How to Use a Personal Loan for a Luxury Item Purchase?

A personal loan is the best option for financing high-value luxury items. Today, many banks, NBFCs, and fintech companies offer easy financing for your high-value purchases. You can easily apply for a loan of up to Rs. 2 lakhs through a loan app.

Whether you are planning to purchase jewellery or high-end gadgets, the cost of these luxury items can burn a hole in your pocket. But with an instant loan, you can easily finance your purchases without depleting your savings. You can easily apply for an instant loan online or through a loan app. It has simple eligibility rules and needs minimal documentation.

Read on to discover how a personal loan can be used to purchase a luxury item of your choice.

Ways to Use a Personal Loan for Luxury Item Purchase

  1. Purchase of Jewellery

In India, jewellery is among the most popular and viable luxury items that people purchase as an investment for wealth creation. These luxury purchases also serve as a symbol of status and can have their values appreciated over time. It is typically true of ornaments made of valuable elements like gold, diamond, platinum, etc. Given their exquisite availability and increasing prices, a personal loan can be just the right financing option to procure them. Their availability through online loan apps only makes such purchases easy.

  1. Buying exquisite watches

Another luxury purchase that you can make with the help of an instant loan would be exquisite watches. These days, smartwatches with advanced features like heart rate monitoring, sleep and stress monitoring, are becoming a necessity, especially for people with a high risk of heart diseases. These watches can cost from 70,000 to lakhs. With an instant loan, you can easily buy a smartwatch to protect your and your family’s health.

  1. Investing in the latest mobile phone upgrades

Another luxury item that you cannot do without is a good high-end smartphone. With a good smartphone, life becomes easier. Be it tracking your steps or checking your sleep, maintaining your schedule or pursuing your passion for photography, a good smartphone is all you need. An instant loan can help you get the latest phone of your choice. You can easily avail the financing through a loan app and use the funds to buy a phone online or offline. Do check for deals and offers while buying your latest smartphone.

  1. Paying for your overseas travel tickets and stays

Even though overseas travel is fast becoming a lifestyle trend, it is still considered a luxury for many. Affording the ticket prices for exotic locations can be a big hit to your pocket. Thus, an instant loan can come in handy. You can rely on a personal loan to finance your flight bookings, accommodations and all other expenses related to the trip. With an instant loan app, you can avail a loan of up to Rs. 2 lakhs depending on your eligibility.

  1. Making purchases for home interior upgradation

Another use of a personal loan for making a luxury purchase would be purchasing items that contribute to a home interior. These can include a vast range of items and decorative pieces, right from exclusive furnishing to original paintings and antique items of value, which all contribute to sophisticated addition to one’s home. If the quality of your home is important to you, then you can consider using a personal loan for luxury home interiors.

  1. Making luxury vehicle purchases

Another aspect of utilising a personal loan for luxury item purchases would be to use it for buying high-end vehicle models. Depending on the lender selected, the personal loan amount can go pretty high, and with its restriction-free end-use, the loan only renders suitable for financing the purchase of a high-end vehicle model.


While these are only some of the options under luxury purchases that you can make with the help of a personal loan, the list can be endless and depends on your choice. Now, spending on luxury purchases with a personal loan may seem a little over the top, but investing in jewellery or a smartwatch or a smartphone can be a good idea. Also, doing home renovations with an instant loan can be a good idea as it will help maintain the value of your property while uplifting your quality of living.

Depending on your needs, you can use an instant loan to finance a variety of high-end purchases. However, do remember the rules of finance. Never overborrow. Never borrow more than what you can repay. Always have a solid repayment plan. Never opt for loans that come with high-interest rates. You can check out the loan apps for great deals on your luxury item purchases. They may offer cashbacks, discounts and other offers that can make your luxury item purchase highly affordable.