All You Need to Know about Shopping Loans

Have you ever been in a situation where you've found your dream laptop or phone, only to realize that you didn't have enough funds to purchase it? Or one where you couldn't avail of exceptional discounts on an online sale because you couldn't spare the total amount? Such scenarios can be very frustrating because the only thing holding you back from getting the item is a lack of money. Thankfully, an online shopping loan is a solution to this particular problem. An online shopping loan gives you the extra money you need to buy the items on your wish list (or your entire wish list, for that matter) while shopping across major online platforms. With the help of an online shopping loan, you won't have to worry about falling short of cash while shopping for the items you need. Here are four benefits of these loans:

1. Shop Across Top Retailers

Whether it's Amazon's Great Indian Festival or Flipkart's Big Billion Days, an online shopping loan can help you take advantage of incredible discounts and offers that's usually available only for a limited period. Now, suppose you see a significant price drop on your favourite electronics, furniture, or apparel but still don't have the required funds to purchase it at the discounted price. In that case, all you need to do is avail of an online shopping loan. This kind of loan is very similar to a personal loan. Some lenders even refer to it as a personal loan for shopping. You enjoy the convenience and quick disbursal of funds even with this type of loan.

2. Avail of No Cost EMIs

Several major online platforms also offer ‘No Cost EMIs’ during the festival season or their annual flagship sale. Also know as 'Zero Cost EMIs', they take away the burden of paying the entire cost of the item upfront. You also don’t have to worry about interest payments. You will only pay the principal cost, spread over 3-4 months (on average). Several major online platforms tie up with financial institutions to bring you the online shopping loan facility. This offer helps you purchase electronics & gadgets quickly and hassle-free.

3. Simple Application Process

Almost all financial institutions that offer online shopping loans have a straightforward application process. You will need to fill out an online application form outlining your basic details. After that, you’ll have to upload your KYC documents (as listed out by your lender) which you can easily upload through their website. Your lender will then evaluate your application based on your credit score and documents. All these steps will take very little time, and you'll quickly know the status of your application. This will help you decide whether you want to consider another lender or continue with the current one.

4. Quick Disbursal

Another benefit of applying for an online shopping loan is the quick disbursal of funds. Once your shopping loan lender approves your application, you will have to verify your bank account. Once that’s done, you’ll receive the total amount of the online shopping loan directly into your bank account within an hour. It may take even lesser time, depending on your lender.

Wrap Up

Now that you know the benefits of applying for a shopping loan online, there's no need to miss out on exciting offers/discounts while shopping online. Just ensure that you go with a reputable lender with good customer reviews who can meet all your requirements affordably.

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