Amidst housing loans, vehicle loans, and personal loans, laptop loans are gaining popularity in India. Instead of buying a laptop in total cash or using a credit card to swipe, many online stores offer laptop loans to purchase laptops. Usually, salaried and self-employed people are eligible to apply for the loan.
- Buying laptops on EMI:
The laptop has become the most-needed electronic equipment at home, especially during the pandemic. Nowadays, people stay at home to learn and work, and the need of the hour is a laptop. Many online stores offer laptop loans so that people can purchase the laptop and pay EMIs later with interest. The loan amount starts from Rs. 1000 and can go up to Rs. 500000, where the eligibility is based on the person’s credit score. Once the application is processed, the loan amount is disbursed to the person, and they can make repayment along with the interest based on the tenure chosen by the applicant.
- Eligibility to apply for laptop loans:
- The applicant has to be a citizen of India
- At the time of applying for a loan, the applicant should have completed eighteen years of age
- Proof of income is required to apply for the loan. Salaried employees can submit bank statements or Form-16, and self-employed people can provide the ITR
- Prerequisites and documents required for loan:
The most quintessential prerequisite for any loan is the applicant’s credit score. Remember, the higher the credit score, the higher the chances of getting the loan quickly. Having a higher credit score can be achieved in two ways. By not having opted for a loan during the applicant’s lifetime or having taken loans but repaid them properly. The documents below are required to apply for a laptop loan,
- Address proof – Aadhar, Driver”s Licence, Passport, Bank statement, LPG bills, Electricity bills, etc.
- Identity proof – PAN, Aadhar, Passport
- Income proof – Form-16, ITR, Bank statements
- Benefits of buying laptops in EMIs:
- Online stores offer laptop loans to both salaried and self-employed people. It is much easier for regular income group people to get a loan with zero investment.
- Nowadays, digital processes are followed even for loan applications. Instead of finding the right agent to get a loan, people have the advantage of relaxing from their homes while they apply for a loan.
- The online vendors provide multiple EMI options, and applicants can select one based on their financial needs.
- There are no hidden charges to buy laptop online on EMI.
- Significantly fewer processing fees are charged, which will be the only investment for the applicant when buying the product.
- Getting a loan not only helps in purchasing the product. It also helps the applicant to increase their credit score.
To conclude, many online stores are available where you can easily acquire a laptop loan with minimal documentation. The procedure to buy laptop online on EMI has become a more manageable process nowadays. Once the digital application is submitted, the loan approval is processed, and the credit limit will be automatically disbursed in less than a day.