A personal loan is a major contributor to the increased purchasing power of people in India. Today, many people rely on quick personal loans to buy high-end appliances or gadgets. Be it a mobile, laptop, electronic appliance, or jewellery item, you can easily afford these luxury items with an instant loan availed through a money loan app.
Money loan apps are new-age lending platform that offers you quick and easy online loans at the click of a few buttons. These loans are easy to apply and do not need collateral or guarantee for approval. Today, several banks offer quick online loans that can meet a diverse range of financial needs.
Read on to understand the benefits of using a personal loan to finance a special purchase or luxury item.
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Benefits of Availing A Personal Loan to Purchase Luxury Items
A personal loan comes in handy when you plan to buy a luxury item. Whether you want to fulfil your own wishlist or want to spoil your loved ones with a luxury gift, all you need to do is download a money loan app and apply for an online loan.
Here are some of the benefits of availing a personal loan to purchase a luxury item.
1. Instant approvals and quick disbursals
Today, most personal loans come with instant approval and quick disbursal features. Many lenders take 2 to 7 business days to process a loan. But with a money loan app, the entire loan process is completed within 24 to 48 hours, given you submitted all the details correctly. This makes it one of the best options for buying luxury items. You can select the item of your choice, check for offers and discounts and apply for a quick online loan. The loan would be disbursed into your account before the offer ends.
2. Usage flexibility
Unlike other targeted loans like a house or vehicle loan, personal loans come with unrestricted end-use. It is a multipurpose loan that can be used to accomplish lifestyle goals. Be it buying a luxury watch or smartphone, all you need to do is download a money loan app and apply for a quick online loan.
3. Easy to avail
Lending institutions have relaxed the eligibility requirements for obtaining personal loans due to their increased demand. The documentation requirement for a personal loan is also minimalized, which further eased the process of applying for a loan. Today, you can submit the digital copy of your documents online through the app and the entire process is done digitally without the need of visiting the branch.
4. Competitive Interest Rates
With increased competition in the financial market, lenders are now offering personal loans at attractive interest rates, which makes these loans even more affordable. You can also check out the money loan apps, for lower interest rates. The operational cost of these fintech companies is much lower than the traditional banks, hence they may offer you the required loan at a slightly lower interest rate. In addition to that, having a high credit score and good employment stability can help you negotiate a better interest rate.
5. Flexibility
The normal period of a personal loan is three months to five years. Because of this, borrowers can assess their financial status and select a term that is best for them, ensuring that they can meet the loan repayment deadline. You can also use a loan EMI calculator available in the money loan apps, to find the right combination of your loan amount, loan tenure and loan EMI that you can afford to pay easily.
6. Combined offers
Many times lenders collab with dealers of luxury or high-end products to offer great benefits to the customer. This helps boost sales and comtribute to the increased financial health of a nation. You must check for such deals if you are planning to buy a luxury item. The lender might waive off the processing fee or offer a discount on the interest rates. This can hugely impact your total cost associated with the purchase.
7. Easy repayment
Though you might have the capacity to pay for the luxury item upfront, opting for a personal loan may still be a better option. This is because of the easy EMI that comes with an instant personal loan. Your savings do not get hit.
Conclusion
A personal loan is designed to help you upgrade your lifestyle and it is not a bad financial decision to buy things on a loan. With advanced lending tools like money loan apps, you can avail an online loan at a much affordable rate.
However, before using a personal loan for a luxury purchase, you must understand that a personal loan is a debt tool. You should use it very cautiously and avail one for luxury expenses only if you can afford to repay with ease.
