You’ve got your eyes on that amazing hand-carved luxurious dining table set for your new home, but it is a bit out of your budget, and you don’t want this deal to slip from your hands. So now is the time to make use of shopping loans.
In the last 20 years, the lending industry has undergone the most significant changes. From speedy transactions, low-cost transaction fees, and quicker loan and credit card approvals to AI-based tools that calculate a customer’s creditworthiness in a heartbeat. Given this, it is no longer necessary to go to the bank for almost any inconvenience, request, or question.
Getting a loan was once a time-consuming and labor-intensive process. Today, with a few clicks on your smartphone, you’ll have access to virtually all of the services in no time. Of course, the best part of the evolution is getting loans from the instant loan app. Banks can be difficult to work with when you need quick small loans, but thanks to fast loan apps, you don’t have to go to the bank to get a loan.
It can be challenging to pay a large sum at once, which may affect your other financial needs. Personal small loans for shopping can assist you in purchasing your desired product on the same day. With instant loan approval, realistic and flexible loan amounts, minimal verification procedures, and no implied hidden fees, personal shopping loans are a great solution to all your purchase and shopping hassles.
Personal shopping loans are an excellent way to purchase any product using EMIs. While EMI may apply to a single product at a time, shopping loans operate completely differently. The loans are credited directly to your registered account, allowing you to withdraw any amount required to purchase. Even though personal loans for shopping are unsecured, they are best used for general shopping at any location.
Eligibility criteria for a shopping loan:
The following are some typical eligibility requirements for a shopping loan, though specific eligibility requirements may differ from one lender to another:
- At least 21 years of age is required.
- Your maximum age should be 65 years.
- Being a salaried employee is a must.
- Your minimum monthly income must meet the lender’s pre-defined criteria.
- ID Proof Documents Required: Aadhaar, PAN, Voter ID, etc.
- For address proof: Utility bills, ration cards, and others.
- Income documents: Salary slip, Form 16, a bank account statement, and other documents.
Why should you use shopping loans?
When it comes to emergencies, purchase loans can be advantageous. If you need to make a quick purchase, you don’t have to put together a specific sum of money.
Filling out a simple online application form is all required to apply for a shopping loan online. The loan will be disbursed if the applicant meets the lender’s eligibility criteria and submits the critical documents requested by the prospective lender.
The flexible repayment tenure offered by lenders on a personal loan for shopping ranges from a few days to a few months, allowing you to choose the desired repayment tenure based on your repayment ability.
Shopping loans have minimal documentation requirements, so loan disbursement is quick, usually within a few minutes.