Laptop Died Suddenly? Get a Personal Loan to Finance It
5 min read | 2 months ago
Has your laptop suddenly died on you? You will be surprised to hear how many times this occurs on a regular basis for many people across the country. Laptops are indispensable today and they help us take care of our professional or business commitments seamlessly. This is why a breakdown is a situation that is really upsetting, not just for the disruption in work and deliveries, but also for the financial costs involved in replacing the same. Let us examine how a short or long term personal loan can help you take care of these costs.
Sudden Situations When New Laptops Become Essential
When do you need a new laptop without any repair option on the horizon? This can occur in the following scenarios:
1.Hard drive failures
2.Corrupted operating system
3.Failure of memory modules
4.Overheating from the accumulation of dust
5.Defective batteries and power supply
6.Broken connectors or buttons that render laptops useless
7.Defective screen and graphic card failure
8.Spillage and other damages
Hence, these are some situations where a new laptop becomes essential. Read on to find out more on using a personal loan to cover the costs of the same.
Don’t Deplete Your Savings- Take a Personal Loan Instead
Of course, if your laptop dies on you, you will have to get a new one immediately since your work and other aspects will be hampered. However, you do not have to deplete your savings or break investments to cover the cost of a new laptop, which may range anywhere between Rs. 30,000 to Rs. 3 lakhs, depending on your specific requirements. Add peripherals and accessories along with antivirus software and other costs and it does add up to a handsome amount.
Instead, you can apply for a personal loan to meet the costs in this case. There are several banks offering personal loans that can be used for any purpose, right from buying gadgets and appliances to covering wedding, medical, education, and other costs. In fact, here are some of the advantages that you stand to get if you take a personal loan to buy your new laptop.
You can easily choose a bigger and better laptop if you have financing options at your disposal. This will help you upgrade for the future and take care of various requirements, without being constrained by funds.
You do not have to worry about arranging for money from your own resources or borrowing the same from parents or other family members.
You can easily apply for these loans online and get swift approvals on the same without any lengthy documentation or other formalities.
You may borrow high amounts between Rs. 1 lakh to 5 lakhs, depending on your age, income, and repayment ability.
You can conveniently choose your loan tenure, and most banks usually provide up to 36 months or 3 years on personal loans.
You can compare interest rates across multiple lenders before choosing the one which offers you the best deal.
Personal loans are unsecured loans, meaning that you do not have to put up any security or collateral for the loan.
In case you have a low credit score or limited credit history, you can consider applying with a co-applicant like a family member or spouse to enhance your loan amount and get a better rate of interest
Things to Keep in Mind While Applying for a Personal Loan
Now that you have chosen to apply for a personal loan to fund your laptop purchase, you should keep a few things in mind before applying.
Always check your credit score before you apply. It should be ideally 750 or even higher in order to increase your chances of loan approval. If it is low, consider applying with a co-applicant as mentioned earlier.
Always calculate your repayment ability beforehand. Work out the price of the laptop and other components/software and then use an online EMI calculator to find out the monthly EMI that you will have to repay.
Keep a lookout for processing fees and other charges that may be linked to the personal loan. These should be accounted for when you work out your own budget.
Do not apply for a higher amount than what you actually require, even though you may be eligible, and it may sound tempting otherwise.
Always set up a convenient repayment plan and ensure that you have sufficient funds for at least 3-4 EMIs in your account.
Conclusion
So, when it comes to a dying laptop, the only thing you can do is buy a new one. As financially hassling as it seems, a personal loan makes the entire thing more comfortable for you. You can easily repay the loan as per your preferred tenure, while keeping your savings and investments intact. Do keep the above-mentioned tips in mind and apply for a personal loan right away in case this has happened to you.
FAQs
1.Who can take a personal loan?
Any salaried or self-employed individual can apply for a personal loan, provided he/she meets the age and other criteria of the bank.
2.Can I withdraw money from my Flexi loan account as and when required?
Yes, you can apply online for a personal loan at your lender’s website or mobile application, depending on what is available.
3.What are the interest rates on personal loans?
The interest rates vary across banks and may also depend on your credit score, credit history, income, and other aspects. In many cases, they range between 12-38% for personal loans.
About Unity Small Finance Bank
Unity Small Finance Bank is committed to making banking simpler and more accessible for everyone. Our services include Savings Account, NRI account, Current Account, Fixed Deposits, and Personal Loans offering flexible tenures and attractive interest rates. We also offer financing options like MSME Loans and Microfinance to support businesses and underserved communities. Learn more about Unity Small Finance Bank here.
