Looking for Home Automation System? How to Finance it?Technology has completely changed the way we live, making our lifestyles comfortable and easily manageable. It is not only the TVs, phones, etc. which are getting smarter but the same can be done for our homes also. Home automation is the new trend which keeps home smart and secured.
What is a Home Automation System?
A home automation system refers to the use of advanced automated technology for managing electronic or electrical devices at homes or remotely through wireless communication.
Types of Home Automation System
The type of home automation system to be used in a home depends on the type of controls required. Three main home automation systems are:
Power Line Home Automation System – Uses existing power lines to transfer data is inexpensive. However, it is more complex and needs additional converter circuits and devices
Wired Home Automation System – Home devices are connected to the programmable logic controller through a communication cable. The whole automation is centralized through a computer that communicates with the logic controller.
Wireless Home Automation – Uses wireless automation technologies like GSM, Bluetooth etc. for working remotely.
A smart home automation system is now easily available due to the diverse IOT devices being manufactured today. The need for finance may be holding you from giving your home an automated safe set-up. You need not lose hope as there are various financial options available for this upgrade.
Unsecured Personal Loans
An unsecured loan is one of the best options which can be availed to set up your home automation system. It is a collateral-free loan wherein you need not pledge any asset but get loans based on your past credit score and income-earning capacity. The main criteria that financial institutions consider before granting unsecured loans is the borrower’s credit score and repayment capacity, plus a disciplined approach towards regular loan repayments, Personal loans are a type of unsecured loans that can be used for any of your urgent financial needs, including setting up a home automation system.
Traditional financial institutions have stringent policies for granting unsecured loans with past credit history and income-earning capacity being a key criterion. However, this does not mean that if you have a low credit score and low income then you would not be able to fulfil your dream of setting up a home automation system through a loan.
There are various online finance platforms available that can easily finance your needs. One such user-friendly loan app is Simply Cash, a fully digitized online loan venture by HeroFinCorp. Simply Cash provides instant personal loans for various purposes like marriage, education, home renovation etc., up to a maximum limit of Rs.1,50,000. The loan once approved gives a direct credit to your confirmed bank account. The complete loan application and disbursal process gets completed within 24 hours.
Eligibility Criteria for Simply Cash Unsecured Loan
The Simply Cash app provides access to personal loans for both salaried individuals and self-employed individuals. The key requirement is that the applicant should earn a minimum salary/income of Rs.15,000 per month. There is no physical documentation required on the Simply Cash app as the whole process is conducted online. The higher your income, the greater is your chances of a higher loan up to a maximum limit of Rs.1,50,000.
- Proof of being an Indian citizen
- Applicant age group between 21 - 58 years
- Minimum income/salary - Rs.15,000 per month
- Six months’ bank statement with income/salary details
- Salaried individual should work with a private or public sector
- KYC documents - Aadhar card, Driver’s license, PAN card
- Latest salary slips for salaried