Get an Instant Personal Loan To Buy Home Appliances

Have you found the perfect home appliances for your new home or a great replacement for an old one? If you want to finance the new appliance, you can happily stop your search now.

We bring to you the best way to finance home appliances: instant personal loans. By taking an instant personal loan, you would no longer need to deny yourself these necessary home appliances.

What is an instant personal loan?

An instant personal loan is a type of loan that can be taken without collateral. This means you can take an instant personal loan without keeping any of your assets as security. This is unlike other kinds of loans. Loans such as house and auto loans need you to keep some of your assets as collateral. These assets are usually any property, house, gold, or other valuable assets.

Instant personal loans are provided to people who have good credit scores. This means you must be one of those people who has a track record of timely loan repayment. The better your score, the better deal you’ll get.

Features of an instant personal loan

As said above, an instant personal loan is an unsecured loan. The loan amount depends on the income of the borrowers. Other factors like credit history, job history, and the type of lending institute also play an important role in determining the loan’s value.

Personal loans usually have higher interest rates as there are no assets to back them.

Instant personal loans can be used for a variety of reasons. But one of their topmost applications is financing a list of home appliances.

Benefits of an instant personal loan

1. Simple access to funds

It’s now simpler than ever to get the money you need with an instant personal loan. The days of waiting in lines at the lender’s branch are long gone. You can apply for a personal loan online with a few simple clicks.

The entire digital process is quick and simple, taking only a few minutes. Even some lenders offer mobile-friendly websites and applications that let you borrow money wherever you are.

2. A funding solution without collateral

Given your busy schedule, you might not have the time or energy to devote to laborious financial procedures. If you choose a secured loan where you must put up an asset as collateral, you may run into this issue.

However, these difficulties are avoided because an instant personal loan is an unsecured offering. It’s much simpler to borrow money because you can apply without pledging assets. Thus, it is a great way to finance your list of home appliances.

3. Clear specifications mean little paperwork

Leading lenders have simplified the process of applying for an instant personal loan. Many lenders will now only have minimum requirements in addition to offering collateral-free products. These will primarily evaluate your citizenship, job status, credit score, age, and annual income.

Furthermore, you won’t need to bother producing a lengthy list of supporting documents. Instant personal loan providers are likely to ask for a minimal amount of paperwork, and some may even have a paperless option.

4. Quick loan approval and disbursement options

Big-ticket home appliances like washing machines, televisions, air conditioners, or other devices like cell phones are frequently offered at discounts. You can swiftly close these purchases with a personal loan without depleting your resources. A few reputable lenders offer unique loan features that might ensure quick fund access.

You might be able to receive immediate approval for a personal loan, depending on the lender and your financial situation. Apply online, send the required paperwork, and you’ll get the go-ahead in no time to buy your home appliances list.

5. No usage limitations

An instant personal loan sanction can be used in any way, unlike other forms of finance. It can be used in any way you want and can pay for any appliance-related costs.

You can use a personal loan if you suddenly change your mind about what you want to buy and can’t go through with your original plan.

6. Long-term, flexible tenure

Utilising an instant personal loan is wise since it allows you to maintain your financial stability long after you have paid off the appliance. This is because you only have to make a manageable monthly instalment and don’t have to endure the full burden of large payments. Many lenders provide a repayment window of up to 60 months.

Eligibility for Instant Personal Loans

The requirements for personal loans vary depending on the bank. Therefore, it is wise to evaluate the eligibility requirements of various banks before choosing one.

The following are the standard requirements that most banks use and that apply to most types of personal loans:

For those who receive salaries:

• The applicant must be older than 21.
• The applicant’s age at the time of loan maturity should not exceed 60 years.
• The candidate should have worked for at least two years and spent a year at the current company.
• The candidate should earn between Rs. 7,500 and Rs. 15,000 per month as a minimum income.

For independent contractors and business owners:

• The applicant must be 25 years of age or older.
• When the loan is due, the applicant’s age cannot exceed 65.
• The applicant should have three years of business or professional experience.
• The professional or businessperson must make at least Rs. 1 lakh annually.

Documents required for an instant personal loan

Regardless of the form of personal loan, banks often require income evidence, address proof, and identity proof.

• You must also send two passport-size pictures in addition to this.
• You can show proof of your income by giving your most recent bank statement or your last two years’ worth of tax returns.
• You can also be required to provide documentation of your employment continuity. You may do this by submitting Form 16 or your letter of appointment.
• A copy of your passport, PAN card, driver’s licence, voter ID, or Aadhar card may be provided as proof of identity.

Depending on the type of loan, you can also be asked to complete additional paperwork.

In conclusion

Visit Piramal Finance to learn more about the financial sector and how to obtain the best loans. Indian-based Piramal Finance provides financial services. It has joined the retail lending industry with a focus on consumer-oriented financing products such as personal loans, business loans, mortgage loans, and housing loans. Check them out and satisfy all your financial needs.