Benefits of Using Your Personal Line of Credit to Buy Home Appliances On EMI
Setting up a personal line of credit to buy home appliances on EMI is a smart way to deal with an expenditure that you can’t pay in full. MoneyTap’s personal line of credit gives you the freedom to buy these expensive home appliances on EMI by converting your purchases to EMIs. The best part is that you get this personal line of credit at a lower interest rate, and you can use this credit line to access funds anytime and from anywhere.
6 Benefits of Buying Home Appliances on EMI Using MoneyTap’s Personal Line of Credit:
- You can access the personal line of credit to shop both online and offline.
- The fund is instantly disbursed to ensure that you do not lose out on limited-time deals and seasonal discounts.
- The personal credit line is accessible to you anywhere and at any time, thus giving you the flexibility to shop anywhere and anytime.
- The credit line gives you the confidence and convenience to buy higher-priced items on EMIs that may otherwise be out of your budget.
- You pay interest on only the amount used from your credit line and the remaining credit can act as a financial backup when in dire need of cash.
- You have flexible repayment option wherein you can repay the used amount over a period that ranges anywhere from 2 months to 36 months.
Key Features of MoneyTap’s Personal Line of Credit
- Loan amount approved without collateral or guarantorYou can get approved for a credit line of ₹ 35,000 up to ₹ 5 Lakh.
- Minimum eligibility criteriaThe eligibility is at its minimum. Any individual who is 23 years to 55 years of age can apply for a personal loan online. Further, the individual should have a regular source of income of minimum ₹ 20,000 per month.
- Minimum documentationThe documents required to avail of this personal line of credit are:
- Aadhar card
- Identity proof (Voter ID/Passport/ Driving license/Aadhar/PAN)
- Address proof (Voter ID/Passport/ Driving license/Aadhar/Utility Bills/Scheduled Bank Statements)
- Original photograph
- Easy paper-less application processOnce you register on the MoneyTap app, it takes just a few seconds to get your personal loan approved. Once approved, you can use as low as ₹3,000 and as high as your approved credit limit to instantly make a purchase.
- Easy loan repayment through EMIYou can convert all your purchases to EMIs. The EMI amount is decided based on how much amount you have used from your personal line of credit, the tenure of loan repayment, repayment capacity and rate of interest. The loan tenure ranges from 2 months to 36 months.
- Low-interest rateInterest is charged only on the amount used. The interest levied is 1.08% per month, which is lower than what traditional banks charge.
What Home Appliances Can You Buy on EMI?
With a quick and easy consumer durable loan offered by MoneyTap through its instant line of credit, you can buy the best in home appliances on EMI.
Expensive home appliances, such as microwave oven, refrigerator, dishwasher, automatic washing machines, LED TVs, etc. are some of the necessary consumer durables, the price range of which, can be anywhere between ₹5,000 to ₹5 Lakh, thus making it difficult for you to buy it with your savings. This is when a personal line of credit becomes a great option to buy home appliances on EMI.