Things You Must Know About Consumer Durable Loan
May 31, 2018
The quintessential comfort-living products like LED TVs, refrigerators, washing machines, air conditioners, air coolers, and other appliances are never short of demand. In addition to this, recurring sales & discounts, and other festive offers prompt people to buy consumer durable products. However, these discounts often deduct only a fraction of amount from the MRP. Often, the consumers also end up paying hidden charges with numerous terms & conditions. While credit cards are one way of making the payments, a high recurring interest and surplus costs make it difficult to finance consumer durables.
This is where easy Consumer Durable Loans come into the picture. These are loans provided by banks & other financial institutions on consumer durables that usually come with a warranty period. It can be paid on a monthly basis in the form of EMIs over a fixed tenure. Several online loan portals and banks offer Consumer Durable Loans for the salaried folk and for self-employed individuals. Here are a few factors one should consider while applying for a Consumer Durable Loan.
The interest rate is one of the most important factors to consider while applying for a consumer durable loans. The interest rates for these loans are relatively lower than the amount one is charged for credit card bills & personal loans. In fact, certain banks & financial institutions sometimes offer 0% interest rates on some of the products.
The tenure varies with the number of installments one has to pay, depending on their financial stability. This factor is to be considered before opting for the EMI amount and the tenure. Interest-free EMIs usually have a tenure of 10-12 months. Certain online loan portals provide you with a shorter tenure so that you can repay the loan without spending too much on the interest.
One of the biggest benefits of a Consumer Durable Loan is the minimal documentation. These loans are fast to avail with hassle-free paperwork and instant approvals. One simply has to submit their address proof, Identity cards, & proof of income like payslips or Form 16.
Some banks have no hidden charges. All communications and terms & conditions are communicated in the loan documents along with the quotation. This makes the process of applying for the loan simpler and sans any complications.
The low processing fee and minimum down payment options topped with a wide range of product covers make consumer durable loans an easy finance option. Planning to buy a brand-new consumer appliance or other lifestyle products? Sign up to Nitstone for easy approvals, lower EMIs, & minimal documentation on Consumer Durable Loans. To avail Consumer Durable Loan from us, click Consumer Durable Loan for Salaried