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Personal Loan
How to use an Instant Personal Loan for large purchases during sale season
Key Takeaways
A personal loan lets buyers pay for large purchases upfront and repay in fixed EMIs, without waiting for the next payday
- Comparing a personal loan against credit card EMI and BNPL on rate, tenure and fees helps pick the cheaper route
- Borrowing within 40% to 50% of income keeps EMIs manageable after a sale-season purchase
A personal loan is one of the fastest ways to fund a large purchase during sale season, letting buyers act on time-bound discounts without touching savings. Electronics, appliances, furniture and renovation work often cost more than a month's salary, and spreading this across fixed EMIs keeps monthly budgets intact. Digital applications now move funds into a bank account within hours, matching the short timelines of most sales. Sale season this year kicks off early with Janmashtami and Ganesh Chaturthi, followed by Navratri, Dussehra and Diwali. Brands usually time their biggest discounts on electronics, appliances and furniture around this stretch, so having funds ready in advance can help you act as soon as a deal goes live.
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Can you use a personal loan for large purchases?
Yes, most personal loans are unsecured, and lenders do not restrict their end use the way they do for vehicle or home loans. This makes it suitable for any large purchase, including electronics, appliances, furniture, home renovation or wedding shopping during a sale. Once approved, an instant personal loan for large purchase is credited to the borrower's account for use at any store, online or offline.
When does using a personal loan make sense during sale season
Availing time-bound electronics deals: A sale discount combined with a fixed EMI locks in the effective cost before limited-stock offers expire
Upfront furniture payments: Full payment is often needed at the time of ordering, and a personal loan removes the need to delay delivery while savings build up
Bundled appliance offers: Multi-appliance combo deals are usually valid only on full payment at checkout, and a loan lets buyers secure the entire bundle without splitting it across pay cycles.
Unplanned renovation costs: Renovation expenses are hard to estimate exactly in advance, and a loan can fund materials and labour as costs are finalised
Combined wedding expenses: Wedding purchases during a sale, such as jewellery or furnishings, can be funded through one loan instead of several smaller ones taken over time.
Overlapping festive sales: Janmashtami and Ganesh Chaturthi often see early sale previews, with bigger markdowns following at Navratri, Dussehra and Diwali, and a personal loan lets you plan your purchase timeline across this entire run of offers.
Personal loan vs credit card EMI vs BNPL
Buyers often weigh a digital personal loan for high ticket purchase against credit card EMI and Buy Now Pay Later. The table below compares these on factors that affect total cost.
Parameter |
Personal loan |
Credit card EMI |
BNPL |
Interest rate |
Fixed, from 9.99% p.a. onwards |
Usually 14% to 16% p.a. |
Often 0% for short terms, high charges after |
Loan amount |
Up to ₹15 lakh, based on eligibility |
Limited to credit card limit |
Usually low, item-specific |
Tenure |
9 to 60 months |
3 to 24 months |
Weeks to a few months |
Best suited for |
High ticket purchases |
Mid-size purchases |
Small, short-term buys |
How much should you borrow for a large purchase?
The right loan amount to borrow depends on following factors:
Income: EMIs should stay within 40% to 50% of net income to leave room for other costs
FOIR: Fixed Obligation to Income Ratio adds all existing and proposed EMIs against income, and lenders generally prefer this below 50%
EMIs: Existing EMIs reduce how much new loan a borrower can take, since lenders assess total repayment
For example, a borrower earning ₹80,000 a month has ₹40,000 available at a 50% FOIR limit. After an existing EMI of ₹10,000, about ₹30,000 remains for a new EMI, supporting a loan of ₹4 lakh to ₹5 lakh over 3 to 5 years.
How to get funds before a sale ends
- Open the personal loan section on your chosen lender's website or app and select 'Apply now'
- Complete registration with mobile number, PAN and basic income details
- Pick the loan amount and EMI plan that fits the purchase
- Link the bank account for fund transfer
- Finish video KYC by showing PAN card, after which funds are usually credited the same day
EMI calculation examples
The EMI figures below are based on IDFC FIRST Bank's FIRSTmoney’s reducing balance calculation at starting rate of 9.99% p.a. for 60 months.
Loan amount |
EMI for 5 years |
₹1,00,000 |
₹2,125 |
₹3,00,000 |
₹6,374 |
₹5,00,000 |
₹10,685 |
The actual EMI depends on the final approved rate, processing fee, and tenure. Always check your EMI before applying.
Common borrowing mistakes during sale season
Ignoring total cost: Focusing only on the discount while ignoring interest and fees can offset the savings
Over-borrowing: Taking a larger loan than needed adds interest outgo without added value. With loans like FIRSTmoney, you can avail additional funds later from your available loan offer without reapplying from scratch. Interest is applicable only on the amount you withdraw and not the entire approved loan offer.
Skipping comparison: Not comparing loan, credit card EMI and BNPL costs can lead to choosing a costlier option.
Missing tenure fit: Picking a tenure only to lower the EMI, without checking total interest, raises overall cost.
Applying too late: Waiting until Navratri or Dussehra to apply can mean missing the earliest Janmashtami and Ganesh Chaturthi sale windows, so it helps to check eligibility before the entire festive sale season begins. However, if you decide to go for last-minute shopping, you can take advantage of 10-minutes disbursal with FIRSTmoney personal loan.
Conclusion
Sale season offers a window to buy big-ticket items at lower prices, and a personal loan can help buyers act on it without draining savings. Comparing rates, tenure and fees across personal loan, credit card EMI and BNPL, then borrowing only what fits within income, keeps the purchase affordable once the sale ends. With Janmashtami and Ganesh Chaturthi opening the festive sale calendar this year, sorting out financing early can help you stay ready through to Diwali.
Frequently Asked Questions
Is a personal loan a good option for buying electronics or appliances during a sale?
Yes, a digital personal loan for high ticket purchase can be good option since it carries a fixed rate and EMI, making budgeting easier. Plus, instant access to funds can let you conveniently buy the appliance from any place you want.
How fast can a personal loan get approved during a sale?
Digital lenders like IDFC FIRST Bank can approve and disburse FIRSTmoney instant personal loan for large purchases in as little as 10 minutes.
Does a personal loan affect credit score?
Yes, timely EMI payments build positive credit history, while missed payments lower the score and affect future loan eligibility.
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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