The festive season is well underway, and with it has come to the onset of massive shopping sales all across India. In cities like Kolkata, there are excellent Diwali sales with massive discounts on all types of products and services. But undeniably, one of the major purchases that people shop for during Diwali is electronics.
Electronic items like gadgets and appliances are known as consumer durables and tend to be priced on the higher end. Unlike other types of products such as clothing or cosmetics, people rarely buy electronics on a frequent basis as they have longer usage and are more costly. For example, people will only buy a new mobile phone or set of music speakers after at least 1-3 years. After this point, the electronic gadget or appliance generally needs to be replaced, or at least get some maintenance work.
During festive seasons, sellers offer deep discounts on electronics which is when many consumers plan their purchases.
Taking a personal loan for purchasing electronics can help to pay all the costs upfront, without needing to touch the money in your savings account. Below are three ways that you can shop for electronics during the sales, with a personal loan in Kolkata:
- Online sales: One can easily compare the prices of various electronics and appliances when shopping online. Also, you can get cashback from online offers.
- Offline retail stores/outlets: Nowadays, retail stores and outlets are matching the discounts and offers that online sellers are providing. Purchasing from a local retail store helps to support small businesses.
- Exchange offers: If you want an upgrade for your mobile or other items, you can always look for exchange offers to give you a better discount on your purchase.
Some of the best deals and discounts you can get during these sales are for electronics. Below are some of the kids of electronics you can shop for during Diwali:
- Mobile phones
- Air conditioner
- Gaming consoles
- Water purifiers/ RO systems
- Microwaves and ovens
- Sound system
- Washing machine
- Modular kitchen
- Kitchen appliances (mixer/grinders, cooking tools, etc)
All of these items can be easily financed by taking a personal loan in Kolkata from an online lender.
How to Apply for a Personal Loan
You can apply for a personal loan for electronics this festive season. In order to do so, you need to meet the lender’s eligibility criteria. Essentially, an eligibility criterion is a set of parameters that determine whether a borrower can qualify for a loan from a lender. Each lender has their own set of eligibility criteria that borrowers must meet in order to qualify for a loan.
If you apply for a personal loan in Kolkata without checking the eligibility criteria of the lender first, then your application will have a higher chance of getting rejected, as you may have not met all the parameters.
Some of the parameters that comprise the eligibility criteria are:
- Monthly Income
- Employment type (salaried or self-employed)
- CIBIL score
Personal Loan Features & Benefits
By personal loan in Kolkata, you stand to gain numerous benefits including the ones below:
- No collateral required: While many types of loans are secured (meaning, the borrower needs to pledge collateral against their loan), you can easily avail an unsecured loan online for your Diwali electronics shopping.
- Flexible tenures: You can select a comfortable repayment tenure for the loan you want to take. This tenure can range from 6 months to 5 years.
- Low rate of interest: Unsecured loans have an affordable interest rate, especially when compared to that of credit cards. If you have a good CIBIL score, you will be eligible for excellent interest rates.
- Various use cases: One can take a personal loan for any type of requirement, besides shopping. You can avail a personal loan for financing weddings, vacations/travelling, festive celebrations, high bills, medical emergencies, vehicle loans, home repairs, and many other requirements.
- Consolidate debt: If you have already done your electronics shopping by putting your purchases on multiple credit cards, you’ll have multiple EMI payments to make. You can take a personal loan to pay off your balance, and you’ll have only one singular payment to make for the loan.
- Quick & easy process: Getting your online loan is very simple and easy process. They can be availed anytime, anywhere by visiting the lender’s website and app. Your loan approval and disbursal can be done in as little as 48 hours or less!
- Builds credit: Anytime you make purchases on your credit card or take a loan, you have an opportunity to increase your credit score. Making timely repayments for your credit card or loan increases your credit score, which will make you eligible for higher loan amounts and lower interest rates in the future.
- Affordable EMIs: One mistake that many people make is using their own savings for making any purchase. Instead of depleting your savings and investments, a personal loan can provide all the required funds upfront. The EMIs for the loan can be paid via your monthly income.
Get your own personal loan in Kolkata today to finance your electronics shopping this Diwali!