Laptop Loan: Meaning, Eligibility, Features and Benefits

The latest laptop with great graphics and fast processing speeds is necessary for everyone now. Whether you want a computer for personal or professional use, a modern and fast machine will let you perform different tasks in minutes. However, the catch is that a good laptop with decent processing power and the latest technology costs a lot. That is when a laptop loan comes to the rescue. It allows you to buy your desired laptop without exhausting your savings or saving money for it for months or years.

With readily available Personal Loans for consumer durables, these days, it has become easier than ever to buy gadgets on EMIs. When you purchase a laptop on EMI, you can bring it home immediately and repay its price in instalments at your convenience. Let's explore how it works.

Get Laptops on EMI

A laptop loan is a consumer durable loan. It is a type of Personal Loan to purchase gadgets, home appliances, and electronic goods easily. Whether you want a laptop for personal, professional, or study purposes, getting one on a Personal Loan and paying its price in EMIs makes your life easier. The best thing is that you can purchase your desired laptop from a wide range of options without any down payment.

What are the Benefits of Buying Laptops on EMI?

Due to expensive laptop prices, many consumers delay their purchase until they can save the required amount. On the other hand, smarter individuals take a Personal Loan for laptop online from reliable lenders like Hero FinCorp and pay its cost in EMIs. The benefits of buying laptops on EMI include the following:

No Need to Exhaust Savings or Emergency Funds

Many individuals exhaust their savings or emergency funds to purchase laptops. Later, they may fall short of funds when they need money for another important expense in life. Buying a laptop with a Personal Loan saves you from exhausting your savings or emergency funds.

Laptop Price Distributed Into EMIs

After taking a Personal Loan for laptop, you use the loan amount to purchase your laptop and bring the device home. Later, you can repay the loan with interest in easily manageable EMIs. It saves you from the financial burden of paying the laptop’s cost upfront.

Freedom to Choose a Better Laptop

When you purchase a laptop with your savings, you have a limited budget within which you must choose your device. However, you can select a better laptop without budget constraints when you borrow a lump-sum laptop loan. Since you don't need to worry about the immediate cost, you can opt for a premium laptop on EMI.

No Burden on Monthly Budget

Laptop loans give flexible loan terms to choose from according to the EMIs you can easily afford. For instance, when you borrow a Personal Loan for laptop from Hero FinCorp, you can choose a repayment tenure of up to 60 months.

You can use a loan EMI calculator to calculate EMIs for various loan terms on the Hero FinCorp website. A longer tenure decreases the EMI amount, while a shorter period increases it. You can evaluate your monthly budget, income, and financial obligations to opt for a loan term with budget-friendly EMIs, saving you from financial stress.

Instant Access to Funding

Sometimes, you need a laptop urgently. Many retailers announce special offers and discounts during festive seasons, which you would want to grab quickly. Thanks to the 100% digital Personal Loan process followed by Hero FinCorp, you can get a laptop loan instantly to purchase your desired laptop.

Eligibility Criteria to Buy Laptop on EMI

Are you looking for a Personal Loan for laptop? You must fulfil the eligibility criteria to get the required funding. Standard eligibility criteria to buy a laptop on EMI include the following conditions:

• Age: Ideally, you should be 21 to 58 years of age to get approval.

• Citizenship: You should be a resident of India.

• Monthly Income: You must earn at least Rs 15,000 to qualify for a laptop loan.

• Work Experience: You should have a minimum work experience of one year, with at least six months in the current company.

Other than these, your credit history and debt-to-income (DTI) ratio also affect your Personal Loan eligibility.

List of Required Documents to Buy a Laptop on EMI

You must provide a few necessary documents to borrow a Personal Loan for a laptop online. These include the following:

• Duly filled loan application form

• Passport-size coloured photograph

• Identity Proof, like a passport, Aadhaar card, PAN card, driving license, etc.

• Residence Proof, like driving license, Aadhaar card, ration card, passport, utility bill, etc.

• Proof of residence ownership, like property documents, electricity bills, maintenance bills, etc.

• Income proof

Documents required as income proof vary for salaried and self-employed individuals. Salaried applicants must provide their salary slips, bank account statements, Form 16, job continuity proof, etc. Self-employed professionals must provide their copy of tax registration, shop establishment proof, company registration certificate, bank statements, ITR, etc.

How to Apply Loan to Buy a Laptop?

You can easily apply for a Personal Loan for a laptop online through the Hero FinCorp website or loan app. Follow these steps to complete the Personal Loan process:

• Download the loan app and fill out an online application form.

• Scan and upload the necessary documents.

• Submit the application.

• Accept the loan offer and receive disbursal directly into your bank account.

Before applying, select the laptop you want to buy and decide on an appropriate loan amount.

Conclusion

Whether you need a laptop urgently or want to grab a festive discount offer without delay, you can instantly get a Personal Loan from Hero FinCorp to make the purchase. Moreover, the eligibility conditions are straightforward, and documentation requirements are minimal, which you can fulfil without hassle. So, why not get the latest laptop with a laptop loan online? Apply for one now and bring your laptop home without paying its price upfront.

Frequently Asked Questions

1. Can I take a loan on my laptop?

You cannot take a loan on your laptop. However, you can take a Personal Loan to purchase a laptop, called a laptop loan.

2. What is the CIBIL score required for a laptop loan?

You must have a decent CIBIL score to obtain a Personal Loan for a laptop. A score above 750 is a desirable figure to get quick approvals.

3. Is it OK to buy a laptop on EMI?

Yes, buying a laptop on EMI is one of the wisest decisions you can take. It helps keep your savings intact, converts its cost into EMIs, and lets you repay the loan in easily affordable EMIs.

4. What is the age limit for a laptop loan?

You must be 21 to 58 years of age to borrow a laptop loan from Hero FinCorp.

5. How to buy a laptop on EMI without a down payment?

Financing the laptop purchase with a Personal Loan for laptop is the ideal way to buy a laptop on EMI without a down payment.