Television is now an essential part of every Indian household, with a steady rise in the popularity of TVs like 'Smart TVs’'. Usually, TVs come in a wide price range, starting as low as ₹10,000 and going up to several lakhs of rupees.The national demand for TVs is linked to the increasing trend of people availing Television Loan.
Individuals are choosing PaySense for TV loans due to its competitive rates and affordable EMIs. If you're thinking of gifting a TV or buying one, a PaySense Television Loan is a smart choice.Now, bring home a quality Televison with PaySense TV Loan up to ₹5 Lakh starting at 16,8% p.a.!
Before getting into the details of Paysense Television Loan, let’s quickly go through the loan highlights from below:
|Loan Amount||₹5,000 to ₹5 Lakhs|
|Tenure||3 months - 5 years|
|Employment||Salaried or Self Employed|
|Interest rate||1.4% - 2.3% per month|
Purchase your desired TV on EMI through a PaySense Television Loan. Here’s a a step-by-step guide on how to buy a TV on EMI with PaySense:
Determine Your Eligibility
The first step is to check your eligibility and then choose a loan plan by providing basic information.
Submit Your KYC Documents
To secure your personal loan, upload KYC documents, and then the approval might take 2 working hours.
Receive Your Funds
After your PaySense TV Loan is approved, you'll receive the loan amount in your bank account within 24 hours, enabling you to make your TV purchase.
Bring home entertainment with PaySense Television Loans, designed for individuals looking to invest in top-quality televisions. PaySense provides a detailed breakdown of all the costs, like fees and penalties, in a table with interest rates and additional charges. :
|Interest rate||16.8% - 27.6% p.a|
|Processing fee||2.5% of loan amount + GST|
|Late Payment charges||₹500+ GST|
|Foreclosure/Pre-payment charges||4% on the principal outstanding|
Inorder to qualify for Television Loan by PaySense, you must meet the following eligibility requirements:
Resident - Reside in India.
Age - Be between the ages of 21 and 60.
Credit Score - 650 and above
Employment Type - Fall under either salaried or self-employed employment categories.
Facilitate a smooth and quick application process for a Television loan with PaySense. Ensuring you have these following documents in order will help streamline your PaySense TV loan application process:
Proof of Identity: PAN Card, Selfie
Proof of Address: Aadhaar card, Voter ID, Passport,Driving License
Proof of Income: Net-Banking access or The latest three months' bank e-statements
Calculating your EMI helps you budget effectively and understand the financial commitment of the loan. The EMI calculation depends on three key factors: the loan amount, the interest rate, and the loan tenure. A formula is used to derive the EMI amount, also for quick results, you can use our online EMI calculator to know the accurate EMI you need to pay:
|Year||Month||Principal (A)||Interest (B)||EMI (A+B)||Balance||Loan Paid to Date (%)|
Let’s calculate your Television's EMI with an example:
Say you are going to buy a TV of Rs. 50,000/-. Assuming the cost, interest and processing fee we have:
Let's break down the details of a consumer durable loan for a television in India. Through PaySense, including the EMI calculation and other loan parameters.
Loan Amount (P): Rs. 50,000
Interest Rate (R): PaySense offers an interest rate ranging from 16.8% - 27.6% p.a. Assuming a mid-range interest rate of 22.2% per annum (for calculation )
Loan Tenure (N): 12 months
EMI = [P x R x (1+R)^N] / [(1+R)^N - 1]
EMI = [50,000 x (0.222/12) x (1+(0.222/12))^12] / [(1+(0.222/12))^12 - 1]
EMI = [50,000 x 0.0185 x 1.23552] / 0.23552
EMI = [50,000 x 0.0185 x 5.244]
EMI = Rs. 4,872
Purchasing a TV on EMI through PaySense comes with a host of advantageous features and benefits. Here's what you can expect:
Flexible Payment Options: With our flexible payment options and no-cost EMI option for TVs, you can bring home the TV you desire without the burden of paying the full amount at once.
Easy Application Process: Applying for TV on EMI with PaySense is simple and convenient, with one - time documentation process with no further checks.
Quick Approval: Experience swift loan approval, allowing you to enjoy your new TV without unnecessary delays.
Loan without Credit History: Avail Televsion loan up to ₹5Lakhs with an interest rate starting at 16.8% p.a with ease if you don’t have a established credit history.
Here are some key factors that can impact your decision and the terms of your TV Loan:
Loan Amount: The price of the TV you intend to purchase is a primary factor. Ensure that the loan amount you apply for covers the cost of the television and any additional expenses such as taxes or installation fees.
Interest Rate: The interest rate on your TV loan can significantly affect the overall cost. A lower interest rate can save you money over the life of the loan. The interest rate offered may vary based on your creditworthiness and the lender's policies.
Loan Tenure: Choose a loan tenure that aligns with your financial capabilities. A longer tenure leads to smaller monthly payments but may result in higher interest costs over time.
Credit Score: Your credit score plays a crucial role in determining the interest rate and loan approval. A good credit score often leads to better loan terms.
Down Payment: Some lenders may require a down payment, while others offer no-cost EMI options with zero down payment. Determine whether you can afford a down payment and if it affects your loan terms.
EMI Affordability: Assess your monthly budget to ensure that the EMI payments fit comfortably. Avoid overextending your budget, as PaySense will set a specific date each month for your EMI payment, which you should ensure to meet.
Additional Charges: Be aware of any processing fees, late payment penalties, or even foreclosure charges associated with the loan. These charges can add to the overall cost of the TV.
Loan Repayment Flexibility: Some lenders offer the flexibility to make prepayments or early repayment of the loan early without penalties. Understanding these terms can help you save on interest costs.
Documentation: You will need to provide various documents, such as ID proof, address proof, income documents, etc., to ensure that you can begin with smooth loan application process.
By considering these factors, you can make an informed decision when purchasing a TV on loan, ensuring that the terms of the loan match your financial situation and preferences.
Apply for a PaySense Televison loan on Buddy Loan by following these easy steps:
Step 2 - Fill out the application form, including the loan amount, the tenure in months, and contact details.
Step 3 - Fill out the following personal details where required:
Step 4 - Submit the details & wait for the loan confirmation.
Repaying a PaySense television loan is hassle-free. EMIs are calculated based on these details & offer budget predictability. PaySense provides flexible payment methods, online account access for tracking, and the option for prepayments. Carefully review your loan agreement for specific terms and conditions. Once you've completed EMIs, the TV is yours! Also, PaySense offers regular loan statements and customer support.
If your NACH status is active, your EMI will be auto-deducted from your bank account. If NACH is pending or rejected,you can make the payment through the payment gateway.
Ready to take next step ?
Yes, you can get a loan for a TV from PaySense up to ₹5 lakh.
PaySense typically takes 2 working hours to approve a loan application. However, the approval time may vary depending on the applicant's credit score and other factors
The maximum loan amount for a TV loan with PaySense is ₹5 lakh.
PaySense does not directly affect your credit score. However, if you default on your loan payments, it could negatively impact your credit score.
The maximum loan tenure for a TV loan with PaySense is 36 months.
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