Worry-Free Luxury Shopping with a Consumer Loan in India

 As of December 2021, India’s Consumer Price Index was 166, up nearly 66% since 2012. This means that inflation is on the rise in India. In such a scenario, what to do if you need to buy luxury items in particular? You may think of using your savings or your entire monthly salary. However, there are better ideas than that because it might result in a liquidity crunch. Instead, you can apply for a consumer loan on a fintech loan app and pay it off gradually in EMIs. What are its benefits? Here's a look. 

Speedy Application and Disbursal

It's a breeze to apply for a consumer loan online. You need to follow these steps: 

• Download the chosen fintech loan app on your iOS or Android device.

• Create your profile and upload all the required details. 

• Choose "Get Loan".

• Select the needed loan type and amount.

• Wait for your details to be verified and your loan request to be approved.

• The loan amount will be credited to your linked bank account right away. 

Thus, you can access instant funds that can help you buy your desired luxury item without delay. 

Simple Eligibility Criteria

The eligibility criteria for a consumer loan are quite simple. For instance, to apply for it:

• You should be an Indian citizen.

• You must be at least 18 years old.

• You should have a Facebook or LinkedIn account.

• You must be a salaried individual.

• You should have a monthly salary of at least ₹15,000.

Easy eligibility makes it easy for you to qualify for the loan. 

Flexible Loan Configuration

On a fintech loan app, you can choose from various options for consumer loan amounts and tenures suited to different eligible salaries. This can make it easier for you to choose the right amount based on your fund need and the suitable tenure per your repayment capacity.

Here is the flexible loan configuration: 

Loan Amounts	Repayment Tenures	Eligible Salaries
₹15,000 - ₹1,10,000	3 months	₹15,000
₹20,000 - ₹2,10,000	6 months	₹20,000
₹50,000 - ₹2,58,000	9 months	₹25,000
₹75,000 - ₹3,00,000	12 months	₹40,000
₹1,25,000 - ₹4,00,000	18 months	₹50,000

Quick, Hassle-Free, Paperless Documentation

You can conduct the entire application process online as you apply for a consumer loan on a loan app. Therefore, you can upload the necessary documents directly and quickly on the app by scanning them. Thus, you can avoid the hassle of managing too many papers. 

Usually, a few documents as follows are needed and verified online: 

• Identity proof (Aadhaar Card)

• Photo identity proof (PAN Card)

• Permanent address proof (accepted documents)

• Income proof (the latest salary slip)

• The latest bank statement that shows your salary credits

Conclusion

Now that you see the multiple benefits of a consumer loan and how easily you can apply for it, get one on a loan app whenever you need instant money to buy a big-ticket item.