I’m planning to upgrade my smartphone and laptop. Can I club these under one consumer durable loan?

Q. I’m planning to upgrade my smartphone and laptop. Can I club these under one consumer durable loan?

-Name withheld on request

If you’re looking to upgrade your gadgets, here’s some good news: you can club the purchase of a smartphone and a laptop under a single consumer durable loan, provided the lender allows multiple products in one application. 

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This not only simplifies financing but also makes repayments easier to manage by eliminating the hassle of juggling multiple loans. Additionally, product bundles offered by brands can enhance convenience, offering multiple items at a lower combined price while providing added benefits like discounts, extended warranties, or promotional deals.

How it works

Many lenders allow customers to include multiple products in a single consumer durable loan. Here’s how it typically works:

Single application: Both items can be financed under one loan request, avoiding the hassle of multiple submissions.

Combined loan amount: The total cost of the smartphone and laptop will be treated as a single loan, subject to your eligible borrowing limit.

Flexible repayment plans: Many lenders offer no-cost EMI options, allowing repayments to be spread out over a tenure of your choice.

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Take the case of A, a young marketing professional who recently bought a laptop and smartphone for ₹1.2 lakh. Instead of applying for separate loans, he opted for a single consumer durable loan. His lender offered a no-cost EMI plan over 12 months, making repayments affordable while keeping his monthly budget intact. By consolidating his purchases under one loan, Ravi avoided the complexity of managing multiple EMIs and ensured a smooth financial experience.

Things to keep in mind

While clubbing purchases under one loan has its benefits, here are a few considerations:

Borrow responsibly: Ensure your loan amount and EMI payments fit comfortably within your budget.

Compare lenders: Look for favourable terms, such as lower processing fees or flexible repayment options.

EMI structure & tenure: Choose a tenure that balances affordability with timely repayment.

Brand-specific bundles: If purchasing products from different brands, you may miss out on discounts, extended warranties, or promotional offers that come with same-brand purchases.

Repayment terms: Since the loan covers both items, repayment terms apply to both, even if one is of lesser priority to you.

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Consumer durable loans offer a practical way to finance essential upgrades without financial strain. Whether for work or leisure, combining multiple purchases into a single loan can streamline your financial management. For more details, check with your preferred lender to explore available options and upgrade your gadgets with ease.

By Akash Bararia, head – sales finance, HDB financial services.