Buying a large consumer appliance such as a television, refrigerator or air conditioner is a matter of some thought for most people. Any one of these items can put a heavy dent in your pocket, especially if you don’t have access to a credit card that allows you to make large purchases on EMI.
Still, there are times when you have no choice but to replace your existing appliances, e.g. when they stop working, and repairs will cost as much as an upgrade. Older models may also be using too much energy and sending your electricity bills through the roof. Upgrading them will help you save money, but what if you just can’t spare that much right now?
Here’s how a revolving line of credit from MoneyTap can help you pay for a replacement or upgrade without wiping out your savings:
- Linked Credit Card – After you are approved for a personal loan or a consumer durable loan, you will receive a credit card that’s linked to your credit line. Use this card online or in physical stores to earn extra rewards on your purchases, or transfer funds from your MoneyTap credit line to your bank account for buying a pre-owned appliance with cash.
- Interest On Used Amount – Unlike a traditional loan, MoneyTap does not charge interest on the entire loan amount for which you have been approved. Instead, you will only incur interest on the money you use from your personal line of credit. This makes it the perfect way to ensure access to instant loans if you’re planning appliance upgrades sometime in the future.
- Flexible EMI Options – MoneyTap allows you to select a repayment tenure ranging from 2 months to 3 years, as well as EMIs that work for you, rather than being forced to accept whatever terms are set by a consumer durable loan provider. Check and compare interest rates through the app before deciding on your EMIs and taking a loan against your credit line.
- Credit for a Lifetime – Since MoneyTap is a revolving credit line, every repayment you make towards your loan will recharge your credit limit. This way, you aren’t restricted to just one large appliance purchase, but can keep using the credit line over and over throughout your lifetime. If something ever breaks down or becomes obsolete, replace it without delay!
- No Foreclosure Charges – When you take a personal loan or other conventional loan through a bank, there are usually extra charges not just for late payments, but early ones too! MoneyTap’s consumer durable loans do not have any additional penalties or fees for paying more than your chosen EMI, or even prepaying the complete loan amount in one go.
If the cost of a new appliance has been holding you back from an upgrade you need to (or want to) make, worry no more. Download MoneyTap personal loan app and get your credit line up to Rs. 5 lakhs online.
