Get a Personal Loan for Gadgets

Home appliances, and personal gadgets like smartphones and tablets: most of these are expensive, and beyond the reach of the average customer. This is especially true if you have to shell out the entire price in one single payment.

Still, many young people tend to frequently upgrade gadgets like smartphones. These gadgets also attract older customers, who might be more interested in using the productivity features of these mobile devices, rather than keeping up with peers.

Home appliances like washing machines and cooking ranges make life easier, while others like LED TV and home theatres make life more interesting. However, the price tag on these items might put off most customers, if it weren't so easy to pay for these in instalments.

Now, there are many fintech companies that have representatives at retail outlets. They help to apply for a personal loan for gadgets. You can also apply online for such loans. You submit the basic information about yourself and your employment and income. Within a few days, your loan could be sanctioned and you can buy the device you want, paying back the amount to the fintech company in easy instalments.

Personal Loan for Gadgets.jpg

Many ways to pay in EMIs

If you have a credit card, it is extremely easy to buy items within your card's credit limit, and covert the purchases into EMIs. This is the most common form of EMI purchase.

However, not everyone has a credit card. In that case, there are other options. You can buy using an EMI card, get a Consumer Durables Personal Loan, or get fast credit facility from fintech companies.

Many financial institutions now offer a special personal loan to buy appliances and gadgets. Bajaj Finserv Durables Loans are easy to apply for and get approved. It comes with an EMI card that is backed by the funds in the durables loan. You can use EMI card at partner shops to make your purchases.


Credit score for Personal Loan

Credit rating agencies like CIBIL are authorized to keep track of the credit record of the general public. They record your borrowings, your use of credit cards, your repayment track record, and use this information to give you a credit score. This ranges from 300 to 900.


Lenders use this credit score and credit history to assess a loan applicant's creditworthiness, especially for unsecured loans like Personal Loans. Their decision to approve or reject the loan application can be greatly influenced by the credit score of the applicant. Generally, a score of 750 and above is considered good.

If your credit score is average or very low, your loan applications could be rejected. If you still want a loan, what can you do?

How to Get Personal Loan if CIBIL Score is Low

  • Some lenders do lend to customers with average scores, but the interest rate will be higher

  • You can try to get a personal loan from lenders who take into consideration your employment status - whether you are employed by a large and reputed company and earn a good salary. In that case, they may overlook a credit default and lend you the money albeit at a higher rate of interest

  • You can opt for secured loans like loan against jewellery or shares

  • You can look at other avenues like peer to peer lending. Here, the lenders look at broader criteria rather than your loan and credit card records. They look at your savings, spending habits, your monthly income, and so on. Based on these, you could get a loan quickly

  • You can find a co-applicant for the personal loan, a spouse or sibling with a good credit score


A Personal Loan is useful for meeting unexpected expenses, or for securing funds when you don’t have a collateral to offer. They are also useful for purchasing essential or casual items and paying off the cost in instalments. If your credit score is low, you can still find banks and NBFCs who look at additional criteria to approve the loan. How much CIBIL score is required to get a personal loan online through financial marketplace websites and loan portals

Author's Score
Up Votes
Down Votes
Voted on
0 articles, Fastest Growing Free Local & Social Classifieds, #1 Free Social Classifieds
personal loan for gadgets, personal loan for gadgets, cibil score, cibil score, apply for personal loan, apply for personal loan, emi card, emi card,

Recent Articles

What is a Payday Loan? Payday Loans is a loan for small amounts of money, often $ 500 or less, that are generally...
Financial rumination is something we all go through despite the amount of money we earn. You could be earning a...
It's no secret that many companies these days, indeed, struggle with finances. Financial difficulties are common...
Have you heard this before? Save money and invest for your future. You can be a milliner by the time you are 60....
  Living paycheck to paycheck can be stressful. You might have unexpectedly lost your job or even have a...
Backpage EscortsEscorts Canada, TorontoEscorts VancouverEscorts CalgaryEscorts Ottawa

Copyrights © 2019 Voticle. All Rights Reserved.