Why What and How of Consumer Durable Loan
June 27, 2018
When we talk about a house it comes with necessities like water, power, bed, sofa and other electrical fittings and equipment. But as a modern household, our need doesn’t stop at that, being able to afford small luxuries in life is no longer an impossible thing. With increased financing options its easy to upgrade your lifestyle by adding the latest television, refrigerator, Air Conditioner, or other consumer durable items to your household.
What is Consumer Durable Loan
Loan availed for the purchase of consumer durables from a Bank or a Non-Banking Financial Institutions. Items like Television, Washing Machine, Air Conditioner, Refrigerator, cooking Aid, Smartphone, Music/Sound Systems etc are covered under this Loan scheme. This loan covers both basic and luxury commodities of a household and can be availed in form of monthly EMIs with pre-determined Interest rates. Amount of loan might vary from thousands to Lakhs and so is the repayment tenure, which may vary from months to few years. In a way, we can consider this loan an extension to Personal Loan.
This Loan can be secured or unsecured depending on the type of the Institution that a person is borrowing from. The loan lending criteria may slightly vary for a salaried and self-employed person.
Benefits of Consumer Durable Loan
Right from applying to disbursement everything happens online. One can furnish their respective Aadhaar, PAN and Bank statement/ net banking details Residential Proofs to apply and avail easy loan disbursement.
Providing your Aadhaar card, PAN card, and latest 6 months (net banking downloaded, salaried account’s) bank statement, can surely help you to get quick loan approval. Credit rating also plays an important role in ascertaining your credibility and repayment capabilities.
Repayment can be done in form of monthly EMIs. To avoid any default in EMI payments one can opt for auto-debit the EMI amount on or before the EMI repayment due date. These EMIs can be tracked by statements generated and shared by the lending institutions.
No Paper Work
Consumer Durable (CD) Loan process requires no hefty paperwork or running from bank to bank or filling multiple application forms. One can easily apply for a CD Loan right from your home and get quick approvals.
Such credit has risen sharply in the overall consumer loan portfolio of banks and Non-Banking Institutions. Banks are struggling to meet this increased demand for CD Loan, hence NBFC has taken this loan supply in a big way.
Nitstone is one such NBFC platform to avail quick and hassle-free Consumer durable loan online . This Loan comes with a fully loaded digital platform to avail on-the-spot CD Loan approval. With minimum documentation and preapproved offers, one can avail the CD EMI cards to make the require consumer durable purchases.