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A personal loan of up to Rs. 5 Lakh helps you afford a bed with easy EMIs.
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Buy a Bed on EMI without a Credit Card
We spend almost one-third of our lives sleeping, so the quality of the bed you buy greatly impacts your life. Depending on the design, material, and quality, a bed can be an expensive purchase you may not want to pay upfront. That is where buying a bed on EMI comes to the forefront.
A Personal Loan from Hero FinCorp lets you buy a bed on EMI without a credit card at attractive interest rates. You can borrow up to Rs. 5 Lakh to finance the purchase and adorn your bedroom with the best furniture. Quick approvals, easy eligibility, and flexible repayments are the major attractions of a loan on a bed. Read on to know more.
Why Should You Buy a Bed on EMI?
You should consider buying a bed on loan with EMIs for many reasons rather than paying its cost upfront or using your credit card. Some reasons that may change your mind include the following:
- Keep your savings intact to invest elsewhere or cover other expenses.
- Distribute the bed's cost into instalments you can easily repay over time.
- You can purchase a better, costlier bed with ample funding from a loan on bed.
- Easy access to instant funding, allowing you to grab the best deal without waiting to save money.
- Flexible repayment: You may adjust it according to your monthly budget.
Features and Benefits of Buying Bed on EMI Without Credit Card
Do you need more convincing? Let’s look into the benefits of buying a bed on EMI using a Personal Loan from Hero FinCorp:
Attractive Interest Rate
Personal loan EMI interest rates are lower than credit cards; improve credit score and income to reduce rates.
Collateral-Free
Hero FinCorp Personal Loans are unsecured, requiring no collateral, guarantor, or security for approval.
Flexible Repayment Tenure
Use a personal loan EMI calculator to select a loan tenure up to 36 months for affordable monthly repayments.
Instant Approval
The 100% digital loan process offers instant approval in minutes with no branch visits or paperwork.
No Additional Paperwork
Hero FinCorp Personal Loan requires no paperwork; simply upload scanned documents for quick disbursement.
Eligibility Criteria for Bed on EMI
The Personal Loan eligibility criteria are clear and easy to fulfil at Hero FinCorp. You just need to fulfil the requirements of age, income, and work experience before applying and get assured approval if everything is fine. Fulfil these conditions to apply for a personal loan for bed online at Hero FinCorp:
Age
21 to 58 years of age
Citizenship
Indian citizenship
Work Experience
Six months for salaried; two years for self-employed
Monthly Salary
Minimum Rs. 15,000 per month
Documents Required to Buy Bed on EMI
Personal Loans are infamous for their extensive paperwork and formalities. However, Hero FinCorp thrives on making the application process as simple and quick as possible with minimal documentation requirements. Moreover, you don't need to visit any branch office to apply for a loan. You can scan and upload the soft copies of the required documents of personal loan online and complete the application procedure.
Documents required for Salaried
Proof of Photo Identity
Driving License, Passport, PAN Card, Aadhaar Card
Mandatory Documents
Loan Application Form, Passport Size Photo
Proof of Income
6 Months’ Salary Slips & Bank Statements, Form 16
Job Continuity Proof
Appointment Letter from Current Employer
Proof of Residence
Driving License, Passport, Aadhaar Card, Utility Bill
Additional Documents (Self-Employed Only)
N/A
Documents required for Self Employed
Proof of Photo Identity
Driving License, Passport, PAN Card, Aadhaar Card
Mandatory Documents
Loan Application Form, Passport Size Photo
Proof of Income
Last 6 Months Bank Statements, ITR for Last 2 Years
Job Continuity Proof
N/A
Proof of Residence
Maintenance Bill, Utility Bill, Property Documents, Rent Agreement
Additional Documents (Self-Employed Only)
Copy of Tax Registration, Shop Establishment Proof, Company's Registration Certificate
Interest Rate on Personal Loan to Buy Bed on EMI
Don't worry about hefty Personal Loan interest rates at Hero FinCorp. No matter the case, your interest rate cannot exceed 30%. That means the loan on the bed does not increase its cost significantly. Those with a decent credit rating, low DTI and CUR, and ample income get the lowest interest rate according to their eligibility and repayment capacity.
How to Apply for a Personal Loan to Buy a Bed on EMI?
You can apply online or via the Hero FinCorp Personal Loan App on your mobile phone.
Follow this simple stepwise procedure to apply for a personal loan for bed online and convert its cost into EMIs:
- 1
Visit the Hero FinCorp website or install the Personal Loan app
- 2
Go to the Personal Loan page and click ‘Apply Now’
- 3
Enter your mobile number and verify with the OTP received
- 4
Choose the loan amount you need
- 5
Verify your KYC details to check income eligibility
- 6
Click ‘Submit’ to complete your application
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Frequently Asked Questions
When applying for a personal loan for bed online, be prepared for additional charges, including processing, documentation, prepayment, and EMI bounce charges.
Loan amount, interest rate, and repayment tenure are the three major factors when converting a bed’s cost into EMIs. These factors will largely impact your EMIs and the total loan cost. An EMI calculator calculates your EMIs based on these three parameters, helping you make an informed borrowing decision.
Although Hero FinCorp does not have a minimum credit score requirement for a loan on the bed, a decent credit rating helps get easy approvals, lower interest rates, and longer repayment terms.
Missing the EMI payment often attracts penal charges and legal procedures. It also reduces your credit score, affecting your eligibility for future loan applications.