The disbursement of your shopping loan is incredibly fast. Once your application is approved, the loan amount is transferred to your account within minutes. This means you can head straight to your favourite stores or online shops and start your shopping spree almost immediately.
Persoanl Loans for Shopping
so you never have to look at a price tag again
Zero Pre-payment charges
Flexible Repayment
Instant Bank Transfer
About Our Shopping Loan
With RING’s personal loan for shopping, you can fund all your retail therapy dreams without any hassle. Get instant credit with minimal paperwork and repay at your own pace. It’s time to turn your wishlist into reality – guilt-free!
Benefits of shopping loans
Get shopping credit up to Rs. 5 lakhs
Quick and easy approval process
Flexible repayment options that suit your budget
No need to worry about collateral
Features of Personal Loans for Shopping
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
Personal Loan For Shopping EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Shopping Personal Loan
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a shopping loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Ananya
Mumbai
I was in desperate need of a new laptop for my design course, and RING came to the rescue with their personal loan for shopping. The application was incredibly simple – I did it all from my phone in under 10 minutes. The loan was approved almost instantly, and I had the money in my account the next day. Now I can focus on my studies without worrying about how to pay for my new laptop!
Ravi
Bangalore
RING’s personal loan for shopping was a lifesaver for me. I wanted to surprise my wife with a beautiful piece of jewellery for our anniversary, but I didn’t have enough savings set aside. The application process was straightforward, and the approval was quick. The best part? The flexible repayment options meant that I could manage the loan comfortably alongside my regular expenses. She loved the surprise, and so did I!
Priya
Delhi
Shopping has always been a passion of mine, but I never thought I’d be able to use a personal loan for shopping so easily. RING made the whole process so effortless. I applied for the loan, and within minutes, I was approved. I used the funds to grab some amazing deals during the sale season. The cashback rewards were a cherry on top. I’m thrilled with my purchases and the entire experience!
Siddharth
Pune
My old refrigerator was on its last legs, and I needed a new one urgently. RING’s personal loan for shopping made upgrading my home appliances a breeze. The digital application process was quick and efficient, and I received the loan amount faster than I expected. The entire transaction was smooth, and I now have a brand-new fridge. Thanks, RING, for making it so easy!
Neha
Kolkata
I’ve always wanted to upgrade my phone, but I was putting it off due to budget constraints. RING’s personal loan for shopping allowed me to finally get the latest model without any financial stress. The process was smooth, and the app was user-friendly. Plus, the rewards and cashback I received were fantastic. I’m now the proud owner of my dream phone!
Arjun
Chennai
RING’s personal loan for shopping helped me get a new bike, something I had been saving up for a while. The application process was quick, and I was impressed by how easy it was to manage everything through the app. The loan was approved in no time, and I was riding my new bike within days. The whole experience was hassle-free and just what I needed!
Find the Right Personal Loan For You
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Invest in your future or your child's education with our flexible education loans. Cover tuition fees, buy study materials, or enrol in that special course without financial stress.
Personal Loan for Home Renovation
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Personal Loan for Weddings
Make your special day even more magical with our wedding loans. Plan the perfect wedding without worrying about the expenses, from the venue to the honeymoon.
Got Questions? Let's get to them.
How much time does it take to get a shopping loan disbursed?
How to apply for a shopping loan?
Applying for a personal loan for shopping with RING is simple and convenient. Start by downloading the RING app from your app store. Once installed, complete a quick and paperless KYC process. After that, fill out the loan application form, specifying the amount you need. Submit your application, and within minutes, you’ll receive approval. It’s that easy to get started on your shopping journey!
What documents are required for a shopping loan?
To apply for a personal loan for shopping, you’ll need to provide your PAN card and Aadhaar card for identity verification. The process is fully digital, so you won’t need to submit any physical documents. Just ensure that your documents are valid and up-to-date for a smooth application experience.
What is the eligibility criteria for a shopping loan?
To be eligible for a personal loan for shopping with RING, you must be at least 21 years old and an Indian national. Your eligibility will also be determined based on your credit profile and income. Meeting these criteria ensures you can access the funds you need to enjoy your shopping spree.
More Questions
