DJ Equipment Financing: Interest Rates, Eligibility and Applying Online

Nov 15, 2020

DJ Equipment Financing: Interest Rates, Eligibility and Applying Online

In the last few years, the scope for a career in music has expanded rapidly. What was once limited to singing in front of a live audience, or recording songs in a studio, has now branched into music composing, music therapy, music scene journalism, and of course, becoming a DJ or Disc Jockey.

Disc Jockeying is one of the career options that not only offer expansive room for creativity but is also a lot of fun! If you have a penchant for different music genres and like to dabble in mixing different tracks, deejaying might just be the career choice for you. Further, with nightclubs mushrooming in metropolitan cities, and other gig opportunities available in abundance, you can have a stable profession as a DJ.

However, you will need to make an initial investment to pursue a career as a DJ. Every Disc Jockey must have a proper console consisting of mixers, graphic equalisers, sound processors, etc. to create their music. It involves incurring substantial expenses on the equipment.

Nonetheless, given that DJ equipment financing is more readily available nowadays, you can bear this expense without hassle.

Following is a look at the equipment types you need, loans options that you can avail to purchase the requisite DJ equipment, and which one can be the best option for this purpose.

What Equipment Does a DJ Need?

Assembling a professional DJ set up can be a time-consuming task involving a lot of research, and not to mention, quite expensive as well. Furthermore, choosing from the various DJ equipment options available can be quite overwhelming for a beginner.

To make things easier, especially with regards to setting a budget for DJ equipment financing, following is a list of gear that you should consider investing in as a beginner –

  • Mixer console
  • Input devices
  • Sound system
  • High-quality headphones
  • Controller

These are a few items that are essential for every person looking to pursue their career as a DJ.

Now, prices of these equipment options are quite flamboyant. For instance, a professional headphone can set you back by Rs. 25,000, and a mixer can cost you around Rs. 30,000 - Rs. 35,000.

With a comprehensive idea of the equipment you will need for the DJ set-up, you can effectively gauge which DJ equipment financing option can help to meet your needs.

Types of DJ Equipment Financing Options You Can Avail –

While it is a somewhat unconventional requirement to avail finances for, there are a few options through which you can gather the funds necessary to purchase these equipment options. These include –

  • Personal loan

These are unsecured loans, without end-use restrictions. It means that a borrower can utilise these funds to meet any financial requirement. A personal loan can easily help to meet your need for funds without much hassle. Nonetheless, there is a caveat. A personal loan cannot be availed by anyone with a low credit score, owing to its unsecured nature.

To finance DJ equipment with bad credit, you will have to look through other options at hand.

  • Gold loan

In recent times, gold loans have gained immense popularity as a medium to finance any number of financial necessities. With this loan option, you will neither have to satisfy stringent DJ equipment financing eligibility criteria nor have to undergo a lengthy application process.

Especially, with lending platforms like Rupeek Fintech Pvt. Ltd. making gold loans more accessible than ever, this can be one of the most convenient ways through which you can kick-start your career as a DJ.

Take a look at why a gold loan can be the best option for DJ equipment financing.

Gold Loans – What are the Features that Make Them Suitable?

Gold loans offered by Rupeek are equipped with industry-first features, making them attractive financing solutions for all purposes. Few of the most noteworthy features of this loan option are as follows –

  1. The highest loan to value

When you pledge an asset as collateral, gold in this case, you can avail a certain percentage of its overall value as the loan amount known as loan to value or LTV. When availing a gold loan from the lender, you can receive the highest LTV, thus being able to raise funds substantially. Also, lenders extend this loan at low interest rates, making them one of the most attractive DJ equipment financing interest rates.

  1. Avail loans from the comfort of your home

You can enjoy a doorstep loan facility from this company, wherein the entire process - from application to disbursal of the loan can be completed from your home in a few steps –

  • Make an online application through the company’s app or website.
  • A loan manager will be appointed to visit your house on a scheduled date.
  • He/she will complete the gold valuation and KYC registration process.
  • If everything is in order, the loan will be approved immediately.
  1. Instant disbursal

Once your loan is approved, the amount will be disbursed to your account with immediate effect. The entire process, from gold valuation to disbursal completes within 30 minutes. So you can not only enjoy hassle-free DJ equipment financing online application process but also avail the loan amount instantly, allowing you to meet emergency needs effectively.

Note that the loan manager leaves your house with the pledged gold only after the amount has been disbursed to your bank account.

  1. Security of the pledged assets

With the safety measures employed by Rupeek to ascertain the security of your gold, you can rest easy after availing the advance. These include –

  • Collecting and transporting the gold from your house in a GPS-trackable bag.
  • Depositing the pledged gold in the safety vault of the nearest partner bank’s branch located within 3 km, until the time you can re-possess it.
  • Free insurance of the asset, in due course of the loan tenure.
  1. Easiest repayment

With this loan, you can enjoy the most convenient DJ equipment financing repayment terms. Unlike other loans where you have to pay an EMI consisting of both principal and interest components, you only have to pay the monthly interest amount with a gold loan. The rest of the amount is paid through bullet payment at the end of the loan tenure. Or, you can also opt to repay the total liability at a go at the tenure’s end.

Furthermore, in this regard, you can enjoy flexible loan tenure, ranging between 3 months and 6 months. It can also be extended by another 6 months upon renewal of loan terms.These few features make gold loans the best solution for your DJ equipment financing needs. With pre-approved terms, minimal documentation, no credit history checks and hassle-free disbursal, you can maximise your benefits from a gold loan with ease.

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