Nowadays, consumer durable loans fall into the small loan category which helps the customer to buy new home appliances with easy monthly EMI. Consumer durables are used to purchase durable goods such as TVs, ACs, sewing machines, washing machines, computers, laptops, kitchen appliances, refrigerators, furniture, smartphones, and more. All consumer durable loans provide us on items that come with a good warranty period. However, consumer durable loans come into use when the customer wants to consider upgrading their lifestyles but cannot help due to low funds.
Nowadays, the amount of such type of loan is disbursed immediately to the seller bank account and repayment of the loan is done in the monthly payment.
Best Aspects of Consumer Durable Loans
Here, we are going to discuss more on consumer durable loans through this article which is as follows.
Loan Tenure
Generally, the tenure of consumer durable loans is from three months to twenty-four months. Before selecting any consumer durable loan, you should check your monthly EMI with EMI calculator. A very shorter loan tenure will make your EMI amount higher while a longer tenure will attract a smaller amount of better interest rate.
Down-Payment
In order to get a good consumer durable loan, the applicants are required to pay a good amount as a down payment. Nowadays, most lending banks and institutions finance 75% to 90% of the product value. The customer has to pay when purchasing the remaining 25% to 10% of the items.
Documentation
Before opting a consumer durable loan, you need some basic documents. The list of documents required to get a consumer durable loan includes- address proof, income proof, and ID proof.
Interest Rate
Generally, the interest rate of any consumer durable loan is lower than any other personal loan or credit card. In addition, the interest rate may vary from one financial institution to another. However, some financial institutions offer consumer durable loans even at zero percent interest rate. At the present time, Bajaj Finserv is one of the largest finserv with which customers can enjoy 0% interest rate consumer durable loans.