Buy an AC on EMI without a Credit Card.
As soon as the summer season starts, the demand for AC increases in the market. However, many postpone their plan due to a lack of finances. That is when a personal loan for AC online provides the much-needed financial support to purchase the AC of your choice!
Hero FinCorp is one of the most reputable NBFCs offering Personal Loans of up to Rs. 5 Lakh at an interest rate starting from 19%.. These loans are collateral-free and have no end-use restrictions, so you can use them to buy expensive consumer durables like air conditioners. Moreover, they save you from using your credit card, helping you control your CUR and improve your credit score.
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Features and Benefits of Buying AC on EMI Without Credit Card.
Purchasing an AC on EMI without credit card and taking a loan offers many benefits. Those that matter the most include the following:
Pocket-Friendly
A loan makes expensive AC models affordable, allowing you to choose based on preferences.
Attractive Interest Rate
Hero FinCorp offers Personal Loans with interest rates starting at 19% per annum, making AC purchases affordable.
Collateral-Free
Hero FinCorp offers collateral-free loans based on credibility, repayment capacity, and eligibility.
Flexible Repayment Tenure
Repay your loan in up to 36 months with flexible EMIs as per budget.
Instant Approval
No paperwork, collateral, or visits speed up loan approval, making it ideal for buying AC on EMI deals.
No Additional Paperwork
Hero FinCorp’s 100% digital loan process lets you apply and upload documents online easily.
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If You Are Eligible.
Hero FinCorp personal loan eligibility criteria are transparent and precise, making Personal Loans accessible to most without hassle. The eligibility criteria to obtain a personal loan for AC online include the following:
| Criteria | Requirement |
|---|---|
| Age | You must fall within the age bracket of 21 to 58. |
| Citizenship | Hero FinCorp Personal Loans are accessible to Indian citizens only. |
| Work Experience | Salaried applicants need 6 months' job experience; self-employed must have 2 years in business. |
| Monthly Income | Your monthly income should be a minimum of ₹ 15,000 to qualify for a loan. |
Interest Rate on Personal Loan to Buy AC on EMI.
The interest rate on personal loan for AC does not exceed 30% at Hero FinCorp. However, the final interest rate you pay depends on your credit history, repayment capacity, DTI ratio, and other crucial factors. That is why it is important to make all your payments on time, take loans sparingly, and minimize credit card usage to buy an AC on loan at attractive interest rates.
Interest Rate
Starting from 18% p.a.
Loan Processing Charges
Minimum Processing fee is 2.5%+ GST
Prepayment Charges
N.A.
Foreclosure Charges
5% + GST
EMI Bounce Charges
Rs 350/-
Interest on Overdue EMIs
1-2% of the loan/EMI Overdue Amount Per Month
Cheque Bounce
Fixed Nominal Penalty
Loan Cancellation
1. Online loan app does not charge any cancellation charges
2. Interest amount paid is non-refundable
3. Processing charges are also non-refundable
How to Apply for a Personal Loan to Buy an AC on EMI?
Have you decided to buy AC on EMI using a Hero FinCorp Personal Loan? Follow this stepwise procedure to apply for a personal loan for AC online and get the required funding in minutes:
Visit the Hero FinCorp website or install the Personal Loan app
Go to the Personal Loan page and click ‘Apply Now’
Enter your mobile number and verify with the OTP received
Choose the loan amount you need
Verify your KYC details to check income eligibility
Click ‘Submit’ to complete your application
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Frequently Asked Questions.
You can buy an AC on EMI using a Hero FinCorp Personal Loan. The loan distributes the appliance’s cost into EMIs, which you can repay in budget-friendly monthly payments.
When you borrow a loan on AC, be prepared to pay a few additional charges, including the processing fee, EMI bounce charges, prepayment charges, documentation charges, and convenience fees.
The documentation requirements vary for salaried and self-employed individuals. KYC documents like identity and address proofs are standard. But salaried employees must submit their salary slips, salary account statements, etc., and self-employed individuals must submit their ITR, bank accounts, etc., to prove their income.
Here are the advantages of buying an AC on EMI:
- Cost of AC distributed in instalments
- Pocket-friendly EMIs that do not stress the finances
- Access to a costlier AC model on a budget