can easily avail of a gadget loan at the most competitive interest rate starting from 9.99% p.a. This makes the EMI affordable, and you can easily repay the amount. However, you must note that the actual interest you pay will depend on your credit score, repayment history, etc. 

Easy Application Process

Apply for a loan online and enjoy a seamless application experience. Just enter your personal details, employment details, and upload a few documents to get a loan approval.   

Quick Approval and Disbursal

With the fully digital loan application process, you get quick approval, and the funds are disbursed immediately. You need not wait long to get your hands on the latest smartphone or any other gadget you want. 

Minimal Documentation

One significant benefit of getting a loan for gadgets is that you need not deal with complicated paperwork. You must submit only a few basic documents, making the process efficient. This also means you can get the funds faster and enjoy using your new gadgets. 

Flexible Repayment 

When you take a Personal Loan for gadgets, you get flexible repayment options. You can choose a tenure of up to 60 months and manage the repayment easily. 

Complete Transparency

There are no hidden charges or unpleasant surprises when you apply for a gadget loan. Since all the terms and conditions and the related charges are disclosed upfront, you can make an informed borrowing decision.

High Loan Amount

You can apply for a loan amount ranging from Rs.1 Lakh to Rs.30 Lakh.

Cons of Taking Loan for Gadgets

One of the notable drawbacks of taking a loan for gadgets is that the interest rates will add up quickly if you don’t repay the EMIs on time. You may also have to pay late payment charges, increasing your overall loan cost. 

Also, your credit score will be affected if you miss an EMI payment or delay the payment even by a single day. 

Eligibility and Documents Required for a Gadget Loan

To get a gadget loan, you must meet specific eligibility criteria and submit the necessary documents, which are discussed below:

Eligibility 

  • Age: You must be aged between 22 and 57 years of age.
  • Citizenship: You must be an Indian citizen.
  • Employment: You must be employed with any recognised private or public company. 
  • Work Experience: You must have at least one year of work experience and at least one month of stable employment with the current employer. 
  • Monthly Income: You must have a minimum net salary of Rs.30,000 per month.  

Documents Required

  • KYC Documents: Aadhaar card/PAN card.
  • Address Proof: Passport/Utility bills/rent agreement.
  • Income Proof: Latest salary slips.
  • Financial Documents: Bank statement for the last three months.
  • Proof of Employment: Employee ID card or an official email ID. 

How to Apply Loan for Gadgets?

Applying for a Gadget Loan with Poonawalla Fincorp is easy. Just follow these steps:

Step 1: Visit the Website

Visit our official website and click the ‘Apply Now’ button to access the application form and start the process. 

Step 2: Fill Out the Form

Fill out the form with the necessary details and submit it.

Step 3: Upload Documents

Submit the necessary documents, including the KYC, identity, income, and address proof. Keep all the required papers handy before you start the application process to avoid last-minute hassles. 

Once you submit the application form and the documents, a thorough review will be conducted to verify the information provided. After the application is verified and approved, you will get the amount credited to your bank account. 

Interest Rates and Other Charges for Loan for Gadgets

When you get a loan for gadgets, you must repay the amount and applicable interest. Today, loan for gadgets is available at a competitive interest rate, starting from 9.99% p.a. Apart from the interest, there are other charges of availing a loan for gadgets. These charges include:

  • Loan Processing Fees: Up to 2% of the loan amount plus taxes.
  • Late Payment Penalty: 3% of the overdue EMI amount. Also, in the event of a cheque bounce, you must pay a penalty of Rs.500 per bounce and the applicable taxes. 

Also Read - Consumer Durable Loan Vs Small Personal Loan

To Conclude

Taking a loan for buying gadgets is an excellent way to get your hands on the latest gadget of your choice without straining your finances. With competitive interest rates, quick approval process, and flexible repayment options, these loans provide a convenient financial solution to all gadget enthusiasts.

You can apply for a Personal Loan for buying gadgets from NBFCs like Poonawalla Fincorp, get the funds and proudly flaunt the latest gadget of your choice.

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

We are a team of expert writers and editors passionate about providing our readers with 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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