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Personal Loan
AC on EMI without credit card: How to buy an air conditioner easily with a personal loan
Key Takeaways
You can buy an AC on EMI without a credit card by using a personal loan from a bank or a digital lending platform.
- FIRSTmoney from IDFC FIRST Bank offer loan amounts from ₹50,000 to ₹15 lakh and tenures of 9 to 60 months.
- Eligible applicants can apply online using PAN and Aadhaar and receive loan disbursal in just 10 minutes.
If you do not have a credit card, making large purchases like an air conditioner on EMI may seem difficult. You might still want to the flexibility of paying in instalments without making a large upfront payment. In such cases, you may consider a personal loan as an alternative. It allows you to convert the cost of the AC into fixed monthly instalments even if you do not have a credit card.
Here, you can get information on how to get an AC on EMI without a credit card.
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How to buy an AC on EMI without a credit card
If you do not have a credit card, you can apply for a personal loan with a bank to purchase an air conditioner on EMI. The no-end-use-restriction feature of personal loans lets you use the amount for any expense without pledging collateral. For instance, you can consider the IDFC FIRST Bank’s FIRSTmoney personal loan with the following key features:
Higher loan amounts: You can get loan amounts starting from ₹50,000, subject to your eligibility, ensuring you have sufficient funds to purchase your preferred AC.
Simple procedure: Apply for the FIRSTmoney personal loan in 5 minutes using just your PAN and Aadhaar number and by showing your original PAN card during video KYC.
Instant disbursal: Upon approval, funds are disbursed within 10 minutes, enabling the purchase without waiting.
On-demand loans: You can apply for on-demand loans starting at ₹10,000 when you need additional funds from your approved loan offer.
Zero-foreclosure fees: If you wish to foreclose your loan, you can do so without penalty and be stress-free.
Step-by-step guide on buying an AC with a personal loan
Here’s what you need to know when buying an AC on EMI:
1. Set a budget: ACs are available across a wide price range, so set a budget and explore options that fit within it.
2. Compare prices: Compare the prices of your shortlisted ACs across retail stores, online platforms, and the brand itself to identify the best deal.
3. Apply for the Loan: Here is how you can apply for the IDFC FIRST Bank’s FIRSTmoney personal loan:
- Step 1: Click on ‘Apply Now’
- Step 2: Register using your basic details
- Step 3: Choose your loan preferences, including amount and EMI plan
- Step 4: Link your bank account where you want to receive the funds
- Step 5: Complete video KYC by showing your PAN card
4. Track disbursal: On approval, IDFC FIRST Bank disburses the personal loan amount in 10 minutes.
5. Complete the purchase: Once the loan amount is available in your account, proceed to buy your AC.
What are some practical tips to keep EMI affordable?
Some tried and tested tips to keep the personal Loan EMI affordable:
Obtain the right loan amount: The principal is the largest portion of your loan repayment, so ensure you borrow only the amount you need, not more.
Select a suitable tenure: You can obtain a FIRSTmoney personal loan for a tenure of 9 to 60 months. Select a tenure that fits your affordability while keeping interest costs in mind.
Choose preferred interest rate type: There are three types of interest rates- fixed, floating, and reducing. Consider the pros and cons of all three options and choose your preferred interest rate type, as it directly affects your loan repayment.
Check for additional charges: Processing fees, prepayment penalties, and late payment charges can increase the overall loan cost. Reviewing these terms beforehand helps you avoid unexpected expenses.
Maintain a healthy credit score: A higher credit score can improve your chances of securing a lower interest rate. Even a small reduction in interest can make a noticeable difference in your EMI and total repayment amount.
To understand how tenure affects your repayment, here is an example EMI calculation for a ₹50,000 personal loan at 9.99% p.a. across different tenures.
| Tenure | EMI (Approx.) | Total Interest Payable |
| 1 year (12 months) | ₹4,396 | ₹2,752 |
| 2 years (24 months) | ₹2,307 | ₹5,368 |
| 3 years (36 months) | ₹1,613 | ₹8,068 |
| 4 years (48 months) | ₹1,270 | ₹10,960 |
| 5 years (60 months) | ₹1,062 | ₹13,720 |
Note: The above values are indicative and may vary depending on the final loan terms offered.
Conclusion
Beat the heat this summer and stay stress-free with effective cooling and feasible financing solutions. If you do not have a credit card, a personal loan can be a practical way to finance your AC purchase through manageable EMIs. IDFC FIRST Bank’s FIRSTmoney offers personal loans from ₹50,000 to ₹15,00,000 at 9.99% for a tenure of 9 to 60 months. After your loan is approved and the purchase is made, ensure timely payments to make repayment easier and enhance your credit score.
Frequently Asked Questions
Is a personal loan good for buying appliances like AC?
A personal loan may be a practical choice for buying appliances. IDFC FIRST Bank offers loans from ₹50,000 at 9.99% interest, with disbursement in just 10 minutes. This ensures you have the funds available, low interest liability, and, most importantly, the ability to make your purchase immediately.
Do I need salary proof for EMI without a credit card?
You only need a PAN and an Aadhaar card to apply for a digital-first personal loan to purchase an AC on EMI.
Can I get an instant loan for an AC purchase?
Yes, with the IDFC FIRST Bank’s FIRSTmoney personal loan option, you can get the instant funds for any personal financial need within 10 minutes. Personal loans are flexible, letting you use the funds for expenses like purchasing appliances, travel, medical needs, or other financial requirements.
What is the minimum credit score required for a personal loan?
The required credit score may vary by lender. Generally, a higher credit score may improve your chances of approval and help you secure better interest rates.
Is collateral required for a personal loan to buy an AC?
Personal loans are unsecured loans. Typically, you do not need to pledge any assets or collateral to borrow the funds.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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