Dussehra often makes a big appearance on people’s spending wish lists. The festival is a time that celebrates good over evil, and many believe that the joyous occasion is a favourable time to make new purchases and investments. A new television, a slightly larger refrigerator, a washing machine, a smartphone, or a laptop that arrived at a much-needed discount it’s the season to bring home these items, and the market seems to be ready to accommodate those intentions.
The challenge lies in the fact that a big purchase comes with a big price tag, and for some, the time to pay it off in full with a cheque may not be there. That’s where a Dussehra personal loan for electronics and other items comes in handy, as it enables consumers to buy an item of choice immediately and pay it off in easy EMI installments with no risk to existing savings.

Here is a brief guide to making the right decisions while buying during this festive season.

Why Dussehra is a good time to buy

As a period that retailers know will see elevated buying, Dussehra witnesses healthy competition between sellers that can benefit consumers.
During this time, Dussehra shopping offers are available on a wide range of products, including personal loans for electronics and appliances, home furnishings, and gadgets, among others. From price slashes to exchange deals, extra warranties, and bundle offers, buyers can find the year’s most lucrative deals during this period. Online shoppers are greeted with a slew of sale offers, and offline retailers are ready to match them to maintain traffic in their stores.

Therefore, if a large-ticket purchase is on the cards, making it during Dussehra can be a smart move to make. However, the method of paying it off has to be chosen just as wisely.

Ways to finance a big festive purchase

There are multiple ways to go about funding a large expense, and each comes with its own set of pros and cons. Here are a few of them:
  • Savings: Paying the amount at once, if feasible, is the best option since it saves the buyer from having to pay any extra interest or charges. However, using up one’s savings right before a financially demanding time of the year could prove to be a risky move.
  • Credit card: Credit cards are convenient and, during the festive season, offer no-cost EMI options as well. However, any outstanding amount will incur a massive amount of interest if not repaid within the due time.
  • Personal instant loan for shopping: A Dussehra personal loan for electronics or other big-ticket appliances comes with a set of charges, a fixed monthly installment amount, and a fixed tenure till the amount is paid in full. Since the borrowed amount is transferred to the borrower’s account, it allows the shopper to use the cash discount or exchange deal offered by the seller, without having to choose a particular seller finance scheme (which comes with its own set of conditions).

For many, a Dussehra personal loan comes with the ideal combination of no risk to savings and manageable installments. Hence, an instant loan for shopping should be planned well in.

How do instant loans for Dussehra shopping offers work?

In a world where smartphone penetration is high, and people are increasingly open to digital platforms, getting an instant loan for shopping can be a seamless experience.
The process is as simple as the following:
  • Eligibility check: The applicant needs to submit a few details in order to know how qualified they are for the loan and determine the amount.
  • KYC completion: The applicant has to submit their KYC documents (proof of PAN, Aadhaar, etc.) online in order to move to the next step.
  • Approval: The approval of the loan is dependent on the eligibility check and is not a given fact. The applicant will receive the status update shortly after submitting the documents.
  • Loan disbursement: The amount will be transferred to the applicant’s bank account in case of approval, and will allow the shopper to make the desired purchase.

It is worth noting that InstaMoney is a digital lending platform. The lending partners (NBFCs) on the InstaMoney platform carry out the approvals and disbursals. The entire process, however, is digitized and does not require the applicant to visit any branch.

What to check before you borrow

While Dussehra shopping loans certainly make large-ticket purchases easier, they are still a financial liability and should not be taken lightly.
Some points to keep in mind include the following:
  • Borrow only what is required: While it is easy to take a larger amount, applying for only the required amount is a better financial decision.
  • Compare the EMI with the total amount, tenure, and processing fee: The EMI, while easy to manage, could accumulate to a larger amount if the tenure is longer than one’s budget allows. A closer examination of the interest rate, processing fee, and GST will help to determine the total amount to be paid back.
  • Compare the tenure to determine the EMI: A larger tenure means smaller EMIs and vice versa. Choose the tenure wisely based on one’s budget.
  • Read the Key Fact Statement: Before confirming the application, applicants should read through the Key Fact Statement to make sure that there are no hidden charges and costs. In case of doubt, clarify before proceeding.
  • Make sure the repayment schedule is reliable: Only apply for a loan if one is confident that the EMIs will be paid on time every month. Timely repayments reflect positively on one’s credit score, while delayed payments do the opposite.

A simple plan for smart festive financing

An ideal approach to making a large purchase seems to revolve around four principles. Firstly, the purchase should be planned, and a budget decided for it. Secondly, the item should be shopped around for, online and offline, in order to make use of the largest offer. Thirdly, in case the price is larger than one’s budget, a loan can be applied for (after confirming eligibility) to cover the difference. Finally, the tenure should be chosen so that the EMI is easily payable, and the charges should be clearly understood to avoid surprises. Using this approach, a large purchase can be made during Dussehra without breaking the bank.

FAQs

Can I use a personal loan for electronics or appliances during Dussehra?

Yes. A Dussehra personal loan can be used to directly fund the purchase of electronics, appliances, or any other item desired by the buyer. Since the amount is directly transferred to one's account, the shopper can make use of any discounts, exchange offers, or cash deals put forth by the seller.

How fast can I get the money?

A digital service like InstaMoney allows for online loan applications. Once the applicant meets the eligibility criteria, they can fill out their KYC documents (PAN, Aadhaar, etc.) in order to apply for the loan. After approval (which is not guaranteed), the amount will be transferred to the applicant's bank account.

What should I check before taking an instant loan for Dussehra shopping offers?

The interest rate, processing fee, and GST will determine how much money will be required to pay back in addition to the product cost, and should be carefully analysed. The tenure should be compared to one's budget; only the required amount should be borrowed, and the Key Fact Statement should be read before applying. Most importantly, the monthly installment should be easily payable to avoid negatively impacting the credit score.
InstaMoney is a digital lending platform. Loans are disbursed by its NBFC lending partners. Loan approval, eligibility, amount, interest rate, and other factors are determined by the NBFC lending partners and can vary on a case-to-case basis. Please review the terms and conditions mentioned in the application page before applying for the loan.