How to buy your favorite gadgets when you can’t afford it?

Have you been surfing websites reading about that one gadget that you desperately want? Or you are constantly checking e-commerce sites so that you don’t miss that once-in-a-lifetime deal on that gadget?

In both cases, one thing is clear. You want that gadget. And if possible, you want it now. But unlike many other things in life gadgets don’t come free. Unless you get it as a gift. So under normal scenarios, you need money.

Now problem is that many of these gadgets cost a lot. A laptop can cost you anywhere between Rs 20,000 to Rs 2 lac. Latest mobile phones can cost you even Rs 1.3 lacs. These aren’t small numbers. For many people, these are at least a couple of months’ salary. And no one can spend all the hard-earned money on gadgets in one go. But as a normal person, you also want to own that gadget. So how do you do it?

There is help at hand. Take a small personal loan. It is even possible to take a personal loan online without having to visit a bank branch. These days, many new-age NBFCs are offering personal loans at very competitive rates. Having low rates is essential as it reduces your interest costs as well as your EMIs.

So let’s say you want to purchase a gaming console that costs Rs 60,000. Your monthly salary is Rs 4,000 and you have saved up Rs 15,000. Now a practical approach here would be to use Rs 10,000 from your savings and take a personal loan of Rs 50,000. This loan can then be paid off as per your convenience. If we take an interest rate of 16%, then your EMIs will be 4500, 5900 or 8800 for 12, 9 and 6-month tenure respectively.

As you have seen, that gadget that you were dreaming off is not that unaffordable. You just need to be smart and manage your finances (loan) well to get your hands on it.