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Get a personal loan of up to Rs. 5 Lakh and buy a luxury watch on EMIs.
Calculate Personal Loan EMI
Buy a Watch on EMI without a Credit Card
A watch is no longer an item of necessity. You can watch the time on your smartphone as well. However, new-age watches have multiple features like a pedometer, internet connectivity, Bluetooth connectivity, heart rate monitor, sleep monitor, etc. Luxury watches are style statements that everyone wants to own and show off. However, their price can be way up to several lakhs. With a Hero FinCorp Personal Loan of up to Rs. 5 Lakh, you can purchase an expensive watch on EMI and repay its cost in installments. You don't need a credit card to use the payment system.
A Hero FinCorp personal loan for watch online is accessible at attractive interest rates with flexible repayment terms up to 36 months. Read on to learn its benefits, eligibility, documentation, application procedure, and more.
Features and Benefits of Buying Watch on EMI Without Credit Card
Are you still contemplating watching on EMI without a credit card? Let’s look at the benefits you will enjoy.
Attractive Interest Rate
Hero FinCorp offers personal loans with interest rates up to 30%, based on creditworthiness.
Collateral-Free
Hero FinCorp offers collateral-free personal loans, with eligibility based on credit history, income, and capacity.
Flexible Repayment Tenure
Hero FinCorp offers up to 36 months repayment; shorter tenures reduce interest costs. Choose wisely.
Instant Approval
Hero FinCorp offers a 100% digital, hassle-free loan process with instant approval and quick disbursal.
No Additional Paperwork
Hero FinCorp offers a fully digital documentation process, with quick approval through their website or app.
Eligibility Criteria for Watch on EMI
Eligibility criteria are the basic component of Personal Loan applications. You must fulfil the following eligibility conditions to qualify for a loan on a watch at Hero FinCorp:
| Criteria | Requirement |
|---|---|
| Age | 21 to 58 years of age |
| Citizenship | Indian citizenship |
| Work Experience | Six months for salaried; two years for self-employed |
| Monthly Income | Minimum Rs. 15,000 per month |
Documents Required to Buy Watch on EMI
When applying for a Personal Loan at Hero FinCorp, you don't need to visit a branch office and stand in queues for your turn. You can instantly apply for a loan online using the Hero FinCorp website or app and get the required funding directly into your bank account. You must only provide proof of your identity, income, and residence. Upload their scanned copies online to 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 Watch on EMI
Interest rate is one of the major concerns for people who want to buy watches on EMI. However, when applying for a loan on a watch at Hero FinCorp, your interest rate can be at most 30%. You can get the lowest interest rate offer by providing a decent credit score, low DTI ratio, high income, and sufficient repayment capacity. Therefore, check your eligibility and prepare your documents to get the lowest Personal Loan interest rate for a watch on loan.
How to Apply for a Personal Loan to Buy a Watch on EMI?
You can apply online or via the Hero FinCorp Personal Loan App on your mobile device.
Here is a stepwise guide to applying for a personal loan for watch online at Hero FinCorp:
- 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
Some benefits of buying a watch on EMI include the following:
- Keep savings intact
- Distribute the watch’s cost into EMIs
- Get funding to purchase a better watch
Hero FinCorp charges an interest rate of up to 25% when buying a watch on EMI.
Use this mathematical formula to calculate the EMI for buying a watch:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Here,
P = Principal Amount
R = Rate of Interest
N = Number of months in the loan tenure
You can also use a Personal Loan EMI calculator to calculate the EMIs instantly rather than doing the calculations manually.
Missing an EMI results in unnecessary penalties that increase the loan cost. It also reduces your credit score, making obtaining future loans difficult. No repayment, even after reminders, leads to legal action from the NBFC.