Lifestyle is upgrading day by day and we all need new electronics items for our homes to make our lives easier. But purchasing an electronic item can ruin your budget planning so to overcome this issue you can opt for consumer durable loans. By using these loans you can purchase any electronic item that comes with the warranty like washing machine, TV, AC, refrigerator, computer, laptop, microwave, smartphone, kitchen appliances, furniture and much more. These loans will be disbursed directly to the account of the seller and you can repay the loan in easy installments.
Rate of Interest
Rate of Interest plays an important role in the whole loan process. Because what amount you will pay to the lender will be decided through the interest rate. So you should choose a lender that provides loans with lower interest rates. Also, there are plenty of lenders are available in the market that provides loans with zero interest rate so you can opt-out for them. This will lower your burden of repaying the EMIs.
Tenure
Tenure plays a vital role in the process of loan as according to tenure your EMI will be decided. So you should choose the tenure that suits your budget. Many lenders offer their plans and EMIs according to the tenure so you can choose from them. Also, by using the EMI calculator you can inquire your EMI amount in advance. This will help you to plan your loan repayment in a better way.
Down-Payment
To avail consumer durable loans you have to pay some percentage of the price of the product in advanced this is called the down-payment. This may vary from lender to lender and ranges from 5% to 20% of the actual loan amount. Rest amount you can pay on easy monthly installments.
Documentation
Documentation is the most important part of the loan process. You should submit all the required documents on time to get the loan hassle-free. There are plenty of lenders that provide loans with minimal documentation. The most common documents are identity proofs, income certificates, and address proofs.