Need a New Laptop or Phone for Work? Here’s How a Small Personal Loan Can Help

Laptops are a thoughtful investment, especially for work-related purposes. This necessitates deep consideration of financing methods that allow you to get a suitable machine without putting strain on your bank.

Let's say you are an architect who uses heavy software like AutoCAD and Rhinoceros 3D for 8 hours a day. You would need a laptop that offers long-lasting battery life and heavy processing capabilities for rendering 3D architectural models, with low heating and noise.

For reference, a simple market survey would reveal that a professional laptop that handles heavy workloads costs between ₹1,25,000 and ₹2,00,000. That is a significant amount to withdraw from your savings in one swipe. Let's understand how a personal loan can help.

Personal Loans: A Smart Way to Finance Your Work Tech

Phones and laptops are an essential part of work. With personal loans, you get several benefits and flexibilities in upgrading your technology:

Maintain a Financial Cushion

To avoid putting a tangible strain on your savings, an expense as substantial as ₹2,00,000 can be easily managed with a personal loan. This way, your savings remain untouched for future plans (like children's education) while giving you access to as much capital as you need.

Manageable Payments

Loans break down repayment into manageable EMIs spread over 6, 12, 24, or 36 months. It significantly reduces the cost load on your earnings/savings when making a high-end purchase like an advanced phone or laptop.

Liquidity Remains Intact

Personal loans help you hold on to your savings, which enhances your liquidity. Your savings can keep growing over time, ready to be accessed when you reach your life goals or milestones you were saving up for.

Enhance Affordability

Good quality and reliable technology help you work efficiently, and personal loans allow you to afford such technologies. While your savings cap your expenditure when you consider a purchase, personal loans give you leeway in affording a better machine.

Near-Instant Access to Funding

Lending houses like Hero Fincorp give you access to personal loans within 10 minutes. You can take advantage of ongoing seasonal discounts at laptop stores with the near-instant access to personal loans and get great deals.

If you consider the numbers, personal loans may look counterintuitive at first glance, but a wiser decision for the long term. For a laptop costing ₹2,00,000, a personal loan at 19% rate of interest for a year would incur an interest of ₹21,176.

Calculating your monthly EMI for the amount, you would end up paying approximately ₹18,431 each month. On the other hand, if you withdraw the entire sum from your savings account, you will have lost ₹12,000 in interest amount (calculated at 6% p.a.) over a year, in addition to the principal that would take some time to replenish.

Therefore, by paying ₹21,176 in interest, you keep your savings intact to enable them to grow bigger over time.

Work Smart With Personal Loans

Choosing an instant personal loan to purchase a reliable, high-end laptop or phone empowers you with financial flexibility and investment potential for the future through your savings. Preserve your savings for the bigger goals in life and tackle your work requirements with smart, quick, and easy personal loans with Hero Fincorp.

Download the Hero Fincorp app today, available for both Android and iPhone. You can also check your credit score for free on the Hero Fincorp website.

Frequently Asked Questions

1. Is it easy to get a personal loan for electronics?

Yes, lenders like Hero Fincorp provide 10-min, quickly-approved personal loans to purchase electronics.

2. What is the typical interest rate for personal loans?

Interest rate varies anywhere between 19% to 30% when looking for personal loans. Hero Fincorp helps you get competitive rates and quick approvals.

3. Will a personal loan impact my credit score?

Timely payment of due EMIs will actually help you improve your credit score for all future loan requirements.

4. Can I use the loan to buy a laptop/phone of any brand?

Yes, you can use the loan amount to purchase any brand of laptop or phone.