2024 has brought the hottest summer season of many people's lives. With temperatures reaching all-time highs, an AC has become a necessity rather than a luxury. You don't need to pay its cost upfront if you want to purchase a new air conditioner or replace your old one.
With reputable loan apps in India , such as Hero FinCorp, you can borrow a loan according to your requirements and repay it in EMIs as suitable to your budget. Therefore, a Hero FinCorp’s Personal Loan helps you stay cool during Delhi’s heatwave with a smarter AC purchase. Let's find more details about the available funding options.
Types of AC You Can Buy with a Personal Loan Want to beat the summer heat with an AC? There are different types of ACs you may consider buying. Here are some popular options: Split AC: A split AC has two units – a head unit inside and a condenser outside. It is an excellent option for bigger homes and rooms due to its silent operation and great flexibility of control and installation.
Window AC: A window AC is installed on a window. This type of air conditioner is installed in a window and is most suitable for small apartments and rooms. It is easy to install and cheaper than a split AC.
Portable AC: Portable AC is a self-contained unit that you can move from one room to another. It is the most practical option for those who cannot install a permanent AC unit in their home due to limited space or a rented house. Central AC: Central AC is suitable for homes with central cooling and heating systems.
It consistently cools the house throughout, making it an excellent AC option for bigger homes. Smart AC: Smart ACs are connected to the internet, and you may control them through a voice assistant or a mobile app. They offer advanced features like set schedules, energy tracking, auto temperature control, auto sleep mode, etc.
When selecting an air conditioner to stay cool during the extreme Delhi heatwave, consider various factors such as your room size, budget, and energy usage target. Noise level and type of filter are other factors that may enhance your overall cooling experience. Financing an Air Conditioner with a Personal Loan Personal Loans are unsecured loans without any end-use restrictions.
That means you can borrow them for any purpose, including purchasing an air conditioner. It offers the flexibility to pay for the AC in EMIs, so the purchase does not stress your budget. Additionally, a Personal Loan of up to ₹ 5 Lakh from Hero FinCorp often gets approved in a matter of minutes.
Another aspect of a Personal Loan is that you can obtain it quickly without putting up any collateral, security, or guarantor. The online process is completely digital without any branch visits or paperwork. Moreover, Hero FinCorp has designed these loans for quick approval and disbursal, enabling you to grab a discount offer in time.
The eligibility conditions are simple, so everyone can obtain a Personal Loan and enjoy a cool and comfortable home with an EMI-based AC purchase. Benefits of Getting a Personal Loan for AC Purchase Using Personal Loan apps in India to finance the AC purchase offers several benefits, including the following: No Need for Collateral: One of the biggest benefits of purchasing an AC with a Personal Loan is that you don't need to pledge collateral to secure a loan. That means you can quickly secure a loan without risking your valuable assets.
Affordable Interest Rates: Hero FinCorp offers low interest for Personal Loan , allowing you to purchase an air conditioner without paying its cost upfront. However, the final interest rate may vary based on your eligibility, income, credit history, and repayment capacity. Quick and Hassle-Free Approval: Consumer loans on Hero FinCorp are fast and hassle-free.
With a 100% digital procedure, you may get your funds instantly without any paperwork or branch visits. Flexible Repayment: Most loan apps in India offer flexible repayment options so you can choose an EMI plan according to your financial convenience. Whether you prefer a long or a short loan term, you can customise the EMIs to your repayment capacity, making financial management easier and more efficient.
Improve Credit Score: Borrowing a loan and making consistent EMI repayments establishes you as a creditworthy borrower and positively impacts your credit score. A high credit score opens doors to more credit access in the future at more favourable terms and conditions. Things to Consider When Applying for a Personal Loan While Personal Loans for AC purchase offers numerous benefits, you must be careful when approaching this financial decision.
Here are some important things to keep in mind when applying for a Personal Loan to purchase an air conditioner: Check Your Eligibility: Before downloading loan apps in India, check the lender’s eligibility criteria and ensure fulfilling them. For instance, to qualify for a Personal Loan from Hero FinCorp, you must be 21 to 58 years of age, have work experience of at least two years for self-employed and six months for salaried individuals, and earn a minimum income of ₹ 15,000 per month. Decide Upon the Loan Amount: Choose the air conditioner you want to purchase, add any additional costs for installation, etc.
, and calculate the exact amount you need to borrow. Check Your Credit Score: The credit score is a crucial 3-digit number that lenders check to determine your creditworthiness. Maintain it at a decent level to secure the lowest interest for Personal Loan with favourable terms and conditions.
Read the Fine Print: Before signing a loan agreement, carefully understand the terms and conditions while paying close attention to the repayment schedule, interest rate, prepayment option, additional charges, etc. Plan Your Repayment: Create a budget according to your monthly EMIs. Manage your finances and have a clear plan for timely repayment.
Use an EMI calculator to choose an EMI plan according to your repayment capacity. Give a standing instruction to pay the EMI automatically from your bank account before the due date. Personal Loan apps in India can be the most practical solution for staying cool during Delhi’s heatwave this year.
However, approaching the financial decision carefully is essential as it must suit your requirements and economic situation. With immediate funding from Hero FinCorp, you can enjoy the benefits of an AC without stressing your finances. Disclaimer: This is a syndicated feed.
The article is not edited by the FPJ editorial team..
