Shopping loan: Why Stop Yourself from Buying?
Are you shopping freak? Well if you are, who is stopping you? Make the best use of festive sales, make your wardrobe trending and lift your mood with endless shopping. Shopping loans are for the shopaholics who do not have instant cash or enough saving to cater to their daily expensive or shopping hunger.
Shopping loans work just like a credit card. You choose the credit limit and spend within that limit to pay it within a month before the due date. The amount of credit limit is charged with some interest that you pay along the amount used. Similar is the case with shopping loan. The bank offers you a certain amount that you can spend to shop your routine items. You fix a tenure within that time you are supposed to pay back the amount.
Why is the need for shopping loan?
Shortage of finances: Usually, a person takes this loan when he/she is short of finances and there is an unavoidable need for something. To fulfil the requirement, this loan is taken.
Family function: There is some sudden family occasion for which you need to buy formal clothes.
Nobel cause: You wish to help someone in need with shopping and other daily needed stuff.
Festival calling: Some festivals demand a big hole in your pocket. In order to avoid the disturbance in your routine, you take the loan and manage the sudden need with shopping loan.
There can be times where you need to shop. Shopping doesn’t have to do with extravaganza, clothing, jewellery, footwears etc. but sometimes it is just the need. Quite similar to the usage of the credit cards, shopping loans have the amount transferred in your account to use it and pay it later. The time of repayment would not limit to a month but can extend up to 6 months or a year depending on your financial stability.
Features and benefits of Shopping Loan
- These loans have easy approvals since the amount isn’t huge.
- Usually unsecured loans
- Loans have a shorter duration from 6 months to 1 year. However, it is variable.
- Less paperwork since it doesn’t require many documents.
- Affordable interest rates
Eligibility for Applying Shopping Loan Online
- The applicant must be 21 years of age. It may be less in certain situations.
- The applicant must have a stable employment and must be employed at least for 2 years.
- The applicant must have a regular income.
- Credit history is an essential criterion so maintain a good credit score.
- Different bans might have different criteria, choose the one where you fit in well.
Required documents for Quick Loan for Shopping
- Duly filled application form
- Estimate of expenses
- Salary slips and bank statements for last 6 months
- Proof of address — Driving license, Aadhar card, Passport
- ID proof – Driving license, Aadhar card, Passport
- Age proof – Driving license, Aadhar card, Passport
- PAN card
Shopping loans are friendly options and saviour to those who are under some financial crunch, however, it is not advisable to get under debt to cater to your unstoppable desires. Loans help you in need but they are not to spoil your habits. Learn to control yourself and not just borrow and enjoy the money that is actually not yours.