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Tata Capital > Blog > Personal Use Loan > How to Buy the Latest Smartphone without Stretching your Monthly Finances?

Personal Use Loan

How to Buy the Latest Smartphone without Stretching your Monthly Finances?

How to Buy the Latest Smartphone without Stretching your Monthly Finances?

So you are one gadget-loving person who wants to upgrade to the latest smartphone? But as is the problem with high-end smartphones like Apple iPhone or Samsung Galaxy, these cost a lot. And in most cases, the costs are more than the average monthly salary of most young buyers.

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But that doesn’t mean that you cannot buy it. After all, buying a house is beyond most people’s reach. But they still buy it using some help. Isn’t it? Similarly, you too can get your hands on the latest smartphone that you have been drooling over. How? By taking a personal loan.

Yes. It is simple. It’s logical. And most importantly, it is extremely easy to get. Suppose the iPhone model that you wish to purchase costs Rs 80,000. Now assuming your monthly net take-home salary is Rs 40,000, the cost of the phone is almost twice your income.

So how can a personal loan help here?

Assuming you can come up with around Rs 10,000 from your own pocket, you can then take a personal loan of Rs 70,000 for a period of 12 months (or even more). Depending on the final personal loan interest rate on the loan, your EMI would be somewhere around Rs 6500. Now that is not a big amount when compared with your monthly salary. Isn’t it? And you can easily manage to pay this small amount every month.

This is the power of personal loans. For a small interest amount, you can take a loan that has not restriction on the end use of money. So you can use it to do what you want – which in this case is purchasing of your much-awaited smartphone.

Having said that, it’s even possible to get a loan without visiting any bank or the lender. All you have to do is to apply for personal loan online. There are many new-age lenders looking to fund the dreams and desires of the online generation. So don’t stop yourself from the things you desire. There is always a personal loan that can help you get what you want.

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