Calculate Your Personal Loan EMI
Do you need to buy designer furniture, the latest electronics, expensive watches, or luxury fashion without paying the entire cost upfront? Nowadays, more people are buying luxury items on EMI with a Personal Loan. A Personal Loan allows you to buy luxury items whenever you want and repay in manageable, monthly payments without hassle.
There are plenty of benefits in buying luxury items on EMI with a Personal Loan. It is easier to buy any product and pay the cost upfront, without depending on a credit card. A flexible repayment tenure (12 to 36 months) allows you to repay in smaller instalments as per your monthly expenses and income.
| Loan Amount (Rs) | Tenure (Months) | Interest Rate (p.a.) | Monthly EMI (Rs) | Total Interest (Rs) | Total Amount Payable (Rs) |
|---|---|---|---|---|---|
| 1,00,000 | 12 | 19% | 5,805 | 10,298 | 1,10,298 |
| 1,00,000 | 18 | 19% | 6,088 | 15,699 | 1,15,699 |
| 1,00,000 | 24 | 19% | 6,378 | 21,185 | 1,21,185 |
| 1,00,000 | 30 | 19% | 6,676 | 26,845 | 1,26,845 |
| 1,00,000 | 36 | 19% | 6,981 | 32,646 | 1,32,646 |
As you can see, the emi amount decreases as you choose a longer tenure. However, you are increasing your total loan cost since you will pay more for the same amount and the same interest on a loan. so, do use a personal loan emi calculator to choose a tenure with emis within your budget.
You can purchase designer furniture, premium electronics or a luxury piece of fashion without touching any of your savings.
Easy payments translate to monthly instalments for purchasing luxury items.
Payments can be structured so that you can match your EMIs to your cash flow.
You will not require a credit card for purchasing luxury items on EMI with a Personal Loan from Hero FinCorp.
By using a Personal Loan to buy luxury items, you keep your emergency fund intact.
Using an Instant personal loan for luxury items has several advantages. Whether you want to repay it in a 12/18/24/30 month payment plan or a 36-month term, you can enjoy the luxuries of life now based on a budgeted monthly payment.
The eligibility for luxury products EMI without a credit card typically requires you to be at least 21 years old and an Indian resident with a valid ID and PAN. Hero FinCorp asks for income proof and a minimum monthly income.
| Eligibility Criteria | Details |
|---|---|
| Age | 21 to 58 Years |
| Citizenship/Residential Status | Indian Citizen Only |
| Type of Employment | Salaried & Self-Employed |
| Minimum Monthly Salary | Rs 15,000 |
| Minimum Work Experience | Salaried: 6 Months | Self-Employed: 2 Years |
The eligibility for luxury products EMI without a credit card typically requires basic identity and financial proofs that make the loan process smooth and quick. At Hero FinCorp, you will need to hand in documents that verify your income and identity to determine the loan size and tenure.
The interest rates and charges for EMI on luxury products vary by lender. It’s important to check processing fees, foreclosure options, and late payment penalties before applying. Key charges to know:
| Charges | Details |
|---|---|
| Interest Rate | Starting at 19% p.a. |
| Loan Processing Charges | Minimum 2.5% + GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350 |
| Interest on Overdue EMIs | 1–2% of the overdue loan/EMI amount per month |
| Cheque Bounce Charges | Fixed nominal penalty |
| Loan Cancellation | - Online loan application: No cancellation fees - Interest paid: Non-refundable - Processing charges: Non-refundable |
You can buy premium products on EMI with a personal loan. Approval will be fast based on some basic eligibility criteria and documents. Here’s how to apply:
Go to Hero FinCorp's website, or download the Hero FinCorp personal loan app.
Click on "apply now" in the "personal loan" section.
Enter your mobile number and authenticate using the OTP sent to you.
Select the loan amount and loan tenure as per your need
Proceed to KYC verification to ascertain your income eligibility.
Click on 'Submit' and wait for approval.
