Buy the Latest Watch on EMI

logo
Loan up to ₹5 Lakhs
logo
Minimum Salary Required ₹15K
logo
Instant Approval
Personal Loan EMI Calculator

Monthly EMI

₹ 0

Interest Payable

₹ 0

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.
 

Why Should You Buy a Watch on EMI?

Buying a watch on EMI is preferable to paying its cost upfront with your savings or credit card. You must keep your savings intact for emergencies and investments. A credit card is another option, but its interest rates are excessively high. Therefore, using a Personal Loan to buy a watch on EMI is more beneficial, thanks to its lower interest rates, easy accessibility, flexible repayment terms, simple eligibility criteria, and 100% digital loan procedures. You can buy a watch that is beyond your budget with funding from a personal loan for watch at Hero FinCorp.
 

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.
 

high-loan-amount.png
Pocket-Friendly

Get a personal loan of up to Rs. 5 Lakh and buy a luxury watch on EMIs.
 

applicable-rate-of-interest (1).png
Attractive Interest Rate

Hero FinCorp offers personal loans with interest rates up to 30%, based on creditworthiness.
 

collateral.png
Collateral-Free

Hero FinCorp offers collateral-free personal loans, with eligibility based on credit history, income, and capacity.
 

flexible.png
Flexible Repayment Tenure

Hero FinCorp offers up to 36 months repayment; shorter tenures reduce interest costs. Choose wisely.
 

instant-app.png
Instant Approval

Hero FinCorp offers a 100% digital, hassle-free loan process with instant approval and quick disbursal.
 

Minimal-Paperwork.png
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:
 

age.png
Age

21 to 58 years of age

citizenship.png
Citizenship

Indian citizenship

work-experience.png
Work Experience

Six months for salaried; two years for self-employed

monthly-income.png
Monthly Salary

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

identity.png
Proof of Photo Identity

Driving License, Passport, PAN Card, Aadhaar Card

mand-doc.png
Mandatory Documents

Loan Application Form, Passport Size Photo

income.png
Proof of Income

6 Months’ Salary Slips & Bank Statements, Form 16

21.png
Job Continuity Proof

Appointment Letter from Current Employer

22.png
Proof of Residence

Driving License, Passport, Aadhaar Card, Utility Bill

mandatory_documents.png
Additional Documents (Self-Employed Only)

N/A

Documents required for Self Employed

identity.png
Proof of Photo Identity

Driving License, Passport, PAN Card, Aadhaar Card

mand-doc.png
Mandatory Documents

Loan Application Form, Passport Size Photo

income.png
Proof of Income

Last 6 Months Bank Statements, ITR for Last 2 Years

21.png
Job Continuity Proof

N/A

22.png
Proof of Residence

Maintenance Bill, Utility Bill, Property Documents, Rent Agreement

mandatory_documents.png
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.
 

Interest Rate

Starting from 1.58% per month

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 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:
 

hfc

  • 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

Frequently Asked Questions

Some benefits of buying a watch on EMI include the following:

  1. Keep savings intact
  2. Distribute the watch’s cost into EMIs 
  3. 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.